Hi everyone,
I am looking to buy my first house here in Sydney after our move to australia 2 years ago.The range i am looking at is under 500000(low to medium 400000 would be a preference)
What would be your suggestions
1. Mortgage Broker
2. Current rates on offer in the market
3. The Type of product best suitedRegards
Firstly welcome aboard and I hope the Country is good to you on arrival.
Difficult one to answer as there are so many variables which include loan to valuation (most lenders limited to 90% at the moment), do you have clean credit, is serviceability a problem, are you looking for variable or fixed rate loan, what features do you require with the loan.
In a nutshell more information about your own personal position would be required to offer a constructive answer.
Richard Taylor | Australia's leading private lender
Thank you for your response Richard.
Credit Rating should be fine. I will be filing a request to get my rating today. I currently dont have any debt leaving aside what i may owe on my credit card , which i settle completely every month.
Serviceeability doesnt look a concern to me at this point.However, we may be starting a family soon so would not want to over commit. I am open to understand the Pros& Cons of variable interest rates and make an informed decision.
What sort of LVR would you be looking for and is there any real loan features you are seeking.
Richard Taylor | Australia's leading private lender
looking at an LVR of about 80%. I am yet to understand the features available and hence my post
Good morning.
Product choice is generally a trade-off between features and rate.
Basic loans start at approx 5% , but offer limited features. You can have interest only and redraw to funds, but generally no cheque books, offset accounts or oher features.
Professional packages are for clients who want to save money on the loan interest rate and other products. If you wish to pay an annual fee, you can access these discounts. They vary depending on loan amount.
Line of credit accounts are the most flexible , offering full internet ability, cheque book and ATM access. However, the rate is slightly higher for these accounts. Currently around 6% depending if it is part of the professional package.
Offset accounts are also a good option to allow you the flexibility of a transaction account that saves you in loan interest.
As richard suggested, best to talk through what you are seeking and why and the best products will become easier to determine.
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