Getting a mortgage and buying your first home is one of the biggest financial commitments you will make in your lifetime, and it can be a difficult process navigating all the lending options available. At PFSL we do more than advise you on how to best set up a mortgage, we are committed to building long-lasting relationships, and offer a slew of additional financial services – all under one roof.
Saving you time and money is our core objective, to help make you feel confident and secure in your big move. Our service is free, so why not contact us today?
Educating yourself and having the right advice behind you is vital in setting yourself up for a seccessful mortgage so you aren’t left in the dark or paying more than you need. We have a few helpful pages that can help with understanding the basics below:
Fixed loans means you pay the same interest rate for the fixed number of months or years. You can fixed it for up to 7 years with some banks. It gives you the financial security with a fixed repayment amount for each period. You can break a fixed loan and repay it early but it can incur hefty penalty costs.
Floating loans have interest rate that changes over time. Your repayments are changing each month based on Official Cash Rate (OCR). When the rates go down you pay lower repayments but the downside is if they go up you may have to adjust your lifestyle to keep up with the repayments.
A mixture of fixed and floating home loans suits many people as it offers degree of flexibility.
Deciding to refinance can be a big decision, one that makes you very attractive to the banks which can leave you inundated with offers. Knowing how and why to refinancing could be right for you is important, the key is to decrease debt remember so it’s smart to have everything evaluated correctly to save you money.
At PFSL we will crunch the numbers and evaluate whether the savings derived from the new structure is worth the trouble or not. We will propose a personal structure and show you if the costs/benefits are worth the risk of breaking your existing mortgage.