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Home Loans

Whether you are ready to buy your first home or you are a seasoned investor, UZO Finance Home Loans and Mortgage Broker can help! Not only can we provide you with access to an extensive range of home loans, but we can cut through the mortgage jargon and simplify the process. If you are a “First Home Buyer” we will apply for First Home Owner’s Grant (FHOG ) on your behalf if you include the FHOG application with your loan.

You may also be eligible to assess the Home Guarantee Scheme (HGS). With this scheme, you can get into your first home sooner with as littles as 2%-5% deposit without paying lenders mortgage insurance. To learn more about this scheme, click on the button below.

There’s a huge choice of home loans and interest rate available. UZO Finance Specialists can help you find the best one to suit your needs financial situation. Some common interest rate types are explained below.

Fixed Rate Loan

A fixed rate home loan will allow you to fix your interest rate for a specific period, usually from one to five years. This option can give you confidence and certainty of repayment amount over the fixed rate term. Your repayment amount is not increased when interest rate  rises due to economic uncertainty or other conditions. However, should interest rates drop or decrease, you’ll still have to pay off your mortgage at the fixed rate until the end of the agreed period. There might be a break cost associated with exiting the fixed rate before the term. This cost can be expensive.  

Split Rate Loan

A split-rate home loan offers both flexibility and security. A good product for both first time and existing borrowers, split loans allow you to customise your loan’s interest rate as you see fit: fixing a portion of your interest rate to give certainty to your monthly repayments should rates increase, but also flexibility through taking out a variable-rate portion.

Variable Rate Loan

The variable-rate home loans allow you to borrow money for a set period of time, during which you make regular repayments based on the current interest rate. The interest rate can vary depending on fluctuations in the official cash rate. Meaning, if the interest rate increases, your repayment amount could also increase. And if the interest rate reduces, your repayment amount is reduces. This is subject to the lenders conditions and terms. Before taking the variable rate option, it is important to fully consider your economic situation and if there are likely to be any changes that might affect your capacity to fulfil your repayment obligations. 

Introductory Rate Loan

It is popular among lenders to offer reduced interest rates for a limited time at the beginning of your loan for new customers. Also, known as a ‘honeymoon rate’, the low interest rate generally applies to the first 6 to 12 months of the loan. The interest rates can be fixed or capped. The advantage is the rates can be lower than the standard variable rate, however, you should be aware that there is generally a catch with introductory rates. Usually after the end of the introductory period, when the rate returns to a variable rate, that rate can be higher than the normal variable rate.

Interest Only Loan

Interest-only loans offer borrowers lower repayment options, while maintaining many of a traditional loan’s features. This type of loan allows you to pay only the interest component on a mortgage; it does not reduce the principle component. They are a popular choice for investors looking for good capital appreciation on their investments. Also, during construction, some lenders will require only the interest portion of the loan within a specified period. This is usually converted to principle plus interest after the construction period. 

Principle Plus Interest Rate Loan

Principle plus Interest rate loans offer borrowers repayment options, which allows you to pay the interest component on a mortgage together with the pricinple; thereby reducing the principle component. They are a popular choice for first home buyers and home owners looking to build equity from the beginning. This can also be paid during construction period. It is important to complete a thorough assessment of your financial situation prior to choosing this option as repayment amount are generally high.

Home Loans Types

Whether you’re a first-time home buyer or looking to refinance your existing mortgage, UZO can provide you with the expertise and support you need to make an informed decision. As a mortgage broker, we work with a variety of lenders and loan types to find the option that works best for you.

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