Get the right mortgage to buy your next home

There are any number of reasons for you to sell your home and purchase a new one. Perhaps you’re an empty-nester ready to downsize or maybe your growing family needs more room. At emoney, we know that there’s no such thing as a one-size fits all solution, which is why we take the time to understand your needs and find you the right mortgage to buy your next home. And because we have access to hundreds of fully featured home loans you can be confident of getting the best home loan available.

Common types of home loans

Variable rate

The interest rate on variable rate loans fluctuates whenever the RBA changes Australia’s cash rate. These types of loans tend to offer additional features and provide you with greater flexibility when managing your home loan.

Fixed rate

Another common type of home loan, fixed rate mortgages lock your interest rate for a specified term so you know exactly what your regular repayments will be.

Low doc

Ideal for the self-employed, low doc home loans are flexible on the paperwork required to assess your application.

Construction

If you plan to make extensive renovations or build a new home, we can help take the hassle out of finding a competitive construction loan.

Bridging

A bridging loan allows you to purchase a new home before you have sold your current one. It is typically an interest-only loan and only available for a short term (usually 6 – 12 months), commonly known as the bridging period. Once the bridging period has ended your loan will convert to a standard home loan where you can either fix your rate or keep it on variable.

Home loan features

When choosing a new home loan, there is more to consider than just the interest rate. Many home loans offer additional features than can help you save on interest repayments, reduce your mortgage term and provide you with flexibility to handle whatever life throws at you.

Offset account

One of the more popular features is an offset account. It operates like a savings account that is directly linked to your home loan. Any money in your offset account reduces the interest charged on your linked home loan.

Extra repayments

Traditionally only available with variable rate home loans, some fixed rate loans now offer this feature. Extra repayments allow you to pay additional sums on top of your regular repayments to bring down the principal and in so doing, pay less interest.

Redraw facility

This feature is typically found with home loans that allow extra repayments, although it is unusual to have a redraw facility as part of a fixed rate home loan. A redraw facility allows you to withdraw funds from the extra repayments you have made.

Split loan

With a split loan you divide your home loan into a fixed portion and a variable portion. This can give you the stability of a fixed interest rate, with the benefits of possible interest rate reductions and other features associated with variable rate home loans.

Home loan portability

This feature allows you to swap the security property on your home loan. In other words, if you buy a new house, you may be able to keep the same loan which could save you on loan set up and discharge fees.

If you are thinking about purchasing a new home and would like to discuss your home loan options, call emoney on 13 SAVE (137 283).

Tips and information to help take the stress out of your home buying experience

5-step home loan approval process

As COVID-19 spreads and a global recession looms, investment in the share market has become high risk. It is in this type of economic climate that the Australian residential property market has historically performed well. With interest rates at an all-time low, if you have been thinking of purchasing a home or investment property, now just might be the perfect time.

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Tips to get your home loan approved quicker

Follow these 8 practical tips to make your home loan application process quicker and easier. Speak to your emoney lending specialist for more information.

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What is LVR and can it affect how much I can borrow?

There seems to be a lot of confusion about how lenders set their rates. The cash rate does have an impact but it is not the only factor taken into account.

How much can you borrow?

Use our borrowing calculator for an estimate of your borrowing capacity or contact one of our lending specialists to discuss your situation.