No matter whether you're in the market for your first home loan or a property investment loan, seeking advice from someone who knows the market can prove invaluable.
There are so many different types of home loans available that it can be difficult to try and understand them all, which is where an expert in their field could prove just what you need.
You will need to make several decisions before approaching a mortgage broker, so make sure you think carefully before signing up for any product.
What type of property do I want?
Knowing the type of property you're hoping to secure will have a bearing on your whole home loan application.
If it's a modest unit in the suburbs you're after then you will need to build much less of a deposit than if you want a high-end apartment in the CBD.
Bear in mind that a lender will only give you a home loan they believe you can realistically pay off, so spending within your means is a good idea from the outset.
What type of home loan will suit my needs?
This is where an expert can really prove invaluable. From fixed-rate to interest-only home loans, there are so many products available that it can be all too easy to become disillusioned.
Discussing with an advisor what you hope to achieve will enable them to narrow down your options and make recommendations based on your personal circumstances.
Are there any fees I need to be aware of?
A mortgage broker will be able to weigh up the fees associated with different products, which may ultimately have an impact on your final decision.
Some home loans come with certain charges or mandate speciality insurance that may increase your upfront cost or repayments, so it's important you're aware of what they are.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.