Home Loan Brisbane
Guide to Home Loans Brisbane
If figures tell the story then there is not that much difference between buying and renting in Brisbane apart from the fact that one day in the future the person buying will get to own his or her own property.
To start the comparison off, the average rent being paid in Brisbane at the present time is $360 per week and the average house price is $419,000. These are known and provable facts. So, if we take an unmarried person on $70,000 a year who successfully secures a home valued at $400,000 with a deposit of $80,000, he or she will have a repayment bill of $469 a week at 6.5 per cent. This figure includes local government rates and set up costs.
A person renting a property valued at $400,000 would be required to pay $420 a week – $50 less than the home buyer.
Home Loans Brisbane – Buying for investment purposes.
This brings up the question of whether its better to buy your house as an investment property in Brisbane and renting it out, while renting your own accommodation in a locality that you might otherwise not be able to afford to buy into.
Makes sense – especially if you take into consideration the tax incentives offered to the investor. An investor for starters can negative gear the property and in doing so bring down his or her taxable income. The home owner does not get anything like this except for having no capital gains tax levelled at the property when it comes to selling. But who wants to sell if its the right house in the right locality.
Home Loans Brisbane – Renting has its advantages too.
Renting is a good option for people wanting to live closer into Brisbane or along one of the great beaches, but in order to come out in front in the long run the renter must exercise financial discipline, and invest the difference between paying off a mortgage and renting by investing the savings in bonds or shares to accumulate an independent nest egg for his or her own upon retirement. Many renters are now looking at superannuation to fill this void.
Owning your own home however has a special appeal to many and the security and peace of mind this creates remains well worth pursuing.
Home Loans Brisbane – Stamp duty concessions.
Stamp duty is a state and territory government tax that may be absorbed by the Federal Government in the near future if certain recommendations of the Henry Tax report are adopted. In the meantime those contemplating buying a home in Brisbane are still liable to pay the impost.
Many first home buyers in Brisbane are eligible to rather generous concessions regarding state stamp duty such as:
- For homes up to a value of $504,999 there is a $8,750 concession.
- Homes between $505,000 and $509,999 the concession is $7,875.
- These concessions continue up to the cap amount of $549,999 where the concession ceases at $875.00
Home Loans Brisbane – Types of available mortgages.
There are two main types of home loans available to home buyers in Brisbane. They are:
- Variable interest rate home loan. This type of home loan has been the most popular home loan with Australian home buyers for many years, mainly because of our relatively stable interest rates and the many and varied features a variable interest rate home loan can have built into it. This loan can have of a line of credit built into it that allows the home buyer to access the equity in the loan for other purposes. It also allows for additional payment to be made thereby shortening the term of the loan. Sometimes by many years.
- Fixed interest rate home loan. A fixed interest rate home loan has the initial interest rate fixed for a prescribed period, usually from between one to five years. At the expiration of the fixed term a new fixed period can be renegotiated or the loan can be changed to a variable interest rate loan. The benefit of a fixed interest rate home loan is greatest in times of rising interest rates. The loan then offers peace of mind to the home buyers in the knowledge that his loan interest rate will not move as a variable interest rate home loan most probably would.
In order to gain access to further knowledge regarding home loans in Brisbane you can carry out a search on Mortgage Broker Finder to find contact details for Brisbane mortgage brokers.
Related posts:
- Mortgage Brokers in Brisbane 4000 – Queensland
- Mortgage Brokers Brisbane – How To Find A Mortgage Broker In Brisbane Who Can Help In Choosing The Best Home Loan For You
- Best Brisbane Investment Suburbs
- Who is Suited to a Variable Rate Home Loan
- Is Now the Time to Fix your Home Loan?
- Home Loans Melbourne
- Finding The Best Home Loan Rates
- First Home Buyers Loan Australia – Loans, Special Offers & Comparison
- ANZ Three Year Fixed Rate Home Loan
- NAB Introductory Rate Home Loan (12 months Fixed)
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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