Home and Investment Loans
Providing Personal Finance Solutions for You.
What is Personal Finance?
Personal finance covers everything to do with your individual finances and your financial goals, including saving, investing, and budgeting. Whatever your personal finance goals are, Whiteroom Finance can help you achieve them.
Often, clients understand what they want but don’t always know how to achieve it. We develop a depth of understanding about your personal finances and what you are hoping to achieve. This means when it comes to exploring your finance options, we make recommendations based on knowledge, not assumptions. Whiteroom Finance becomes part of your Trusted Adviser Network.
Whether it’s upgrading or downsizing your home, investing, buying a car, or taking a holiday, we have the experience and connections to help you achieve your goals. You can trust Whiteroom Finance as your personal adviser for your next financial decision.
Home Loans
Purchasing a home can be a daunting experience. There are interest rates to consider, seemingly endless paperwork to fill out, not to mention the search for the home itself. All this can be really stressful and takes a toll on you and your family. Whiteroom Finance can help you with advice and guidance about:
- Principal and Interest vs Interest Only repayments.
- Fixed vs Variable interest rate arrangements.
- Upgrading or downsizing your home.
- Buying your first home.
- Budgeting and savings.
- Debt restructure.
We can also introduce you to valuable services like settlement agents, property inspections, and others to give you peace of mind. Before you even start looking for your new home, you should speak to our team of home loan experts. We help you understand how much you can afford so you will have a good idea of how much you can spend before you even start your search.
Refinancing Your Home Loan
As a homeowner with a mortgage, chances are you’ve heard the term ‘refinancing’. Refinancing simply involves reviewing your current mortgage against your personal needs and desires, comparing terms against current market offers, and potentially swapping your loan to another lender who can better meet your current needs, wants and circumstances
However, refinancing is not suited to everyone. Sometimes, a review reveals that a refinance isn’t required, and only some adjustments of the terms with your current provider are necessary to put you in a good position.
Just as there are when you borrow to purchase a house, there are many different factors to consider before refinancing. As your broker, Whiteroom Finance will spend time to discuss your needs and objectives, to analyse your current financial situation and make a recommendation that is suited to your own unique position.
Whiteroom Finance is committed to ensuring loans remain relevant for our clients, and offer a free review every year.
Home Construction
Thinking of building a new home? Did you know there is special type of personal finance loan for that purpose? A construction loan is progress based, meaning your builder receives funds in stages (progress draws) as the construction of your new home progresses.
The lender will rely on the value of the property as if it is complete, and will pay the builder directly as the construction progresses. You will only pay interest on the balance of the loan as is increases during construction, not the whole lot at once and when your house is finished and all the progress draws are complete, you will begin paying full principal and interest payments on the total amount.
A construction loan is great because it saves you money while you build and because the lender will provide a loan based on what they expect the property to be worth once it’s finished, not just the vacant land.
First Home Buyers
Looking to buy your first home? There are many types of finance aimed at first home buyers and a lot of pitfalls to look out for. Whiteroom Finance knows this can be confusing and helps drown out the noise to find the right home loan that works for you. We help you understand:
- Principal and interest loans.
- Variable rate loans.
- Interest only loans.
- Fixed rate loans.
- Split loans.
Often, it can be difficult for first time home buyers to save a deposit for a home loan. Thankfully, there are some government and lender options available to help first home buyers to get into the market. Whiteroom Finance can help you understand the options available to you and will work with you to support you on your journey to home ownership.
Investment Home Loans
Investment home loans are not just about buying an investment property, though that may be exactly what works for you.
Much like any home loan, the amount you can borrow for investment purposes depends on equity (or deposit) you have available, and how much you can afford. Unlike a home loan, the interest you incur on an investment loan could be used to reduce your tax obligations, and the asset you buy with the funds may provide you an income.
The most common type of investment loan is used to buy an investment property. Your tenants pay the mortgage and this income is offset by the costs of the loan and property management. When these costs are more than the rent you receive, this is commonly called Negative Gearing. However, you can use the equity in your own home to take an investment loan to buy shares, or other investment assets with a similar result.
Whether this is right for you depends on the equity you have available, income vs expenses, the type of asset being purchased, short, medium, and long-term personal goals and even your own aversion to risk.
Give us a call today to discuss options to help you achieve your investment goals.
Contact Whiteroom Finance today.
