Our services
Your Mortgage Options offers a range of services, not onlyhelping get the finance for your intended property purchase.
Home loans
You're ready to purchase your very first home. There are many things to consider. Where do you start? We would like to make to process of buying your first home as smooth and uneventful as possible.
There are a number of factors to consider including:
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How much can I borrow?
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Are we eligible for the First Home Owners Grant (FHOG)
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What other costs will there be?
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How much deposit do we need?
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What loan is best for us?
Just knowing where to start can sometimes seem like a problem but that's where Your Mortgage Options can assist. We sit down with you and establish your wants and needs in relation to your first mortgage. We guide you through the various loan features and options and help with the First Home Owners Grant. As a First Home Buyer you will also be eligible for the First Home Plus stamp duty exemption scheme. Visit Office of State Revenue (NSW) to check how much you will save.
We also determine how much you can borrow with a variety of different lenders depending on your deposit and other factors including your income, assets, length of employment, number of dependants, other financial commitments, credit history, proposed property location and zoning.
Looking to move up to a larger home or better property? You probably understand how it all works and what is involved in getting your next home loan but there are always new options out there and finding the right home loan can still be a bit of a headache without help. The loan you had with your previous home may not be appropriate for your new home due to changes in your lifestyle or you may have different needs.
Lenders also change their product offerings and loan features are regularly updated.
Your Mortgage Options can help sort through your options.
Investment loans
You may be wanting to buy a second home in Perth as an investment property. Or you may be buying an investment property in another state. Perhaps you are investing as part of your retirement plan.
Whatever your motives, property investments can be a great way to create wealth, through capital growth, rental income returns and tax advantages with negative gearing.
Remember, it is essential that you view an investment property as a long term proposition. Prices rise and fall over time so you must look at the long term. Talk to a Perth Mortgage Broker and understand your options.
Capital Growth
When your property increases in value, that increase is called capital growth. It is, in effect, a profit. If you were to sell the house you would get more than you paid for it.
Negative Gearing
This refers to when your borrowing costs exceed the income from your investment property. Negative Gearing can offer tax benefits by allowing you to deduct your borrowing costs from your total income, provided that all investments are genuine.
But as with any investment, Negative Gearing can be complex and there is a risk that you may make a loss. If you were forced to sell the house because you can't keep up repayments, you may make a loss.
Refinancing
Life is constantly changing, so it is important your home loan fits in with your life, not the other way round. If your home loan hasn't kept up to speed with you, maybe it's time to refinance.
Chances are refinancing your home loan could suit your needs better, not to mention save you thousands of dollars over the life of the home loan. The money saved can be put towards renovations, an investment property, consolidating debt, helping your children set up home or on a holiday.
There can be costs associated with refinancing so you need to assess the long term benefits of a lower rate against these costs and don't choose a new mortgage based purely on it's annual percentage rate.
For example, if you refinance and save $200 a month on your repayments, but your exit costs amount to $2,000, then it would take you 10 months to break even. If you are planning in staying in the house for longer than 10 months then you will be able to save money long term.
To have a better idea of what's involved in refinancing your home loan, just give us a call or send us an email and we can help you assess your options
Deposit Bonds
A Deposit Bond is a guarantee or bond that substitutes for a cash deposit between signing contracts and settlement when you buy a property. The maximum amount of the deposit bond is usually up to 10% of the purchase price.
There are two types of this facility, Standard and Long Term.
The Deposit Power products available include both Standard and Long Term bonds. The Standard bond is used for purchases with settlement within 6 months. The application fee is generally 1.2% of the guarantee amount with a minimum fee of $100.00
Long Term Deposit Bonds are for settlement terms between 6 months and 36 months and are suitable for purchases that involve longer term settlements such as properties under construction, vacant land or buying off the plan. The minimum fee payable for a Long Term Guarantee is generally $500.00
Debt consolidation
Some of us have a range of loans at various interest rates with repayments that can lead to a bit of a juggling act at the end of the month. A solution to this monthly ritual may be to consolidate all your debts into one regular repayment either through a personal loan, mortgage refinancing, borrowing against the equity in your home or transferring your credit card balances to a card with lower fees and interest charges.
By consolidating your debts you can often significantly reduce your monthly repayment commitment and can, if effectively managed, be an excellent financial tool.
When you have reduced your monthly repayments you can breathe a little easier but borrowers need to be aware that all is not fixed by simply consolidating your debts. If you were to simply pay the minimum amount required on the new loan, any short term loans now have become longer term loans and therefore the interest paid over the life of that portion of the loan is increased. You need to use some to the savings achieved by consolidating to repay the overall debt.
Even if you are keeping up with all your monthly commitments debt consolidation can be an effective financial tool to pay off your debts quicker. If you consolidate your high interest loans into one low interest loan and continue to repay the same amount as you were before consolidating, your debt will be reduced faster due to the lower interest rate being charged on the new loan.
Vehicle finance
Your Mortgage Options is affiliated with one of Australia's largest car search companies. They will negotiate for the best price on your chosen new vehicle and deliver it to your door. Whether you are a private buyer, small business or managing a large diverse corporate fleet of cars, trucks or vans, you can save a substantial amount of time and money.
As specialists in the industry, they can also provide impartial advice on the best vehicle to meet your needs and any accessories you may be considering.
They only deal with the most reputable of car dealers from their exctensive dealer network and will ensure your after sales experience will be a positive one.
They will organise:
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Test drives
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Trade-ins
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Completion of vehicle order documents
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Delivery to your home or office
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Save you time and money - leaving more time for things YOU want to do.
The best part is, it costs you NOTHING!