There are literally hundreds if not thousands, of different home loan products on the market today. Home loans will differ on interest rates, features, establishment and on going fees and lender approval policy.

Thinking about doing the research yourself? Does just thinking about it exhaust you?

No wonder, when you appreciate the myriad of options available. Isn’t it comforting to know that a qualified and informed Better Choice Consultant can match the most appropriate loan to your own individual circumstances, and there is no fee!

As you move through life the type of borrower you are may change. Following are some of the different borrowers Better Choice Mortgage Services assist everyday:

• First Home Buyers
• Owner Occupier
• Investors
• Refinancing
• Commercial Loans
• Overseas Purchasers
• Equipment/Car Loan

First Home Buyer

It's a big wide world out there and let's face it, you have never experienced buying a property before. It really is a time when you need to seek the services of a Better Choice Consultant to assist you in the areas of:

• How much deposit will you require?
• What are all the different costs associated when buying a property?
• Do you have enough funds to cover all the fees?
• How do you apply for the First Home Owners Grant? And what can you use it for?
• Do you get any stamp duty concessions being a first home buyer?
• How much is this property going to cost per month and can you afford it?
• What is the best home loan for your situation?
• Organising a pre-approval to ensure that you are best placed to negotiate when you do find a property.

Owner Occupier

So it's been a number of years since you brought your home and in that time you have built up a significant amount of equity.

Has the 'patter of tiny little feet' made your existing home a little squeezy? Are you feeling comfortable with your current financial situation and want to 'trade up'?

A Better Choice Finance Consultant can assist you in the following ways:

• Estimate the amount of equity you have built up in your existing property
• The loan amount required to purchase your new property
• Do you want to and/or are you able to utilise a home to home loan?
• What is the new home going to cost you in repayments per month?
• Organising a pre-approval to ensure you are in the best position to negotiate the price of your new property.

Investors

It's widely believed that in the future, the Australian government is going to have difficulty in providing for its aging population. Hence, having a sound investment strategy may help ensure that you actually 'live' in retirement not just 'exist'.

A sound investment strategy may also help provide a strong financial base for your children. Real estate investment has always been an integral part of most Australians investment strategy.

Not only can you enjoy watching your investment grow, there are also some great tax advantages along the way. A Better Choice Finance Consultant can help structure your investment and financial requirements correctly the first time.

You may not wish to invest in real estate; buy may wish to invest in shares or managed funds. If this is the case, then a Better Choice Finance Consultant can help you finance that as well.

Better Choice Mortgage Services strongly recommends that you seek independent financial and legal advice prior to embarking on an investment strategy.

Refinancing

That home loan you signed up for 5 years ago suited you then but how does it "stack up" now? The mortgage industry is ever changing and highly fluid. As a result, new products are coming to market daily.

There are a couple of main reasons why you may refinance:

• Accessing equity for any worthwhile purpose eg renovations, holidays, updating the car, or for investment.
• Swapping lenders and/or loan types in an effort to avail yourself of a Better more flexible loan at a more competitive price.

The government has even made it more cost effective to refinance be waiving the loan stamp duty on refinancing home loans, (not investment property loans). 

If you would like a free mortgage check please contact us so we can expertly review your finance with no obligations.

Seniors Loan

There has been a steady growth in the value of Australian homes over the years; therefore it's likely that your home has built up significant equity. However, to retire comfortably many people find that their super or pension doesn't support their lifestyle. Without sacrificing your home, reverse mortgages may be the answer.

Reverse Mortgages are best suited to borrowers who seek to convert the equity in their homes into cash.  This style of loan allows the cash-poor, asset-rich to tap into the value of their property without having to sell it. 

If you are over 60 and own your home, you may qualify for a reverse mortgage. Using the equity in your home allows you to release funds as an income source or for personal needs like travel or home improvements.

With any loan there is of course interest to pay, however a reverse mortgage requires no monthly payments. Instead, the loan is paid back with the interest accumulated when the house is sold. In other words, the interest is capitalised which means it's added to the amount of the loan.

There are a variety of reverse mortgage options and a knowledgeable Better Choice Finance Consultant can help ensure that you are maximising the full benefits.

Better Choice Mortgage Services strongly recommends independent legal and financial advice before taking on a reverse mortgage.

Self Employed

When you are self employed, getting a loan is more complicated than someone who earns a PAYG income. There is more paperwork to submit to meet the requirements of a lender plus the complexities of your taxable income can make getting a loan a difficult process.

Certain lenders have a greater appetite for self employed applicants. So if it's finding a lender who speaks your self employed language or utilising Low Doc or a No Doc loan, then a Better Choice Consultant is experienced in this field. We can help simplify the process to get you a loan to suit your individual needs. 

Poor Credit History

If you answer "yes" to any of the following questions, you may wish to consider a Non-Conforming loan.

• Do you have a poor credit history?
• Have you been previously bankrupt?
• Are you self employed and have been trading for a limited amount of time?
• Are you self employed, have difficulty in proving your income and have a minimal deposit?

Non Conforming Lenders (NCL) specialise in dealing with borrowers of this type. Generally, NCL's have higher interest rates depending on your situation but with a good repayment pattern these interest rates can step down over a number of years.

Overseas Buyer

Overseas borrowers fall into 2 categories:

Australian citizen or Permanent Resident living and working overseas, but purchasing in Australia.

Historically, lenders have been a little more conservative when financing Australians living overseas. That is, they would lend no more than 70-80% of the value of the property. Better Choice Mortgage Services now has mainstream/tier 1 lenders, lending up to 90% and above of property value for Australian's living overseas. 
The majority of loan types within the suite of products are available to Australians living abroad. Restrictions do exist if you wish to borrow on a low doc/no doc basis.

Foreign nationals with no Australian residency who wish to purchase and finance property within Australia.

There are lenders on Better Choice's panel that will finance foreign national borrowers. Lenders normally will cap their exposure to 70-80% of the property value. Whilst in the minority, certain lenders will also look at Lo Doc for foreign nationals. If a foreign national wishes to purchase an Australian property they will require approval from the Foreign Investment Review Board (FIRB). FIRB information is available a www.firb.gov.au