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Home Loans Point Cook, Epping and Melbourne

Looking for a home loan in Melbourne? Stop rushing to the bank and consult home loan experts at Credit Hub Melbourne.

It is common for people to dream of owning a home, and it is possible that you are trying hard to buy one you can call your own. Purchasing a home can be exciting as well as a massive step for you. Even if you buy an old home, renovation is necessary and a suitable home loan can provide you with the financial assistance you need. Credit Hub Home Loan advisors in Point Cook and Epping can help you in finding the low rate home loan in Melbourne.

“To get a loan designed for your needs, our home loan experts at Credit Hub are here to help you throughout the entire process.”

Why Opt for Home Loans?

Buying a home in Melbourne will require savings from your salary accumulated over years. For some, it may remain a dream unfulfilled. This is where a home loan comes to the rescue.

After investigating your financial situation , the bank may agree to give you a sum of money required to buy a new house at fixed or adjustable interest rate. Even if you buy an old house, you may have to renovate it. All the costs combined can add up to a budget which can dry up your savings.

To rescue you from these daunting situations, a home loan is always there to support you financially. A suitable home loan can cover all the construction and renovation costs so that you don’t have to dig your pocket.

Types of home loans

To help you understand which type of home loan in Melbourne may be best suited to your needs, let’s take a look at the key types of home loans available in Melbourne and how they work.

In fixed loan, the interest rate and the home loan repayments are fixed for a specific period and they do not get affected by the change in the market cash rate set by the Reserve Bank of Australia. The specific period for which the interest rate is fixed is usually 1 to 5 years. However, if the market interest rate goes down, you might end up locking yourself with the higher repayments.

This home loan is the most popular in Australia. The rate of interest may vary in accordance to the movements in market interest rates, so you can expect the repayments to vary (up and down) over the course of the home loan.

As the name suggests, a split loan allows you to divide your loan into a fixed rate and a variable rate portion. This loan works best when you are not sure which type to go for. This loan alone helps you enjoy the benefits of both types of loans. This way, you enjoy some flexibility of variable loan along with the certainty of a fixed loan.

Simply put, this type of loan requires you to pay only the interest on the amount borrowed for a specific period which is usually 1 to 5 years. The monthly repayments are low since you do not pay off the principal amount. After the completion of the initial period, you start paying off both the principal and interest.This type of loan is very popular among property investors who plan to repay the principal once their property has been sold out.

These loans are very popular with self-employed people because these require fewer documentations and no proof of income as compared to normal requirements of the banks while providing a loan. These loans come at a higher interest rate which can either be at fixed or variable rates but the rates can be reduced after few years if the repayments are made on time.

Line of credit loan allows one to withdraw funds from the equity of the existing properties they hold.. You just need to keep the repayment regular and your home will act as a collateral for this type of home loan.

An Introductory home loan offers lower interest rate for the initial period of 6 to 12 months. After that period, the rate reverts back to the institutions’ or banks’ standard variable rates.

Checklist of home loan documents

To make things easier for you, here is a checklist of documents that might be required for obtaining a home loan in Melbourne. Though all of them might not be required, it is always best to keep them handy.

Personal identification

You’ll need at least two current forms of ID:

  • Driver’s licence
  • Passport
  • Photo ID (such as a Proof of Age Card, Australian tertiary institution card, Department of Defence, Waterways/Boat Licence).

If you do not have any of documents simply provide us with copies of –

  • Birth certificate
  • Citizenship certificate
  • Centrelink Pension Card
  • Medicare card
  • Utilities bill (less than three months old)
  • Rates notice (less than three months old)
  • Tax assessment notice (less than 12 months old).
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