New Home Finance Experts In Perth
Australia has around 10.6 million dwellings with a total value of $8.1 trillion, according to Property Update. $1.9 trillion is the amount of total outstanding mortgage debt on all these houses. These are some pretty big numbers, aren’t they? If you’re wondering what these mean for you, read on.
When buying a new home, finance is arguably the most important factor that one needs to focus on. Moreover, it’s a deciding factor in the whole process of buying your house. The kind of home you will get, the neighbourhood and the amenities generally depend on the finance that one has available. Thus, it’s imperative to get the finance part right in cities like Melnourne and Perth. New home finance experts in Perth are the need of the hour as the property market is reaching new heights.
Interest rates on home loans have been dropping in Australia for the last 2 years. The average 2 year fixed rate for owner occupiers is 2.26% as of June 2021, according to Mozo. The average variable home loan rate, on the other hand, is 3.24% as of June 2021. This means that the initial monthly repayment on average rate on a $400,000 over 30 years would come up to $1,739. Thus, if you’ve been planning to get a new home, now is the right time to do so. With affordable finance, you could benefit from the low interest rates on your home loan.
However, the down side for many is the deposit as saving for it is the single most difficult task, especially for first home buyers. Even after saving a certain amount of deposit, many realise that it’s not enough to get the home they want. There are other expenses that many fail to account for, including stamp duty. Factors such as neighbourhood, the type of property and the price you pay for it could end up costing you a stamp duty amounting to tens of thousands. Moreover, you could incur application and settlement fees on your home loan. Finally, there could be building and pest inspection reports and expenses for moving into your new home. Hence, it’s advisable to take into account all these other costs that you might have to pay.
What comes next is the choice of loan that you will have to make. Lenders are in strong competition with each other, leading to further cut down of interest rates. You could use this to your advantage by getting the best possible rate. For this, you need to contact multiple lenders to find out the rates that they’re offering and compare their rates. This can be hectic for someone who’s working, managing family responsibilities and taking care of other tasks involved in buying their home. This is where the new home finance experts come in the picture. They can advise you on the ideal finance option, get you the best rates and help you with everything regarding your new home finance. They will provide relevant information on everything including a split account, offset account, deposit and simplify the whole process for you. Contact our new home finance experts in Perth to satisfy all your home finance needs.