Home Loan Reduction Tips for First Home Buyers

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There's More To a Home Loan Than Interest Rates

I guess as a Mobile Lender / Mortgage Broker it's not so strange I found myself thinking about home loans this morning. Contemplating our local North Sydney real estate market and the hard-working Australian who just wants a good loan deal, perhaps even as a first home buyer.

As everyone with even the slightest interest in securing a home loan would know, the interest rate significantly impacts how much total interest you pay over the term of your loan. So what else could really make that much difference? Quite a few aspects actually!

For those of you who initially went with a 30 year loan term, there are still big savings to be made on your home loan if you can accelerate your repayments. By accelerating your repayments on a home loan by just 8 percent or $220 extra each month, you can save around $70,000 in the long run and repay your loan by as much as 6 years earlier! Does a $70,000 saving sound worth considering? Now perhaps the word "budget" is rushing to the forefront of your mind. Don't stress your budget too much, but if you do have the extra funds, or can adjust your budget somewhat, putting it towards paying off your home loan sooner will greatly benefit your financial future.

There are many aspects to consider other than just the obvious interest rates when applying for your first home loan, which is why many home buyers now seek out an experienced finance broker. An independent mobile lender [PROSPERA FINANCE for example] to guide them through the process and negotiate the best possible loan suited to their personal circumstances.

If you have questions or are considering a new home loan or refinancing your existing home loan, why not give me a call as I would love to help — Geoff

PROSPERA FINANCE — Geoff Norman

MOBILE LENDER PROVIDING MORTGAGE BROKERING SERVICES TO NORTH SYDNEY | CROWS NEST | ST LEONARDS | GLADESVILLE — FINANCING HOME LOANS — FIRST HOME BUYER LOANS — CAR LOANS — LOW DOCUMENTATION LOANS — EQUIPMENT LEASE