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Which Home Loan is right ?

Which Home Loan or Mortgage Finance structure?
Finding the right home loan takes time, effort and research. There are many different types of home loans and home loan structures that you can have. Right home loan has to have the right features, room to move and, most of all, suit your personal needs. In todays home loan market it can be very confusing. There are hundreds of mortgage finance lenders throughout Australia offering thousands of mortgage loan products! At Aussie Best Loans Centre we understand that borrowing money is a big step, that's why we offer home loans that provide a great rate plus extra benefits. We can make sure you end up with the right loan tailored to meet your individual requirements. ABLC prides itself on its high standards of personal service, including fast loan approval and settlement. When you inquire about a mortgage, we allocate a consultant to you to follow your home loan through from assessing your application to securing your mortgage.  Please email  our office and we will make available a list of home loan types with the comparison rates for your perusal.


Mortgage Reduction - pay your home loan quicker!

This is a process rather than an actual home loan product. By using an Equity Loan facility, borrowers can maximise their home loan repayments. Every dollar of income is used to reduce the mortgage until it is spent elsewhere. The benefit of this plan is that finance lenders calculate interest charges daily so the day-to-day balance of the mortgage account can have a significant impact on the balance of the home loan. The success of the strategy lies in the borrowers ability to maintain a disciplined budget, but when properly used this facility is a powerful tool to pay of your mortgage sooner.


The idea of getting a home equity loan while interest rates are low to help you pay off your bills, buy a car, or even pay for your child's education may seem like a great idea. However, you should educate yourself first so you know exactly what a home equity loan is and if it is really right for you.

The basic idea of a home equity loan is that you can borrow against the current equity in your home, so the more equity you have the larger home equity loan you can receive. In essence, to receive a home equity loan you are using your home as collateral, or the basis, for the home equity loan. If you do not pay the home equity loan back, then your home is at stake and may be foreclosed upon. This is sobering news many people are not aware of, so getting a home equity loan requires some thought and the ability to repay the home equity loan as well.

However, you might be reading this and actually interested in a home equity loan, but have no idea what equity is or if you have any. Equity is how much of your home you have paid for. So, you take the home's current value and subtract it from the amount you still owe, and that is how much equity you have in your home and what will ultimately be used to approve or deny your home equity loan application. For example, your home is currently worth $400,000 and you have $280,000 left to pay on your mortgage. Your current equity is $120,000.

You will need to know all of this information before you apply for a home equity loan to know if you have enough equity to even apply for a home equity loan. Plus, the more you know about applying for and negotiating rates for a home equity loan the better deal you will receive. Remember, knowledge is power and the more home equity loan knowledge you have the more powerful you will be able to negotiate.

 

As you can see, deciding on the right home loan or mortgage structure can be hard work. That's why Aussie Best Loans Centre is here to help. Taking the time to run through your needs with a Aussie Best Loans Centre Mortgage Consultant is the best way to select the home loan or mortgage structure that's right for you. To make an appointment for your Home Loan click below.

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