Home Loans Explained

Home Loans Explained 2017-04-12T08:38:58+00:00

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corporateNeed a home loan fast?

Whether you’re buying your first home or upgrading to your dream home, we have the experience and access to a network of lenders to make the process easy for you. Buying your first home is an exciting time and a real journey of discovery given that you’ve never been there before. Besides the various property choices available, you also have to consider the various home loan options on offer.

While lenders have a knack of confusing borrowers with their myriad of products, we have the tools to add clarity to your decisions and help you find the cheaper rates.

While it is tempting to focus on finding your first home, we recommend that you take a breather and spend a few minutes on becoming familiar with the borrowing process. Plenty of information is available on our website and you may want to check these links:

Or, simply call us on 1300 732 630 or click here to find your local Lending Specialist.

Upgrading Your Home?

Often the challenge when upgrading to your dream home is timing the sale of your current property with the settlement of your new home. Most borrowers need to sell their home first and find short term rental accommodation. This of course can present a lot of inconvenience not the least, the need to move twice.

But there is a better way. The Home Changeover Loan allows you to purchase your dream home now and sell your current house later. These loans are especially helpful to ‘bridge’ the gap between the sale of one property and the purchase of another.

Advantages:

    • You can buy or build your new home before you sell your existing home.
    • You can avoid moving into a rental property and move directly into your new home.
    • Repayments on a Changeover Loan are optional during the bridging period (generally 6 months).

If you choose not to make repayments, the interest is capitalised on your loan, thus increasing the final amount you have to borrow following the sale of your current home.

Disadvantages:

    • Interest is charged on the full amount of the new loan.
    • If you don’t sell your existing home quickly, the interest bill can really add up.
    • It may force you into selling your existing home at a price lower than you want to.
    • You must have sufficient equity in your existing property to support the purchase of both.

For more information call us on 1300 732 630, contact us using our Online Enquiry Form or contact your local Lending Specialist.

Home Renovations

Need funds for this new kitchen, bathroom or extension?

Probably the cheapest way to fund your home renovations is to do it through your existing home loan. First check whether you have any redraw funds available in your loan. If you haven’t, or if there aren’t enough funds available to redraw, then talk to us to determine the best way to access the equity you have in your home.

This is also an opportune time to conduct a full review of your home loan and see whether there are better options or cheaper rates available from another lender. Your Citiwide Lending Specialist can do the research for you and present you with the best option.

For more information call us on 1300 732 630, contact us using our Online Enquiry Form or contact your local Lending Specialist.