MAKE YOUR HOME LOAN AFFORDABLE AGAIN.
At Straya Home Loans, we believe in the great Australian dream, we want to bring your plans to life, and make them happen quickly. We understand that different plans call for different types of loans.
Which is why at Straya Home Loans our Lending Programs and Online Platform provide you with a streamlined process to make life easy.
Refinance or Purchase from 3.69%* (Comparison Rates from 4.11%*)
AT STRAYA, WE BELIEVE IN GIVING THE SELF-EMPLOYED A FAIR GO!
- Each application based on its merits. (No Credit scoring)
- No BAS or Trading Statements.
- Arrears on unsecured debts.
- Only self-employed for 12 months, we understand.
- Unlimited debt consolidation (including business debts).
- Credit Report been knocked around.
- Cash out on existing Security.
- Redraw your additional repayments when you need it.
- Refinance private / caveat / 2nd mortgage facilities.
- Vacant land acceptable for security.
- Repay outstanding ATO debts.
- Customer Company and Trust borrowers.
WHY STRAYA HOME LOANS?
It is really simple!
We believe in a fair go for all Australians home owners whether you work for a boss or you work for yourself.
We have worked really hard to bring the online channel, and the personal touch together.
Straya Home Loans is that dream mix of old world service and modern convenience you’ve been looking for.
We only invest in the best people, and we use technology to amplify our financial intelligence to benefit our clients and partners.
Apart from providing competitive interest rates, at Straya Home Loans we like to help our borrowers steer through the complex and often frustrating process of applying for a home loan.
TOOLS OF THE TRADE
The home loan process can be painful and time-consuming. At Straya, we like to make things easy for our customers. Use our online calculators to see how much you can borrow and what your repayments would be.
If you have a question please contact us or simply fill in the call back request form below and one of our friendly Customer Service Officers will call you as soon as possible.
Why should you look for the very best home mortgage rates?
While there is no one-size-fits-all mortgage, working out which mortgage most carefully match your requirements can help you to find the very best home loan for you.
With the variety of Australian mortgage offers readily available, there will likely be numerous mortgages that could fit your needs. Once you know what to compare and what you’re looking for, you ought to be able to determine some good alternatives.
How do I decide which is the best mortgage for me?
Wish to know how to get a home mortgage? There are several questions to consider when weighing up home mortgage choices to discover the best one for you:
How long will I need to secure the loan for?
What are the best home mortgage rates? Are they fixed or variable rates?
What will my payments be? Can I make additional payments?
Exist any included charges to consist of in my calculations?
Can I sustain an excellent lifestyle while paying off this mortgage?
Keep in mind that while suggestions on the best mortgage from friends and family might be beneficial, it alone should not be the sole basis of your mortgage choice. Everybody is different, which is why making your mortgage comparison to discover the best home loan rates for your finances is so crucial.
Estimate your borrowing power:
How much can I borrow?
When searching for the most suitable mortgage for your needs, here are a few of the factors to remember:
Fixed or variable rates of interest?
Prior to you begin trying to find the best mortgage rates of interest, decide whether you have an interest in a variable or set rates of interest. The best home loan rates for your financial resources may not necessarily be the least expensive rates readily available.
Variable rate home loans
The majority of home mortgages are based upon a variable rate of interest that will vary with time, often in line with the Reserve Bank of Australia cash rate. If rates increase, so will your mortgage repayments, but if your bank hands down a rate cut, you might find yourself paying less interest on your home loan.
Fixed rate home mortgage
Some home mortgages allow you to secure a low fixed interest rate for a period of time, keeping your budgeting constant to help you prepare your future payments. While this might see you lose out on some cost savings if rates were to fall, you ‘d also be safeguarded from greater payments if rates were to rise.
What is the typical interest rate for a home mortgage?
When you’re comparing mortgage rate of interest, discovering a baseline average can assist you better understand which mortgage charge low or high interest.
Since home loan rates change routinely, differ widely based upon loan type, and aren’t constantly offered to all kinds of borrowers (e.g. low owner-occupier home loan rates aren’t offered to investors, the average of all home mortgage rates of interest in the market rarely stays the exact same for long.
One rate of interest that’s commonly utilized in home loan comparisons is 4%, with loans at this rate or lower being typically regarded as low rate home mortgages.
Discovering the lowest interest rates
Once you have actually picked which type of loan you would like, it’s time to start comparing mortgage rate of interest to find the most affordable mortgage rates in Australia. It is very important to remember that the lowest current home loan rates aren’t always the very best home mortgage rates for all borrowers, as they may require borrowers to fulfil specific conditions.
How big is your mortgage deposit?
Much of the most affordable rates on the marketplace are available just to borrowers who can manage a large deposit, frequently 20% or more of the residential or commercial property worth. This is since the higher the down payment a borrower can manage, the less of a risk they represent to a loan provider.
Some loans can be made an application for with a smaller sized deposit, such as 10% or perhaps 5% of the property value, though these loans will likely require you to pay a higher rate of interest, and along with Lender Mortgage Insurance (LMI).
Are you an owner-occupier or an investor?
The rate of interest on your home loan might also partly depend on whether you’re planning to reside in the property you purchase as an owner-occupier, or lease it out as an investor.
Due to the higher average risk of payment defaults included, as well as federal government guidelines, lenders normally charge greater interest rates for investor home loans than they do for owner occupier home mortgage.
Another consideration when looking for the best mortgage in Australia is discovering what charges will be charged.
There are various kinds of costs to be knowledgeable about when trying to find the most inexpensive home mortgage for your needs. These can include:
- facility fees;
- settlement fees;
- fees for using functions such as an offset account of redraw facility, and;
- fees related to making extra payments.
Sadly, this doesn’t cover the entire range of charges out there that are charged by various loan providers, so when searching for the best home mortgage for your requirements, it’s vital to completely look into possible loan alternatives and check what costs will be charged.
It is possible to discover cheap home mortgage that charge fairly little to no charges, so do not feel obliged to pay thousands in unnecessary expenses.
You can also often negotiate with a lender when re-financing or securing a new loan to waive a few of the upfront costs, if a lender wants your organisation, they might be willing to provide a discount to keep you happy.
For this reason, the very best home mortgage rates for your requirements might not necessarily be precisely what’s marketed online, however may be organized by getting in touch with a loan provider and/or a home mortgage broker.
Think about home mortgage functions
When attempting to determine what the very best home mortgage for your needs looks like, you ought to also consider the impact that different features can have on your home loan.
Consider what functions are probably to assist you in future, whether you want to save money on interest in the long run, or delight in more flexible payments.
Discovering more about home loan functions can help you narrow down what will be the ideal mortgage for you.
Choosing a loan with an offset account can help you to reduce the amount of interest you pay over the lifetime of the loan.
The offset account functions as a cost savings or transaction account connected to your home mortgage, with the money held here being taken into account when determining the interest on your home mortgage.
If you owe $300,000 on your home loan, and have actually $50,000 saved in your offset account, your interest will be calculated as if you just owed $250,000.
Are they the same thing?
Home mortgage offset accounts and all in one home loans
Another function that can assist you lower the interest charged on your mortgage is the ability to make extra payments.
By paying more onto your home loan than your routine payments, you can pay off your home loan much faster.
By lowering the primary balance owed on your loan at the fastest rate possible, you can potentially cut thousands off your overall interest costs.
If you’re concerned that paying too much towards your home loan could leave you short of offered money to spend for unforeseen expenditures, you might want to consider a home loan with a redraw facility.
Once you lead your home mortgage payment schedule, you’ll have the ability to redraw the extra payments you need to manage your additional expenses, subject to your loan provider’s terms.
Some loan providers permit you to make interest-only mortgage repayments for a certain duration, which can offer benefits to certain people.
For example, if you’re a first home purchaser, you may appreciate slightly lower monthly repayments at the start of your loan to ease you into the routine.
Alternatively, customers who experience an unanticipated way of life change, such as a partner losing their job, or unexpected medical expenses, may wish to drop their payments down to an interest-only level while they adjust their financial resources.Customers who experience an unanticipated way of life modification, such as a partner losing their job, or unexpected medical costs, might desire to drop their payments down to an interest-only level while they change their financial resources.
It is essential to bear in mind that interest-only mortgage payments are just short-lived, and while you’ll pay less in the short term, you’ll likely end up paying more in interest over the longer term.
Split rates of interest
One function that may help you take pleasure in the best home loan rates for you is selecting a split loan, a home loan where part of the interest is charged at a set rate and another part at a variable rate.
This style of mortgage is meant for debtors who ‘d like to benefit from the security of a set rates of interest, along with the versatility of a variable rate home loan.
When looking for a new home mortgage, a home loan calculator can assist you to estimate just how much your regular monthly repayments will be, and spending plan appropriately.
Once you’re positive you can afford your regular payments comfortably, you can identify whether you can also make some additional payments along the way. The more of your loan principal you can settle, the less you’ll likely be charged in interest over the full term of your home loan.
Some home loans permit you to make weekly, fortnightly or regular monthly payments, and this versatility can be helpful in syncing your payments with your pay cycle. The more frequently you make repayments, the more you may be able to minimize interest over the life of the loan, as lots of lending institutions determine home loan interest charges daily.
Bank vs non-bank home mortgage
Some of the most affordable present home loan rates in Australia are used by non-bank lending institutions, instead of the major banks. Debtors who have never banked with this kind of lending institution prior to might question the benefits of securing your home loan with one of these lenders.
One prospective benefit of a home loan from a non-bank lending institution is a more competitive home mortgage rate that will likely remain lower than those of the big 4 banks, so the smaller sized lender can keep your service. Several of these lenders are customer-owned, and put a higher focus on customer support as a result.
Clients of smaller lenders typically report being better with the service supplied to them compared to consumers of the big 4 banks.
Still, lots of customers choose the tried and tested security of the big 4 banks, which can also offer some hassle-free package deals for borrowers who wish to keep all their monetary products in the one place.
For an annual fee, clients of the top four banks can connect their deal account, charge card and mortgages together, and manage them all on the one banking app. This sort of convenience attracts many borrowers, and your choice ought to be factored into your choice when comparing the very best home mortgage in Australia.
First home purchaser or refinancer?
The ideal mortgage for you might partly depend on whether you’re using as a very first house purchaser or as a refinancer.
Certain low-cost mortgage are particularly structured with very first home purchasers in mind.
Some of these loans use a lower initial rate of interest (aka honeymoon rate) for a length of time, prior to reverting to a higher home mortgage rate. This revert rate is often much higher than the rates of interest of numerous other home loans on the market, and might ultimately cost more in interest over the life time of the loan than a mortgage without the honeymoon rate.
Examining the comparison rate of a home mortgage, along with the interest rate’s conditions, will offer you a better concept of its general worth, as the comparison rate takes the loan’s charges and revert rates into factor to consider.
Refinancers often efficiently have larger deposits readily available in the form of the equity in their present home. These debtors can use that equity to protect some of the least expensive home loan rate of interest in Australia.
These low home loan rates of interest are typically only readily available to customers who are borrowing less than 80% of the residential or commercial property worth (e.g. can pay for a deposit of 20% or greater), which frequently rules out numerous first house purchasers with smaller sized deposits.
How to find the very best mortgage lending institution
If you’re feeling confident sufficient to start your search for the best mortgage in Australia, and wish to discover how to get a home mortgage, here’s how you can start:
- Decide how much you wish to borrow
- Consider what features and benefits you desire
- Compare existing home loan rates
- Determine the estimated payments
- Contact your preferred lending institutions for more info.
As soon as you believe that you have actually discovered the right loan for you, it’s time to take a seat and take a look at the terms and conditions. There will be lots of fine print to go through, and it’s critical that you comprehend it as completely as possible before signing up for the loan.
Ensure you look at the product disclosure declaration for the loan you have an interest in and make a note of any costs you will be expected to pay. By doing this, you can avoid undesirable surprises even more down the line!