Mistakes to avoid on YOUR mortgage application
Published 2023-11-23
#mortgagetips from a #localmortgagebroker of things to take account when taking out a #mortgage
I am a #localmortgagebroker in #melbourne and alway state that potentially this is a 30 year home loan facility and the rates can go up or down.
So you need to make sure, generally speaking, for when we do the loan applications, it is a 3% sign up rate buffer.
So what that means if you're getting a sign up interest rate of 6%, we will put 3% increase in there to make sure that your household post settlement can carry out a mortgage repayment at 9% over a 30 year period.
The second thing that you need to take into account is what are your short term goals?
So are you planning on starting a family and then your income decreasing?
Make sure that this is also taken into account because you don't want to take out a massive home loan and then all of a sudden go on maternity leave where there is absolutely no income coming through.
The other thing that we also need to take into consideration is that potentially you may be speaking
to family and friends and you might be comparing that Johnny might have an offset account, they might also have fixed rates, they might have variable rates.
It is really important to sit down with a professional and make sure that what you're trying to achieve, you are actually taking out a loan facility that suits your personal finances at the time and not what your Neighbours, family or friends might be recommending for.
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