1300 381 244
A home loan, also known as a mortgage, is a type of loan specifically designed to help individuals purchase residential property. Here are the key features and components of home loans:
Home loans are used primarily to buy a home, but they can also be used for refinancing an existing mortgage or for home renovations.
The amount borrowed is typically a percentage of the property’s purchase price, with lenders often requiring a deposit (down payment) of 10-20%.
Home loans can have fixed or variable interest rates.
Home loans generally have repayment terms of up to 30 years, though shorter or longer terms can be available.
Borrowers make regular monthly payments that include both principal (the loan amount) and interest. Some loans may also include property taxes and insurance in the monthly payment.
Many lenders offer pre-approval, which provides a conditional commitment on the loan amount based on your financial situation, helping you understand your budget when house hunting.
Home loans may come with various fees, including application fees, valuation fees, and ongoing account fees. Additionally, borrowers might need to pay lender’s mortgage insurance (LMI) if the deposit is below 20%.
Our initial process is to learn about your circumstances and find out what value we can provide to you.
After understanding your circumstances, we develop a loan structure and strategy tailor made for you using our wide range of lenders.
Once we have identified the most suitable lender for your circumstances we will assist with the submission ensuring we communicate with all relevant parties for a smooth settlement.
Call us at 1300 381 244
With over 15 years of combined mortgage broking experience, we have helped clients from all walks of life. We pride ourselves on providing 5 star services to all our client, ensuring they are catered for throughout their journey.
Our mission is to simplify the process from identifying your goals, planning your loan structure all the way to settlement of your loan. Our services range from assisting first home buyers to savvy investors with property portfolios.
112/29-31 Lexington Drive, Bella Vista, NSW, 2153, AUTRALIA
1300 381 244
info@erfs.com.au
Home loans provide essential financial support for purchasing or renovating property, with flexible options tailored to different needs.
Understanding key features like loan terms, interest rates, and fees is crucial in making informed homeownership decisions.
103/5 Murray Rose Avenue
Sydney Olympic Park, NSW, 2127, AUSTRALIA
1300 381 244
info@erfs.com.au
