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Sort Out Your Home Loan Options Before Searching For Property

By Jamil Allouche

Before you start looking for property in Brunswick or any of the surrounding neighbourhoods, there’s one thing you’ll want to do before you start the search.

Researching the type of home loan that will suit your situation and getting it pre approved can help to alleviate any undue stress which may come as a result of being unprepared.

After all, property is a fast-paced game and if you fail to prepare, then you’re preparing to fail.

Home loan comparison is an integral part of getting a loan and making those property dreams a reality.

A fixed home loan means that your interest rate is set for a certain period of time. These periods are usually set between three to five years and offer you the stability and comfort of knowing exactly how much your monthly repayment will be without any variation.

On the flip side, a variable rate home loan is more flexible and tied into the financial market.

This could mean that you end up paying less interest than your fixed rate counterpart, but you’re also at the whims of market fluctuation – meaning that if interest rises, so do your repayments.

Have a chat with a mortgage broker before approaching the real estate market to ensure that you’re in prime position to jump on your dream property!

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