Looking For The Best Mortgage? Go To Australia
Australia, the land of many options. Well, at least when it comes to mortgages. In Australia they are weathering the global financial crisis just fine thank you. In another article I mentioned that they reminded of the story of the boy in the plastic bubble. It almost seems as though they have this protective bubble around them that has made them almost immune to the financial problems that have almost devastated the rest of the world. Their mortgage industry is doing great and although their interest rates are not the lowest they certainly rank among the best, Australia has some of the best mortgage rates in the world.
When looking for the best mortgage Australians certainly have some attractive choices. The mortgage industry has some very product offerings. Some of these choices are Offset mortgages, Overpayment mortgages, Fixed rate mortgage, Low start mortgages and Repayment mortgages, to name just a few. All of these choices have different interest rates albeit good ones.
I think that two of the best mortgage options are the Overpayment and the Fixed rate. Low start mortgages may allow the potential home buyer to purchase more home than they might have otherwise. The fixed rate mortgage is, in my opinion, a very good, solid approach to a mortgage. With a fixed rate mortgage you know what your payment will be from month to month and from year to year, as opposed to a variable rate that can change periodically. The fixed rate never changes and you have that stability.
With the Overpayment mortgage your monthly loan payment is automatically deducted from your bank account, an account that your make deposits into on a regular basis. Each month when your payment is deducted, any funds over and above the amount of your payment are also applied to your principle. This allows you to pay your mortgage off much sooner than you would have otherwise. I believe that this is better mortgage choice, and of course it is useful to have a good mortgage calculator handy to help you.
Of course it never hurts to have got the advice of an expert when trying to make a decision like this. Getting help from a qualified broker can be just the ticket. Someone with the knowledge and experience to help you wade through the various options and determine just which option you should go with.
These mortgage options certainly give your average Australian a lot of choices when it comes to buying a home. Whether they are looking to purchase a property as an investment or looking for a home, the type of mortgage they get is very important. It is not a decision to be made lightly. There are pros and cons to each one of the different mortgage options. Of course it never hurts to have got the advice of an expert when trying to make a decision like this. Getting help from a qualified broker can be just the ticket. Someone with the knowledge and experience to help you wade through the various options and determine just which one suits their situation.
by: Kristian P.Smith
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