Mortgage Brokers Beaumaris | Home Loans Beaumaris

Home Loans Beaumaris

As your Mortgage Broker in Beaumaris, Brooke Alexander will compare your loan against hundreds of others to not only find you the most competitive option but the home loan with the features you need. Brooke can help you assess the mortgage market and find a home loan that’s tailored to your individual needs.

Over the last year, the median property prices in Beaumaris ranged from $2,200,000 for houses to $1,242,500 for units, so if you're looking at purchasing a property in Beaumaris, get in touch with Brooke to discuss your borrowing capacity.

Property Update: Beaumaris

Last month Beaumaris had 43 properties available for rent and 83 properties for sale. Median property prices over the last year range from $1,955,000 for houses to $1,190,000 for units. If you are looking for an investment property, consider houses in Beaumaris rent out for $1,110 PW with an annual rental yield of 2.9% and units rent for $595 PW with a rental yield of 3.8%.

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What home loan is right for you? Fixed or Variable?

Are you weighing up whether you should choose a fixed or variable home loan? Well, when you're looking for a home loan, the interest rate can matter a lot, so it's important to understand your options before you commit. As you know, a home loan is a long term debt, so even a small difference in your interest rate can add up over the life of your loan.

Of course, there are pros and cons to both, so why not take a moment to watch our short video below to learn more.

Pros and cons of fixed rates

A fixed rate loan is a loan that has a fixed interest rate and therefore fixed loan repayments. The time period of these loans can vary, but you can usually "lock in" your repayments for between 1-5 years.

Pros:

Repayments do not rise if the official interest rate rises
Provides peace of mind for borrowers concerned about rate rises
Allows more precise budgeting

Cons:

Repayments do not fall if rates fall
Allows only limited additional payments
Penalises early payout of the loan

Pros and cons of a variable rate

A variable interest rate is one that can change over time. So if you choose a variable rate home loan, the interest you are charged can increase and/or decrease throughout the term of the loan.

Pros

Variable rate home loans typically offer more flexibility and features
You may be able to make additional repayments on top of your minimum repayments
If interest rates fall, the amount of interest you are charged may decrease.

Cons

Budgeting can be difficult due to not knowing exactly how much your repayments are going to be.
If interest rates rise, the amount of interest you are charged may increase.

Property Resources

If you're wanting to continue your research before getting in touch with our Mortgage Broker in Beaumaris, then feel free to check out some of our free resources.