You may not know it, but mortgage broking is one of the many services we offer in our Perth area office. With the backing of AMP and AMP Capital, we are well-positioned to offer you a full menu of financial services. We would like to provide some information for you from our parent company AMP concerning how to choose the “right” home loan. *
Remember that we are prohibited by law from giving advice on this page. Financial advice must be obtained with an individual consult. But we can provide the basics of choosing a home loan for you. We hope you enjoy it.
AMP advocates thinking about these three questions in the early stages:
What kind of property do I want?
How much can I borrow?
What other benefits would I like to have from my loan?
Options for Home Loans
Interest can be charged at a fixed rate or a variable rate. A fixed rate loan, as its name suggests, will have the same payments for a fixed amount of time. The payments of a variable rate loan fluctuate with economic conditions. The interest rate can move up or down, depending upon the economic factors.
Some borrowers choose to split their loans with a portion being fixed and a portion being variable rate.
You may also choose a line of credit, which allows you to consolidate all of your debt into one loan. The main benefit of a line of credit is that it is easy to manage your debt in one account instead of many. Also, the money is available when you need it, but you are only paying interest on the part that you borrow.
Mortgage Broking: Call The Professionals at Approved Financial Planners
There are numerous other options on home loans, such as redraw and mortgage offset. To find out all of your options, call the mortgage broking professionals at Approved Financial Planners in our Perth area office. We will be happy to provide you with an obligation-free individual consult. Call us today on 08 6462 0888.
*AMP Capital. Choosing the right loan. Copyright 2015.