Before you go hunting for the best possible mortgage, it's time to
educate yourself. After reading this article you can find even
more information of The Your Mortgage Magazine web site at www.yourmortgage.com.au.
You can have news and articles sent to you each week by subscribing
to our free weekly e-mail newsletter, Your Mortgage Weekly, from
their web site.
Determining the type of loan that suits your needs is the best way to begin.
It's important to consider which loan features are appropriate to your lifestyle.
If you'd like the security of knowing exactly how much your regular repayments
are going to be for a given period, then a fixed loan is for you. If you want
to make additional repayments, then a variable rate could be more suitable. Should
you have surplus disposable income, then an all-in-one loan or 100 per cent offset
account might be the ticket.
Once you've determined the type of loan that best suits your needs, it's time
to get your affairs in order and of mortgage shipping. You will need the income
and expenditure calculations you did in Step One, some proof of income such as
pay slips or recent tax returns, proof of your genuine savings history and other
documents that may be required by specific lenders.
|
| Our Comments |
|
| Here in Australia we are
very lucky in that we have loans, which are very feature rich
far outstripping those offered in the US and the UK, but unfortunately
all these features and how they relate to you can get very confusing.
As we transact with the majority of the major lending institutions
in Australia it is our business to be aware and conversant with
all the different loan features available. We even have software
programs which help us identify the loans available which have
the features that you're looking for. |
|
|
