Home Loans
Increase your chances of a fast approval with a well-prepared first home loan application. Don’t worry, we’ll show you how.
Although applying for your first home loan may be the biggest financial decision you’ll make, it doesn’t need to be an overwhelming one. With the right preparation, a realistic understanding of your financial position and some professional guidance from Aus Fin Loans, you can position yourself as an attractive first home loan customer and be approved in no time.
Some things to check off before applying for a home loan:
Clean up your credit
Check your financial position
Be deposit-ready
Do your research
Gather your documents
Interest Only Home Loans
A way of keeping your repayments lower than a standard home loan by paying only the interest on the loan amount. After the specific period of time it reverts back to standard home loan where you will commence making repayments on the full loan amount plus the interest.
Smaller repayments
Tax deductible (for investors)
Get started earlier, get into the market
Your payments work for you; reduce the interest before paying off the principle
Better options to buy the home you need now
Fixed Rate Home Loans
Ensures you pay the same interest rate for a specific time (usually 1-5 years), regardless if the Reserve Bank increases the official interest rate. The lender passes on the increase to variable home loan customers, your rate remains the same.
Your payments can be the same every month for the fixed term
Your interest rate wont increase if the RBA increases the interest rates
Extra payments are usually allowed
Some fixed rate loans allow for redraws should you need the flexibility
Flexible repayment options eg weekly, fortnightly, monthly.
Variable Rate Home Loans
As mentioned previously the interest rate will increase or decrease depending on the Reserve Bank’s official interest rate and your lender’s pricing.
You can make extra repayments without being penalised
Save Money on Interest hikes to help you pay off your loan sooner
Attractive features such as unlimited redraws on any additional repayments
Allows you to set up an offset account which can lower your interest rate
Easier to switch loans if you find a better deal elsewhere
Low–Doc Home Loans
Ideal for self employed people as you are not required to show your tax returns, financials as would normally be required.
Simplified credit requirements
Flexible lending requirements
You can fix your rates
You may be allowed to redraw your payments or make additional repayments
Lower your stress levels
Construction Home Loans
Building a new home? A construction home loan may be interest only loan that is based on the cost of the land and increases in stages as your home loan gets built. Once your new home is completed the loan may change to a principal and interest loan. We have many options with our panel of lenders, call us today.
Access funds as you need them
Pay interest only on funds you’ve used
Time to plan
Conversion to standard variable loan once construction is complete
