Local Finance Guru: The Smart Way to Choose Your First Home Buyer Loan in Castle Hill

• Do Your Research: It is always a good idea to find time to do some basic research on loans for first-time home buyers. This helps you ask the right questions and choose among the various options. While the home loan broker informs you about the pros and cons of every loan, having a basic understanding speed up the process.
• Decide on Your Budget: As experts, we advise you to never go for an overly expensive home, but rather for a home you can afford. Never overstretch your finances and take a loan that is beyond your repayment capability. This is why deciding on a budget and searching for a home within that bracket is highly advisable.
• Raise Deposit Money: You must have heard repeatedly about deposit money when it comes to home loans. In simple terms, it is a part of the market value of the property that you need to pay through your own means. The higher the deposit money, the easier it gets to negotiate a better interest rate with the lender. Set weekly, monthly and yearly savings targets and be prepared to make adjustments to your lifestyle to pool up a sizable deposit amount.
• Take Expert Advice: Nothing can substitute experience when it comes to home loans. Never hesitate to take the advice of loan experts. They are licensed professionals who can guide you through every step of the process and negotiate a better deal with the lender.
• Grants and Stamp Duty Exemptions: As a first home loan buyer, you may be eligible for various government-sponsored grants and stamp duty exemptions. These are decided based on the state or city where you purchase the property and its cost. Check with your loan broker and ensure that you get the maximum possible benefit out of it, including exemption or a lower LMI. You can also choose to pay an annual percentage of stamp duty and use the funds towards a deposit to help you buy earlier.
• Select the Right Loan Type: Depending on your profile, earnings and risk preference, you can take up the offer of a fixed or a variable interest rate loan. While the fixed interest rate loan means the same payment, the variable loan means the revision of the monthly payment based on the base interest rate prevalent in the market. Check with your loan provider on the pros and cons of both types before deciding.

If you are planning to invest in property in Castle Hill, Local Finance Gurucan help you find the right investment property loanfor every type of property. We work with all the top lenders in Australia and have access to a huge range of loan products with competitive investment property interest rates. Investing in property can provide a safety net against inflation.

Whether you are investing in the property for the first time or want to diversify your existing portfolio, we can assist you. Our brokers have years of experience as well as an in-depth knowledge of the financial markets and the property investment sector. They can give excellent insights into the loan types and their pros or cons. Furthermore, you also receive assistance with obtaining the highest LVR and pre-approvals. This is advantageous when you need to quickly close a favourable investment property deal.

There are various kinds of investment loans that you can apply for:

• Fixed (Principal + Interest) Investment Loan: With a fixed interest rate loan, you make fixed payments like any other regular loan. The payment is fixed for the life of the loan. It saves you from any market volatility or interest rate revisions.
• Variable (Principal + Interest) Investment Loan: You get the full benefit of the changes in the interest rate with this type of loan. However, any upward revision in the interest rate means that your monthly payment may also go up.
• Interest-Only Investment Loan: This is typically provided for five years, during which you only make interest payments on your investment property loan. After this period, it becomes a regular principal + interest loan. This is a good option if you plan to sell the property after a few years. You can also save money during the “interest-only” period and make a substantial payment towards the principal of the loan.

Are you stuck with the same home loan for the past few years? Do you wish to trade it for a new one that may have better features or repayment options? If so, you should consider refinancing your home loan. There are many home refinance options available in the market today that offer better interest rates. Most homeowners with a mortgage dread the idea of refinance as they do not know where to start. But with our assistance, this process will be much easier and stress-free for you.

Local Finance Guruhelps you with mortgage refinancing by finding products with the best refinance interest rates for you. You will be informed about the host of benefits that refinancing will bring for you, such as:

• Lower Rates: One of the biggest reasons for changing your lender is to get better rates. This can help you save hundreds of dollars over the life of the loan. Interest rate revision is not possible on an existing home loan, which is why most borrowers go for refinancing.
• Unlocking Equity: As you pay your loan off, you build up equity in your property. Refinancing helps you unlock this equity, which helps you get a revised loan offer from your new lender.
• Debt Consolidation: If you have credit card debt, personal loan or any other high-interest loans, you can use refinancing to consolidate them all together. Home loans usually have a lower interest rate than all other types of loans.
• Switch Loan Products: You can switch between fixed to variable interest rates or vice versa when refinancing your loan.

Home refinancing decisions should not be taken casually. You should understand the pros and cons of the home loan refinance before signing on the dotted line. You should always speak to your lender or your broker about:

• Exit or Break Fee: Find out how much the exit fee or break fee is before refinancing. This can help you decide on the feasibility of the home refinance rates.
• Home Valuation Fee and LMI: Another cost that you may need to bear is the valuation fee that is charged before a new loan is approved. Lender Mortgage Insurance is also another factor you need to consider before deciding to refinance your loan.
• Interest Rate Calculations and Amortisation: Always discuss with your loan broker the interest rates and repayment schedule. This will help you understand how much extra money you will need to pay over the life of the new loan vs. the money you save by refinancing.

Only when the benefits outweigh the cost, you should go ahead with a refinance. Our refinance specialists share honest and fair assessments on every aspect of refinancing to help you make an informed decision. We always work for you and not the lenders. This is why we strive to provide you with the lowest refinance home loan rates possible. We will also negotiate with the new lender for:

• Competitive mortgage refinance rates
• Fair exit fees
• Lowest LMI
• Best valuation fees
• All applicable discounts

We follow up with both your current and new lender for a smooth switchover to the new loan product. Once the refinancing process is complete, our team explains in detail every aspect of the new loan to you, including the repayment schedule and monthly payments.

A trusted broker always puts your interest first before everything else. Local Finance Guru is one of the best home mortgage and financial services providers in Castle Hill. We make the whole process of getting a first home buyer loan, home refinance loan or investment property loan simple and easy. Our brokers offer reliable and honest advice to all our clients. Every move we make is determined by your requirements and specific needs.

We will explain everything in detail to you without using any technical jargon. As a preferred broker for all top lenders, we have priority access to all types of home loans. This is how we can find loan products with the best home loan rates.

If you are ready to discuss your home loan application or want to schedule a face-to-face meeting with one of our brokers, you can call us on 0430 411 466 or send us an email at vipul@localfinanceguru.com.au.