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At Prestige Lending Partners, we prioritize your dream home. With years of experience, we simplify the mortgage process, offering personalized service
Home Loan
Types of Home Loans
Variable Rate Home Loans
Interest rates fluctuate with market conditions. Borrowers may benefit from rate drops but may face increased repayments if rates rise.
Fixed Rate Home Loans
Interest rates remain fixed for a set period, typically between 1 to 5 years, providing stability in repayments regardless of market changes.
Split Rate Home Loans
Combines elements of both variable and fixed rates. Borrowers can allocate portion of the loan to fixed and variable rates, offering flexibility and security.
Principal and Interest Home Loans
Payments cover both principal and interest, gradually paying off the loan over the loan term.
Types of Home Loans
Variable Rate Home Loans
Interest rates fluctuate with market conditions. Borrowers may benefit from rate drops but may face increased repayments if rates rise.
Fixed Rate Home Loans
Interest rates remain fixed for a set period, typically between 1 to 5 years, providing stability in repayments regardless of market changes.
Split Rate Home Loans
Combines elements of both variable and fixed rates. Borrowers can allocate portion of the loan to fixed and variable rates, offering flexibility and security.
Interest-Only Home Loans
Payments only cover interest for a set period (usually 1-5 years), reducing monthly repayments. However, principal isn't paid off during this time.
Principal and Interest Home Loans
Payments cover both principal and interest, gradually paying off the loan over the loan term.
Features of Home Loans
When it comes to securing a home loan, it's essential to understand
the various features that can affect your borrowing experience.
Here are some key features to consider:
Offset Accounts
Redraw Facilities
Additional Repayments
HOME LOANS
Features of Home Loans
When it comes to securing a home loan, it's essential to understand
the various features that can affect your borrowing experience.
Here are some key features to consider:
Offset Accounts
A savings account linked to the home loan, where the balance reduces the interest payable on the loan
Redraw Facilities
Allows borrowers to withdraw extra payments made on the loan, offering flexibility in managing finances.
Additional Repayments
Many loans allow extra payments to be made, reducing the loan term and overall interest paid.
HOME LOAN
Loan Application Process
step
Financial Assessment
Evaluate income, expenses, credit score, and debts to determine borrowing capacity.
step
Pre-Approval
Submit documents for lender assessment to determine borrowing capacity.
step
Property Search
Find properties within budget, considering location, size, and amenities.
step
Formalise The Application
Apply for a home loan, adjust loan amount based on property valuation.
step
Loan Approval
Lender reviews application, issues formal approval, and loan contracts.
step
Loan Settlement
Agree on settlement date, complete legal and financial processes for property transfer.
step
Loan Repayment Begins
Begin regular repayments, including principal and interest, as agreed.
