Whether you’re getting your first home loan, or investing, we will guide you about Home Loans Newcastle in a proper way and we’re loan experts. We know where the best rates are and have access to exclusive deals just for lending experts customers. We are not tied to any lender which means we can search the wider market to find you the cheapest home loan from across the Newcastle. So contact us to know more about home loans.
If you have equity (total or partial ownership) in your residential home, you can use that equity as your deposit on an investment property loan.
The policies of different lenders varies, but each will have a maximum loan-to-value ratio (LVR) that they are prepared to accept for an investment property loan.The LVR is the amount of the loan expressed as a percentage of the value of the property.
For example, if you want to borrow $480,000 for an investment property worth $600,000, your LVR would be 80% (i.e.
If this percentage falls within the lender’s maximum LVR and you can demonstrate that you can afford your repayments, your investment Home Mortgage Loans Newcastle should be approved.Interest-only investment property loansAs the name suggests, interest-only investment property loans only require you to repay interest on the amount you borrow.
The main benefit of an interest-only loan is that it has low repayments, so taking one out can allow you to buy an investment property sooner.
An interest-only loan can also help you to afford a more expensive investment property.Interest-only loans are available for terms of up to five years.
A caveat loan is funding that one can secure against a property’s equity value.
It is also known as an unregistered second mortgage or an equitable mortgage.
Mortgage financing is another long-term funding option.
Funds can be used for any purpose however the most popular is to purchase property.
Both of these loan types use the property as security.
When it comes to taking the biggest financial decision of your life, of buying property, majority of people take out a mortgage, and they are likely to deal with a mortgage consultant, or mortgage adviser, at some point during the process whether they are going to a bank, or to a mortgage broker.So let use understand the difference between a mortgage broker and a mortgage consultant.
A loan officer whose job is to guide you to a certain loan product offered by the bank or their associated financial institution is called a mortgage broker.A mortgage consultant helps customers with their mortgage applications.
They do not represent a single bank they have relationships with all mortgage banks and lenders so they would have more access to the best loan plan for you.
They have the power of mortgage brokers working behind they so they have access to all the mortgage products.https://www.mortgageconsultant.online/
