Mortgage Broker Perth
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Mortgage Perth

Your Perth Mortgage is a big deal, we know how sometimes it can feel stressful and you may have many questions.  Which is why our local mortgage brokers are willing to explain everything to you in easy to understand language. Perth Mortgages

Loan Structure

Loans do not always have to be repaid exactly the same, all the time. Sometimes you are fortunate enough to have extra funds to put into your mortgage, and you want to make an extra payment.  Depending upon the type of home loan you have you may be able to make extra repayments without penalty.  Many fixed rate, introductory or bad credit loans will not allow this, however with a variable rate loan extra repayments are usually allowed, although there may be restrictions on how much.  With a redraw account you can make extra repayments and use the extra funds you accrue in the future should you wish to take a repayment break, or use the funds for other projects. 

Switching or adjusting the loan structure

Changing the terms of your loan or moving to a different lender often means you will pay an exit fee.  The lender will seek to recoup what they may loose in interest from you and this forms the basis of the fee.  So if you want to switch from a fixed rate to a variable rate home loan because rates have fallen, your lender will charge you an exit fee to cover their losses.  Sometimes the savings are still worth the fee, if you save money in the long run but this needs to be carefully considered.

Split Loans

Split loans work by keeping part of the loan on the standard variable rate, while the remaining amount is fixed for a period of time.  The amount of times you can split your loan varies according to each bank, however it is usually a maximum of about 5. Split loans seem to be popular at present due to the various rate rises, as you are able to make extra repayments on the variable part of the loan, as well as having the security of a fixed interest rate for the remaining portion of your loan. Make sure you check with your lender that there is not an extra fee for choosing a split loan.


What happens if I miss a few payments?

Sometimes you may need to miss a few payments due to personal circumstances.  Most loans allow you to stop paying for a certain period of time if you need to. This feature often has fees attached to it and it may allow you to make extra repayments if desired during this ’holiday’ period.  It is a good idea to talk to your lender when you take out the loan as not all mortgages allow for mortgage breaks without hefty fees.






  Our lenders

Our Home Loans

Low Interest Rate Home Loans

Simple, hassle-free home loans with the lowest interest rates available.

Debt Consolidation

Reduce monthly commitments and get on top of your finances with debt consolidation strategies.

Refinancing

Don't get stuck paying too much. Help on how to refinance your home loan.

Low Doc Home Loans

Full featured home loans now available as low documentation loans.

Line of Credit - Equity Release

Take some money out of your mortgage for renovations, starting a business, buying a car or that dream holiday.

What makes your Perth Broker different.

Exactly why you should talk to a Perth mortgage broker before visiting your bank.