Mortgage Broker in Shellharbour

We service the entire Shellharbour area, including Albion Park, Shell Cove, Barrack Heights, Mount Warrigal, Flinders, Oak Flats, Warilla, Croom, and Blackbutt. This list is not exhaustive, so if your suburb isn’t mentioned, feel free to contact us to confirm if we can assist in your location.

When securing a home loan, borrowers encounter several costs beyond the loan amount. These include:

• Deposit: Typically 10-20% of the property’s purchase price.
• Stamp Duty: A government tax calculated based on the property’s value and location.
• Lenders Mortgage Insurance (LMI): Required if the deposit is less than 20%, covering the lender’s risk.
• Loan Application Fees: Charged by some lenders to process your loan application.
• Legal and Conveyancing Fees: Costs for property title transfer and contract reviews.
• Building and Pest Inspections: Recommended for identifying structural or pest-related issues.

Understanding these costs helps borrowers prepare financially and avoid unexpected expenses during the property purchase process.

An offset account is a transactional bank account linked to your home loan. The balance in the offset account is deducted from your loan balance when calculating interest. For example, if you have a loan balance of $400,000 and $20,000 in your offset account, interest is calculated on $380,000 instead of $400,000.

This feature can significantly reduce the amount of interest paid over the loan term and may help you pay off your loan faster. Offset accounts are particularly beneficial for borrowers with savings they can deposit into the account, as every dollar in the offset account reduces the effective loan balance. However, some offset accounts come with higher fees or interest rates, so it’s essential to assess whether the benefits outweigh the costs.