Home Loans

Get A Better Deal With The Home Loan Broker Sydney Loves

There are many different types of home loans that you can take advantage in Australia today, each with their own features and benefits. In fact, the choice is staggering. There are hundreds of mortgage lenders and thousands of home loan products so it’s no wonder most people find the process of choosing to be overwhelming and confusing. The market is also highly dynamic and changing all the time; the right lender for you today could well be the wrong choice just a few short years later.

Express Mortgage Market makes it easy for you to navigate this complexity. Your personal home loan broker will first seek to understand your goals and circumstances before tapping our wide network of lenders to provide you with a shortlist of recommended home loan products matching your criteria.

Below is a summary of the main home loan types currently available in Sydney and Australia. However nothing beats a quick chat with the home loan broker Sydney loves, Express Mortgage Market.

Types of Home Loans According to Interest Rate

A standard variable rate home loan is known as a full-feature loan, which can provide you with a lot of flexibility such as additional repayments, redraws, and loan splitting. This is also regarded as the ‘benchmark rate’ and will often rise or fall depending on the interest rate adjustments mandated by the Reserve Bank.

Often referred to as the ‘no frills’ loan, the basic variable rate home loan can provide you a cheaper variable option for borrowers who are not interested in any special features offered in a standard variable rate loan.

This is where you ‘lock in’ your rate for a defined period so that you avoid possible future interest rate rises. Although you have the security of knowing your monthly repayments will not increase, you do not enjoy interest rate reductions that occur during your fixed period.

With a split rate loan, you can get the best of both worlds, because you can choose to allocate a percentage of your loan amount for variable interest rate, and another for fixed rate.

Types of Home Loans According to the Borrower’s Needs or Circumstances

A debt consolidation home loan will allow you to roll your existing loans into one, so you can lower down interest rates, stop payment of excess fees, or stop making several monthly repayments. This loan can also help you regain control of your finances.

Self-employed loans are designed for people who are self-employed and cannot usually comply with regular loan requirements to verify finances. These loans are often ideal for entrepreneurs, business owners, salespeople and other individuals with variable monthly income

First Home Buyer Loans cater the need of individuals who are looking for financing arrangements to buy their first homes. This is often added on top or incorporated on the First Home Owner Grant (FHOG), which is a tax-free financial assistance offered to Australian citizens or permanent residents who are buying their first home.

As the name implies, the proceeds of this home loan is reserved for renovating or upgrading your current home. This is an ideal strategy if you already have accumulated enough equity in your own home. Renovating is also beneficial for your asset portfolio as it can increase the value of your property.

No Deposit Loans (or Low Deposit Loans) are normally recommended for individuals who are interested to buy their own homes but they don’t have the ready funds to pay the 20% deposit. Some variations of this loan also decreases the required deposit substantially so you can afford the upfront fees.

Otherwise known as a ‘family guarantee loan’ this type of home loan is extended to you with the help of a family member who is willing to help you purchase your home by providing additional security or ‘equity’ in support of the loan. The person who will help you is referred to as the guarantor, which is different from a co-signer or co-applicant. The guarantor loan is then usually secured to two or more properties, and it’s often possible to release the guarantee early even if the loan is not yet fully repaid.

Low Documentation loans, more commonly known as ‘Lo Doc’, are designed for self-employed people who may struggle to obtain all the normal documentation required to verify income. Because these loans have less stringent approval criteria, they typically attract a slightly higher interest rate.

You can still get a home loan even if you have a bad credit history. There are many non-conforming lenders who are willing to extend help to those who are not qualified for a bank home loan. The downside of this loan is that it often carries higher interest rates and extra charges.

An Offset loan is where aneveryday transaction account is linked to the loan account. Any funds held in the transaction account are automatically offset against the loan balance, thereby saving interest. The more in your account, the greater the saving.

Express Mortgage Market, Your Home Loan Broker in Sydney

Each type of loan has its own advantages and disadvantages as well as separate terms, policies, and processes. It may take some time and effort before you can completely understand the options, so it’s often better to work with a professional home loan broker in Australia.

 Express Mortgage Market can help you assess your financial situation, find the most suitable loan for your circumstances, manage the home loan application process, and provide you valuable advice at every step.

For further inquiries on available loan options or to set an appointment thehome loan broker Sydney loves, Call Express Mortgage Market on