6 Tricks to Getting a Great Mortgage Rate

Mortgage broker Melbourne: Buying a residence is probably the single most significant financial commitment that you will make throughout your lifetime. What makes the stakes even higher are the fact that the majority of us plan to buy a residence only once in our lifetime; hence getting it right the first time around becomes even more important. However, getting the best deal is never that easy as multiple factors are likely involved in identifying how high or low your mortgage payment would be.

The following are a few tips to get the perfect mortgage broker Melbourne deal on your mortgage.

A High CREDIT HISTORY can be an Asset

It all starts here, doesn’t it? A few later and missed payments later, you all of a sudden realise that your credit score has tanked and you are being rejected or being recharged prohibitively high-interest levels for added credit – whether it be a credit card or a mortgage. In this respect, a high credit score can play a key role in securing you the house of your dreams backed by an inexpensive mortgage.

Compare Multiple Offerings

In case you have not been living under a rock, you know that we now have choices aplenty as it pertains to choosing a mortgage with mortgage broker Melbourne- perhaps one too many. This even following the fact that, subprime loaning has been relegated to the position of a traditional misadventure. However, apart from being spoilt for choice, this also can bring on a little bit of confusion as every one of those will are different in a single way or another – interest rate, lock-in details, tenure and so on.

Ensure that Multiple Credit Checks do not happen

Here’s another common miscalculation that many prospective candidates make – they make an application for multiple mortgages convinced that they can select the one which offers them the best package. The challenge with this is that many of these individual applications lead to separate credit checks. Every time a prospective lender bank checks on your credit score, it counts as a hard look, and future mortgage broker Melbourne who check your credit file can see the information on these checks.

The Home Collateral Conundrum

Home collateral or down payment is among the most crucial considerations when you are likely to get a mortgage. The reasoning is simple, the more you pay as adeposit, decrease your mortgage repayments will be. The standard down payment is 20% of the house’s purchase price. However, you paypretty much as per your finances.

Choose your mortgage tenure wisely

It is merely natural that you explore multiple tenure options if you are seeking a home loan that works for you. If you seek a longer mortgage term, specific EMI payouts will be lower as compared to a shorter one. However, the lower EMI payout comes at a price. The longer your repayment term, the more your total interest payouts,i.e., the more costly your mortgage.

Qualification for Special Programs

God may have created everyone equivalent, but the man made financial sector works a little bit differently. Some sets of individuals qualify for a reduced rate of interest based on get together some predetermined qualifying conditions. Find out if you or your partner qualify for such programs, as this can make it a lot easier so that you can afford your goal house.


You are well within your rights to look for details not only if you are indulging yourself throughout a festive sale, but also when you are purchasing a new car or a house. So make the most of theavailable resources and follow the seven key tips mentioned previously to get the best mortgage broker Melbourne package that you can afford.

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