Looking to take out a home loan in Australia? You’re not alone – thousands of people from around the world are drawn to Australia’s stunning natural beauty, warm temperatures, and vibrant metropolitan areas. Virtually every city has great areas that are comfortable and safe to live in, and there’s something for everyone, from young professionals looking for excitement, to families looking for comfort and convenience. Lucky for you, the Australian housing market is in a great place right now, and it’s actually easier than ever for most people to get good home loan rates (with some research and smart decision-making, of course). If you are interested in moving to a new home in Australia, it is important to start researching your options now – you will be surprised how many choices you have.
What are the current home loan rates?
At the time of writing (September 2016), home loan rates in Australia are at record lows. Most are well under five percent, making this the perfect time to buy a property and get a mortgage. The interest rate on your mortgage is very important – even just a tenth of a percentage point could mean a difference of thousands of dollars over the years. If you are thinking about buying a home in the near future, start keeping an eye on rates now, and watch how they change over time. You will start to get an idea of how the market works, and you will be able to decide when the time is right to make your move and apply for your loan.
Are all home loan rates the same?
It is also important to note that your rates will depend very heavily on your individual situation. Although online comparison tools are very helpful, it is important to also talk to professionals in the mortgage industry, as they will be able to take a more in-depth look at your situation, and recommend the best decision for you. Not everyone has the perfect credit or an amazing job history that will enable them to qualify for these super-low rates, but by talking to a mortgage broker, you can find a solution that works for you. It is very important to work with a broker when taking out a loan, because they have connections with lenders that could potentially help you to get lower rates than you could get on your own. They will also be able to point you in the direction of a loan that has features better suited to your situation.
Should I be refinancing my loan?
Since rates in Australia are so low right now, it is the perfect time to make the most of it by applying for or refinancing a home loan. A broker can help you with the refinancing process if that is something you are interested in. There are a number of different factors to take in to account when applying for refinancing so talking to a mortgage broker can help you to avoid any major pitfalls. You can read more about the refinancing process in one of our previous blog posts here.
Talk to us at Seajay Mortgage Brokers about getting the right loan for you today!