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Sydney mortgage brokers

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Sydney mortgage brokers

Sydney mortgage brokers tips: Basic Variable Loan
Basic variable loans typically offer lower interest rates and fewer features than the standard variable loans. You often have the option to pay for any additional feature required. Interest rates and repayments will vary throughout the loan term.
Advantages:
Relatively lower interest rate
Lower repayments
Disadvantages:
Many of these loans do not have the same features or flexibility as other variable loans
Intro Rate “Honeymoon” Loan
An introductory rate loan generally offers a guaranteed low rate for an initial period of time (usually 12 months) after which most will revert to the standard variable rate. The rate can be fixed or variable.

Sydney mortgage brokers tips:  Advantages:
Usually the lowest rates on the market
Some lenders provide offset accounts on these loans
Opportunity to reduce the principal quickly during the ‘honeymoon’ period

Disadvantages:
Payments will increase after initial introductory/’honeymoon’ period, more information? Call our Sydney mortgage brokers at Call 1800 111 455 if you need our independent mortgage brokers Sydney advice.

Sydney mortgage broker

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Sydney mortgage broker

Which home loan types would suit you most from a Sydney mortgage broker?

Fortunately there are new products launched into the home loan market almost every day. Our team at First Choice Mortgage Brokers can compare hundreds of different home loan products to tailor a package that suits your

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individual finance needs.

What types of home loans are available from a Sydney mortgage broker?
Standard Variable Loan
Standard variable loans are Australia’s most popular type of home loan. The interest rate varies throughout the loan term. These loans generally offer excellent flexibility, low fees and often offer great features such as an offset facility, redraw facility, no limits on additional repayments and in most cases, no early pay-out penalties.
Advantages:
Flexibility
Lump-sum payments can be made without incurring a penalty.
If interest rates fall, your repayments will fall.
Often offer extra features.
Disadvantages:
If interest rates rise, your repayments will rise, call Call 1800 111 455 for more details of the Sydney mortgage broker

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Mortgage broker Sydney

First Home Buyers Grant – Sydney NSW, Australia

Mortgage broker Sydney tips: The FHOG scheme is a national scheme funded by the Federal Government, but administered through each state or territory Revenue Office. The grant offers first home buyers $7,000 towards their first home.
our Mortgage broker Sydney knows that in some states additional bonuses may be available. The First Home Owner.

Mortgage brokers Sydney advice

Grant scheme is a one-off payment of $7,000 to assist eligible first home owners with the purchase or construction costs. Please call First Choice Mortgage Brokers to discuss your opportunities, and for assistance in accessing the FHOG.
Please note that each state has different maximum property prices that you can consider before the first home owners grant isn’t applicable:

New South Wales: $835,000
Victoria $750,000
Queensland $750,000
Northern Territory $750,000
South Australia $575,000
Western Australia $750,000 or $1,000,000 (north of the 26th parallel)
Tasmania no limit
Australian Capital Territory $750,000

Our Mortgage broker Sydney knows that each state has different bonus concessions and grants if you would like to build a new home, for example, Victoria offers a $20,000 first home buyers grant if you build a newly constructed home in the metropolitan area’s up until June 2012. Please call First Choice Mortgage broker Sydney to discuss your options in more detail.

Mortgage providers Australia

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Mortgage providers Australia

What are the steps in the home loan approval process?

Mortgage providers Australia tip: Please find the following basic guide for the home loan process – please note that the stages might vary slightly between different Mortgage providers Australia:
Step 1:You speak with a Fist Choice Mortgage Broker who considers your financial situation and provides you with a

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mortgage providers australia mortgage broker sydney

home loan that suits your individual needs
Step 2: Your home loan manager collects your supporting documents and takes your application for the home loan approval
Step 3: Your home loan is submitted to the lender for their decision
Step 4: If the lender requires no additional information the loan will be pre-approved and a valuation will be ordered on your new purchase property
Step 5: Valuation returns and the lender accepts the property as security, your loan is submitted for formal approval
Step 6: Your loan is formally approved! Our Mortgage providers Australia provide you with an approval letter so that you can exchange on your new property. We also assist you with your first home buyers Sydney grant and submit this to the lender on your behalf
Step 7: Mortgage contracts are sent to you in the mail – you sign them and send them back to the lender
Step 8: Your documents are checked, the lender books in a settlement date with your solicitor and your loan settles, need more advice? Call our Mortgage providers Australia at Call 1800 111 455

Mortgage broker in Australia

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Mortgage broker in Australia

What other expenses will I need to pay besides mortgage & stamp duties?As a rough guide, you should budget for between 5 of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include; 

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  • Building and pest reports
  • Valuation fees
  • Lenders mortgage insurance (LMI)
  • Solicitors fees
  • Insurances
  • iUtilty connection fees – phone/gas/electricity
  • Council and water rates
  • Removalist costs
  • What is Lenders Mortgage Insurance?
  • Lenders Mortgage Insurance (LMI) premiums are payable by the borrower when the amount borrowed is above a certain percentage of the lender’s valuation of the property.
  • Majority of lenders will allow you to include the LMI premium to your home loan amount and others may require you to pay it up front. It’s important to note that the LMI does not protect you in the event that you are not able to make your mortgage repayments; LMI protects the lender from any losses resulting from late or unpaid loan repayments.
  • Mortgage broker in Australia contact:
    Contact First Choice Mortgage Brokers Western Sydney to find out more about lenders mortgage insurance.

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Australia mortgage brokers

How much can I borrow?

Australia mortgage brokers advice: How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have.
It will also vary from lender to lender. First Choice Mortgage Brokers Western Sydney will give you a complete

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australia mortgage brokers

individual assessment when we discuss your options.

Mortgage broker in Australia you can trust

How much will I need to save for a deposit?

Australia mortgage brokers advice: The deposit required depends largely on the type of home loan and, of course, the lender you select.
As a general rule, if you are planning to live in the property then you require to have generally 5-7% of the purchase price as a deposit.

How much money will I need to set aside for stamp duty?
Australia mortgage brokers advice: Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property and the state or territory of the property location.

Best mortgage brokers Australia

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Best mortgage brokers Australia

How do I know if I am eligible for the First Home Owner Grant?
Best mortgage brokers Australia tip 1: As a basic rule, you are eligible if you are an Australian or New Zealand citizen or permanent resident, buying or building your first home buyers, Sydney Australia, with the intention of occupying it as yourprinciple place of residence within 12 months of the settlement and living in it continuously for at least 6

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months. Please note that if you are buying the property in conjunction with other people, they must also meet the first home buyers Sydney criteria for the grant to be eligible.
How do I apply for the grant?
Best mortgage brokers Australia tip 2: Our team at First Choice Mortgage brokers will assist you with the application. Usually the first home owners grant application is submitted whilst the loan is proceeding so that the funds are available for settlement of your home loan. In some cases the grant can be submitted post settlement and the funds deposited into your bank account. The best mortgage brokers Australia will assist you with the application and submit the forms on your behalf, this is part of our ongoing commitment to your first home buyers Sydney.  Call  1800 111 455

Mortgage brokers Australia

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First Home Buyers Frequently Asked Questions
First Home Buyers Grant – Sydney

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Our Mortgage brokers Australia is happy to advise you with the The FHOG scheme, this  is a national scheme funded by the Federal Government, but administered through each state or territory Revenue Office. The grant offers first home buyers $7,000 towards their first home.
In some states additional bonuses may be available. The First Home Owner Grant scheme is a one-off payment of  $7,000 to assist eligible first home owners with purchase or construction costs.Please call First Choice Mortgage Brokersto discuss your opportunities and for assistance in accessing the FHOG.

Please note that each state has different maximum property prices that you can consider before the first home owners grant isn’t applicable:

  • New South Wales: $835,000
  • Victoria $750,000
  • Queensland $750,000
  • Northern Territory $750,000
  • South Australia $575,000
  • Western Australia $750,000 or $1,000,000 (north of the 26th parallel)
  • Tasmania no limit
  • Australian Capital Territory $750,000
  • Please note that each state has different bonus concessions and grants if you would like to build a new home, for example, Victoria offers a $20,000 first home buyers grant if you build a newly constructed home in the metropolitan area’s up until June 2012. Please call First Choice Mortgage Brokers to discuss your options in more detail at  1800 111 455. We are the best mortgage brokers Australia wide.