Home Loans and Mortgage Solutions
At Best Foot Forward Mortgage Solutions, we pride ourselves on being able to access the best possible loan option for your current situation and ensuring we are saving you money every step of the way.
With access to 45 lenders and countless loan products, we can find a loan product that meets your unique requirements.
We work for YOU, not the banks, and are dedicated to providing excellent service throughout your property-buying journey.
Types of Home Loans and Popular Loan Features
Fixed-Rate Mortgages: These loans feature a stable interest rate, providing consistency in monthly payments. Ideal for those seeking predictability over the life of the loan.
Standard Variable Interest Loans: Can allow you to move with potential interest rate drops that may arise in the future. Most variable loans come with an offset account with their packages.
Split Loans: Split-n loans are an excellent option for borrowers seeking to more flexibility with their home loans. These loans allow you to split your investment properties in separate accounts from your primary place of residence.
Split loans can also give you the option to fix a portion of your loan while leaving another portion variable.
Offset Accounts; An offset account is an everyday bank account that’s linked to your home loan. You can deposit your salary and savings into the account and the balance is then offset against the amount owing on your home loan.
Say you have a home loan of $250,000 and $30,000 in your offset account; in this situation, you’ll only be charged interest on a loan balance of $220,000 ($250,000 - $30,000).
Because the offset account acts like an everyday account, your $30,000 is still accessible whenever you need it, even while it’s working to reduce your overall interest payments.
The advantages of an offset account essentially depend on how much money you have sitting in it and the type of offset you have.
Extra Repayments By making additional repayments on your variable-rate home loan, you can reduce the interest you pay. Some banks allow for extra repayments in their variable loans; this might be a key feature you might want to consider.
Redraw Facility: A redraw facility allows you to make extra repayments in addition to your minimum fortnightly or monthly home loan repayment. These additional funds can be taken out – or redrawn – if you need them for renovations or to cover an unexpected expense.
The money in your redraw facility counts against the balance of your home loan, which lessens the interest you pay. It’s effectively a pool of funds comprising your extra repayments in your home loan account on top of the balance. Remember that these additional funds on your loan balance will reduce with regular repayments over time.
Mortgage Solutions
Our mortgage solutions extend beyond merely facilitating loans. Best Foot Forward Mortgage Solutions offers personalized consultations to help you evaluate your financial situation, long-term goals, and risk tolerance. We understand that every client is unique, and our goal is to align your financing strategy with your aspirations.
The Application Process
The mortgage application process can be daunting; however, our experienced team is here to guide you every step of the way. From pre-approval to securing your mortgage, we strive to provide clarity and transparency, ensuring you feel confident throughout the journey.