A home is a basic requirement and a necessity for life. Sadly, no necessity is available free of cost. For example, if you want to buy a home you may need a home loan and you may also need a home loan for any number of other purposes but, don’t think looking around for the right home loan is difficult says Frank Zelasko, Risk and Compliance specialist and retired accountant.
When you read this article you will understand the 4 most common questions asked by home buyers and you may find this article useful when you are looking around for a home loan.
Question #1 - What Types of Home Loans are available to me?
There are home loans available for any number of purposes. Depending on your own needs and circumstances you can choose any of the following home loans that will best suit your own unique needs and circumstances:
• Owner-Occupied residential purchase
• Investment Property purchase
• First-time home buyer purchase
• Refinancing of your existing home loan
• Debt Consolidation of your credit card debts and personal loans
• Home-Equity/cash out purpose
• Construction, renovation and extensions purposes
• Granny Flat construction purpose
• Guarantor supported home loans
• Self-Employed home loans
• Low Deposit home loans
• Trust home loans
• Non-conforming home loans

Question #2 - What Home Loan Features are available to me?
Each lender/credit provider offers different home loan features and benefits for you to consider such as:
• Variable or Fixed Rate loans
• Interest Only or Principal and Interest loans
• Combination (Split Interest Rate loans)
• Line of Credit
• 100% Offset Accounts
• Redraw Facility

Question #3 - What Is a Home Equity/Cash out loan? And how can it benefit me?
A Home Equity/Cash Out loan can help to unlock relatively large amounts of money in your property. This type of home loan is ideal if you are exploring the opportunity to:
• Purchase your second or third property;
• Renovate, remodel or otherwise improve your home and property;
• Invest in shares or managed funds; or
• Purchase vacant land and construct a new home on the vacant land.
The concept of how Home Equity/Cash Out works for you is best explained by the following illustration. The illustration also assumes that you have an existing residential finance loan on your home or property:
The value of your home or property is valued at: $800,000
Less Your current home loan balance owing: $350,000
Your home equity amount is: $450,000
From the example illustrated above you can clearly see that you have $450,000 equity in your home or property, which you can use to explore any of the above opportunities.

Question #4 - Why Should I get a Pre-Approved Home Loan?
With a pre-approved home loan you will have the peace of mind knowing that:
• You have a clear picture of what your borrowing limits are
• Your finance request has already been pre-approved and you will know the conditions of your pre-approval
• You will have the upper hand when negotiating the sale price with the vendor, real estate agents, etc.
Seek Expert and Professional Advice
So, these are the 4 most common questions that often trouble home buyers. But, now that you have the answers to them you should have a basic understanding of these questions. If you have any further questions you should consider seeking help from a professionally qualified finance broker or credit adviser.

http://www.singhfinance.com.au is a reputed Australian finance brokerage firm that employs a team of expert and professionally qualified finance brokers. Their team of home loan experts will guide you through the home loan process requirements and they will even obtain a pre-approved home loan for you as well as find suitable home and contents insurance for your home. For an obligation-free assessment, call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form.

Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.

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