Choose the Loan to Suit Your Lifestyle

With the help of the many flexible mortgages on offer, home buyers can now use their home loan to help them achieve other lifestyle goals while they continue to pay off their mortgage.

Therefore, depending on your circumstances, you need to consider the following:

• First Home Buyers – may wish to opt for a home loan with a low interest rate over a long term, unrestricted additional repayments and a redraw facility. This can allow you to build up funds in your mortgage account which may be used in the future for larger expenses, unexpected emergencies, or a rise in interest rates.
• Home Buyers/Renovators – may want to choose a home loan with a low introductory interest rate, which can assist you, should you want to renovate as soon as you move in. Alternatively you could use this introductory period to make additional repayments to build up your mortgage account to give you a range of options in the future.
• Experienced home buyers – buying their second or third property may want to consider a split loan option, which allows you to protect a portion of your mortgage against future interest rate rises by fixing that portion, while still allowing you to make additional repayments on the variable portion to help reduce your mortgage account. 
• Property investors – are likely to want to focus on rental income, tax savings and set monthly repayments. You may therefore want to consider a basic home loan allowing for set repayments which won’t fluctuate with interest rates.

The variety of home loans is increasing all the time, providing you with a wide selection of choices, so it’s important to decide on the loan and rate options to best suit your lifestyle. 

To find out more about your home loan options, call resi on 136 126.

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