Essendon Mortgage Broker

Based in Essendon? Get in touch with your local Mortgage Broker

Buying a home is one of the most significant decisions you will make, and the process can be complex and overwhelming. As your trusted mortgage broker in Essendon, Margin Finance is here to simplify this journey for you. We pride ourselves on providing residents of Essendon with access to loan options from banks and lenders across Australia, ensuring you find the best loan to suit your needs.

At Margin Finance, our aim is to clarify the mortgage market for you, making it easier to understand terms like interest rate, lenders mortgage insurance (LMI), loan to value ratio (LVR), and loan amounts. We start by assessing your financial situation and credit history to determine your borrowing capacity. This initial evaluation is crucial as it helps us identify interest rate discounts and competitive loan rates, whether you are looking at a fixed interest rate loan or a variable loan.

Understanding the local property market is vital when buying a home in Essendon. By getting pre-approved for a home loan, you can enter the market with confidence and a clear budget in mind. Loan pre-approval speeds up the application process, so when you find that perfect home, you can move quickly and efficiently.

Our streamlined application process at Margin Finance ensures that you can apply for a home loan with minimal hassle. We guide you through gathering bank statements and calculating loan repayments, so you know exactly what to expect each month. Whether you’re considering a fixed interest rate loan for stability or opting for a variable interest rate to take advantage of potential decreases, we have loan options suited to your financial strategy.

If you’re new to the housing market, terms like stamp duty, loan to value ratio (LVR), and lenders mortgage insurance (LMI) might sound intimidating. Margin Finance breaks these down to ensure you are fully informed at each step. Stamp duty is a one-time fee paid at the time of buying a home, and its amount can vary based on the property’s value. The loan to value ratio (LVR) indicates the loan amount compared to the value of the home. A lower LVR typically means better interest rates and less need for LMI, which protects the lender in case of default.

For those interested in investment loans, our expertise extends beyond just home loans. We offer tailored advice and solutions to help maximise your investment in property, ensuring that you get the most out of your investment and home equity. An offset account, for example, can reduce the interest payable on your mortgage, saving you money over the life of the loan.

At Margin Finance, we believe that applying for a loan should not be a daunting task. Our mortgage brokers work diligently to provide a range of loan options and variable loan rates so you can select the one that best matches your financial needs. With our in-depth knowledge of interest rates, the application process, and local property market trends, we can help you find the ideal mortgage.

Choosing the right mortgage broker can make a significant difference in your home-buying experience. With Margin Finance by your side, you gain access to expert advice, a variety of loan options, and a smoother application process, ensuring that your journey to owning a home is as straightforward and stress-free as possible. Ready to take the next step? Contact Margin Finance today to get pre-approved and start your journey to homeownership in Essendon.

As a Mortgage Broker in Essendon, we'll help you understand the types of loans

Navigating the vast landscape of mortgage options can seem like a daunting task. Our guide to loan types is designed to simplify these choices for residents of Essendon, enabling you to make informed financial decisions with assurance.

1. Owner-Occupied Loans: Specifically designed for those intending to reside in their purchased property in Essendon, these loans generally come with more favourable interest rates and terms. Lenders view these borrowers as lower risk, given that the owners reside in the property.

2. Interest-Only Loans: With this option, borrowers are initially required to pay only the interest on the loan for a predetermined period, typically ranging from five to ten years. It's crucial to recognize that while this can result in lower payments at the outset, the financial commitment escalates once repayment of the principal begins.

3. Principal & Interest Loans: Structured to gradually reduce both the interest and principal amount of the loan, these options are aimed at completely paying off the debt by the end of the term.

4. Variable Rate Loans: These loans feature interest rates that fluctuate according to market trends, which can influence your monthly repayments and the total cost of your loan over its lifespan.

5. Fixed vs Variable Rate Loans: This involves choosing to fix the interest rate for a certain period, usually between one and five years, to maintain consistent repayment amounts. Following this fixed period, the loan typically shifts to a variable rate, adjusting to market conditions.

6. Bridging Loans: Ideal for individuals transitioning between homes and awaiting the sale of their current property, these short-term loans act as a financial "bridge". They often come with higher interest rates and shorter durations, expecting repayment upon the sale of the property.

Understanding the distinctive advantages and features of each loan type is crucial. With a plethora of options tailored to meet diverse needs and financial circumstances, securing the perfect loan tailored to your specific requirements is well within reach.