How to save up on your home’s mortgage
How to apply for a mortgage with a low down payment and a low interest rate, with help from this guide.
The advice is delivered by one of Australia’s leading property advisers, Alan Raine, who has worked for the industry for more than 25 years.
It is a guide to home mortgage terms, conditions and fees, which you can use to apply, if you have any questions about a particular property.
It includes a guide for the buyer and seller.
Alan R, a partner at property investment company Raine Investments, has worked in the property sector for more a decade, including as a mortgage agent and mortgage broker.
He explains the difference between a mortgage and a loan, how to make an informed decision, how you can set up a mortgage account and how to apply.
What are down payments and mortgage interest rates?
Down payments are the monthly payments a property is expected to repay.
They are usually the same as the cost of the property, plus a lump sum for the deposit.
The lender will typically give you a down payment amount and a rate of interest for that amount.
There is a small difference in the amount of down payment you can get, but it usually depends on your income.
The loan can be a short term mortgage with monthly repayments ranging from $500 to $1000.
You may need to pay the interest on the loan upfront.
A short term loan usually has a low monthly payment, but the interest rate is fixed.
A long term loan, which has a longer term, may be more expensive.
The down payment is usually higher than the mortgage interest rate.
Why is the interest fixed?
It’s a big advantage because it means the mortgage is not at risk of default, meaning you can borrow the money to pay off the loan, rather than having it fall into the hands of a bad lender.
However, you may find the interest is less attractive if you are in a lower income bracket, as it is often less affordable than a mortgage.
The interest rate can also be set higher than it should be for a short-term loan.
The best option is to set it lower than the interest that you’d normally get from a bank, because the bank has a lower credit risk.
Why don’t I get a mortgage on my own?
The Government is setting up a national scheme to allow people to get a loan to buy their own home.
It will also create a national mortgage insurance scheme to cover the interest payments.
You can apply for the scheme if you: are under 50, or are aged 25 to 64.