Before you go hunting for the best possible mortgage, it's time to educate yourself. After reading this article you can find even more information of The Your Mortgage Magazine web site at www.yourmortgage.com.au. You can have news and articles sent to you each week by subscribing to our free weekly e-mail newsletter, Your Mortgage Weekly, from their web site.
Determining the type of loan that suits your needs is the best way to begin. It's important to consider which loan features are appropriate to your lifestyle. If you'd like the security of knowing exactly how much your regular repayments are going to be for a given period, then a fixed loan is for you. If you want to make additional repayments, then a variable rate could be more suitable. Should you have surplus disposable income, then an all-in-one loan or 100 per cent offset account might be the ticket.
Once you've determined the type of loan that best suits your needs, it's time to get your affairs in order and of mortgage shipping. You will need the income and expenditure calculations you did in Step One, some proof of income such as pay slips or recent tax returns, proof of your genuine savings history and other documents that may be required by specific lenders.
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