First home buyers looking to purchase their own slice of Belconnen real estate should investigate the most suitable home loan options for their situation. There are a lot of different avenues to consider, but there are two main mortgage products that most buyers should look into.
A stable choice for first-time buyers, a fixed-rate home loan could be perfect for you and your first venture into the Australian property market. These mortgage products are great for buyers because of the relative ease of budgeting that comes with them.
They have a fixed interest rate for a certain period of time (usually between three to five years), allowing for people to factor in their future repayments into a budget. Unlike variable-rate home loans, they are unaffected by changes in the nation's economy – making them a stable option for inexperienced buyers.
On the other hand, a variable-rate home loan offers a more flexible option. While these products can often get a lower interest rate, they can also be affected by changes in the economic market – which can lead to interest increases.
These loans are great for property investors who are well-versed with the real estate market, giving them the insight into market movements to make the right choice.