Home Loan - Customer Types
First Home Buyer
Purchasing a real estate for the first time classifies you as a first home buyer.
We understand, as a first home loan borrower there is a certain level of apprehension about this major financial decision. This is normal and it is important to have someone who can walk you through the process and explain the terminology that the bankers, real estate agents, values, solicitors and other experts you come across may use in applying for a home loan.
Key Tip: Ask lots of questions and have a check list. It seems obvious, but it means that you will understand all the costs and the process. See our First Home Buyer page.
Next Home Buyer
Purchasing an additional house or apartment makes you a next home buyer.
As you will have already been through the home loan application process previously, it may not be any simpler this time around because of increased regulation, however if you have an existing home loan then you will understand the process.
Key Tip: If you are upgrading you need to make the decision to sell before buying, or to arrange a bridging loan. See our Next home buyer page.
A change of circumstances may cause a home owner to review their home loan.
With the removal of exit fees, refinancing your home loan is now a cost effective way of ensuring that you're get the best deal. However, it is important when considering whether to refinance your home loan, why you are doing so. There should be a strategic or economic benefit.
Key Tip: Every 2-3 years you should see whether your home loan is working for you. Are you getting the most from it, and any package attached to it? See our Refinance page.
A renovator is someone wishing to improve their property, e.g. add extra rooms for a growing family.
Key Tip: If you can use your equity in your existing property this is a great way of keeping the renovation costs down.
A wealth creator uses strategy to maximize financial gains. You can maximize your revenues and create wealth for your family and your future by investing in property, shares and other instruments.
Key Tip: Consider a line of credit or interest only loan.
Investment property buyers look for financial returns on various real estate investments.
You’ve reached a point in your life where you’re more established, you have available funds or equity, your income is secure and you have surplus earnings. If you haven’t already, now’s the time to consider growing your wealth through buying an investment property.
If you're thinking of buying an investment property a few key aspect to consider are:
- Strong rental income
- Rentability and continued occupancy
- Long term capital growth
- Re-development opportunities
- Likely maintenance costs
- Ongoing capital improvements
- Tax effectiveness
Where do you start and how do you best structure an investment property loan to simplify ownership, maximize taxation and other benefits while avoiding future costs and pitfalls? The WealthMaker team has many years of experience in providing structured investment advice and can help you get it right.
While there are many loan products available to investors, one person’s requirements are different from another’s. For first time investors, basic investment property loans will keep costs low; more established investors may require a product that offers multiple loan splits and the flexibility of a global credit approval to maximize opportunity. Our calculators’ page provides some useful tools to get you started.
Key Tip: Do not over extend (borrow) so that your lifestyle is impacted. Check our investment property page .
Some people chose to increase cash flows or lower expenses by moving to a smaller home. This strategy is known as downsizing. Check our home loans page for more information.
Key Tip: Look to maximize the instrument outcomes with any capital gains.
Off-the-plan buyers purchase property before completion to combat increasing property value.
Key Tip: Consider using a deposit bond.
For free advice, to answer any questions or to arrange an appointment, call us now on 02 9233 1111.