Singh Finance understands it can be a daunting process to know where, when and how to start seeking Residential Finance. Our professionally qualified and expert finance brokers will eliminate the stress, and they will find you the perfect Residential Finance solution package and at the right price.
Our team of finance brokers are in daily contact with numerous lenders/credit providers. So, whatever your requirements are our team of expert finance brokers will help you with:
- Purchase a house for you to occupy and live in
- Renovate, extend your existing house or construct a new house
- Buy an investment property
- Consolidate your debts, or
- Refinance your existing home loan
What Loan Types can I consider?
If you are Self-employed or PAYG there are a number of loan types you can consider, such as:
- Owner Occupied Residential Purchase
- Residential Investment Purchase
- First-Time Home Buyer
- Renovations, Extensions and Construction Purposes
- Multiple Debts Consolidation Home Loan
- Refinance of your Existing Loan
- Home-Equity/Cash Out Purpose
- Restructure your Loans with Current Lenders/Credit Providers
- Line of Credit Home Loan
- Bridging Loan
- Vendor Finance Home Loan
Owner Occupied Residential Purchase Home Loan
This home loan is available to you if you wish to buy your own home and you want to use the home as your principal place of residence.
Lenders usually tend to give favourable loan interest rates and lending terms for owner occupied home loan. Because your primary residence will be owned and occupied by you, the lender assumes the home/residence will be better cared for than it would if it was used as a rental residence.
First-Time Home Buyer Home Loan
If you are a first-time home buyer, you may be eligible for a one-off payment through the Australian Government's First Home Owner Grant Scheme (see www.firsthome.gov.au).
Home Equity/Cash Out Home Loan: You can take advantage of the equity you have built in your home by taking a home equity/cash out home loan to fund your following projects:
- Home improvements or Basic Renovations
Multiple Debt Consolidation Loan: You should consider a "Multiple Debt Consolidation" loan if you are thinking of refinancing your current mortgage loan and combining your multiple debts (e.g. credit cards and other personal loans) into one mortgage.
This type of home loan will provide you with the following benefits:
- A lower interest rate
- Making only one repayment
- Lower monthly repayments.
- Reducing your debts (including eliminating high interest credit card debt and personal loans)
- Get yourself back in control of your debts much sooner than you anticipated.
- You will not have to experience the stress and pain of overdrawn or over the limit credit card balances
- You will not have to pay the higher credit card interest rates anymore
Line of Credit Home Loan: A line of credit home loan is where a credit limit is set and you can spend up to that credit limit.
This home loan type will suit you if you are a disciplined and careful budgeter and you may have an irregular income (i.e. commission or bonuses).
It helps in managing the transition period between buying a new home before selling your existing home or building your new home.
Think carefully before you take out a bridging loan. If you do not sell your existing home within the bridging period, you may have to accept a price lower than you expected, this will leave you with a larger end debt to repay.
Vendor Finance Home Loan: With Vendor Finance home loans the owner (vendor) of the property may offer to provide finance to you as the purchaser.
There are different types of vendor finance home loans. If you are considering this type of home loan, we recommend that you should get independent legal advice.
Financial Health Check
Can Singh Finance Help Me Prepare a Financial Health Check?
Yes, we can help you prepare a Financial Health Check on your personal finances. Our Financial Health Checks will enable you to identify a number of worthwhile outcomes for you to consider. You may be considering some of the following and you do not know how to find the right solutions:
• Taking a "Multiple Debt Consolidation" loan if you are thinking of refinancing your current mortgage loan and combining your multiple debts (e.g. credit cards and other personal loans) into one mortgage will enable you to get yourself back in control of your debts much sooner than you anticipated.
• Taking advantage of the equity you have built in your home by taking a home equity/ cash out home loan to fund your Home improvements or Basic Renovations projects.
• Considering "building wealth" through Investment Property opportunities.
• Protecting your family and considering taking out Loan and Mortgage Payment Protection Insurance, if you became ill or injured and you were unable to work.
• Protecting your Building and Home Contents in the event of any unforeseen circumstances.
• Planning ahead (i.e. do you have an up-to-date Will?) and when do you plan to retire.
Why Home Equity/Cash Out is the Key to Residential Finance?
A Home Equity/Cash Out can unlock relatively large amounts of money for borrowers who want to borrow against the value of their home or property. More and more Australian consumers are finding this financing arrangement to be very attractive, and to qualify for this financing arrangement is much easier
The concept of how Home Equity/Cash Out works for you is best explained by the following illustration. The illustration also assumes that you have an existing residential finance loan on your home or property:
The value of your home or property is valued at: $800,000
Less Your current home loan balance owing: $350,000
Your home equity amount is: $450,000
From the example illustrated above you can clearly see that you will have $450,000 equity in your home or property, which you can use to:
- Buy your second or third investment property
- Invest in shares or managed funds
- Renovate, remodel, or otherwise improve your existing home and property
- Purchase a vacant land with land loans and construct a new home on it
Exploring the Best Finance Option and Features to Suit Your Financial Goals
Each lender/credit provider offers different interest rates and residential finance/loan conditions. Making the situation even more complex, Residential Finance packages often incorporate many of the following options and features for you to consider:
- Variable or Fixed Rate Loans
- Interest Only or Principal & Interest (P&I) Loans
- Combination (Split Loans)
- Line of Credit loans
- Offset Account
- Impaired Credit History
- Redraw Option and Access Availability
- Non-Conforming Home Loans
Can I Get a Pre-Approval?
Yes, we can arrange pre-approval so you will have the peace of mind knowing that:
- You have a clear picture of what your borrowing limits are
- Your finance request has already been pre-approved and you will know the conditions of your pre-approval
- You have the upper hand when negotiating the sale price with the vendor, real estate agents, etc
So, these are the reasons why getting Residential Finance pre-approval will be beneficial for you. The current low interest rates have never made it as easy as now for you get Residential Finance. So, do not wait anymore. Get your Residential Finance pre-approval. The time is NOW!
Contact Singh Finance Today
If you are interested in finding out more on Residential Finance and save yourself a lot of time and stress, then simply make an appointment to have an obligation free assessment interview with one of our professionally qualified and expert finance brokers, today.
For an obligation free assessment and, to arrange a pre-approval for you, please contact us today on 0424 190 908 or visit our website and select "Enquire Online Now" by completing our "Contact Us" page, and one of our professionally qualified and expert finance brokers will contact you, to make an appointment at a time and place convenient to you.