I was raised by my mother in a home that we never owned but have paid rent for years. My mother was also raised in the same home by her parents, and they never owned the home but paid rent as well for many years. My mother would always tell me growing up that my grandparents basically bought the home three times over by paying rent, but then I looked at my mother who also paid the rent, and I never understood why the home was never purchased after all these years.
Now that I am older and wanting to break the cycle of not owning a home, sometimes I become afraid to take the first step and connect with a mortgage broker. The mortgage brokers Melbourne have somewhat reduced my fear of wanting to find out more about mortgage brokers in Australia and possibly taking the first step to owning my first home. Melbourne, which appears to be a beautiful place, is the state capital of Victoria as well as the second most popular city in Australia.
The cost of living in Melbourne seems to be a little more than living anywhere in the US. The cost of rent is between $400 and $500 more than living anywhere in the US, as well as utilities is about $100 more than anywhere in the US. Owning a home in Melbourne Australia seems like a better option than renting a home there.
The Melbourne mortgage brokers covers all of the Melbourne suburbs area and all of Victoria area. Most mortgage brokers in Australia offers a 30-year term loan. The loan options that the mortgage brokers in Australia offers are a variable interest rate where the interest rate can move up and down, and a fixed interest rate where you can lock in on your interest rate for a set period with a maximum of five years.
The variable rate loans are flexible where you are allowed to make extra repayments, and able to access those additional repayments made. The variable interest rates usually stay between 4% and 10%, and you can pay more towards the loan to pay off your property sooner. Most mortgage brokers in Australia will give you the option to make interest only repayments where you are just paying the interest only.
Although your mortgage payments will be lower, you are not really reducing the balance when you make interest only repayments. The mortgage brokers in Australia allows you to borrow up to 80% of the value of the property, and in some cases, it could go up to 95%. Another great thing is you do not have to be an Australian citizen to quality for a mortgage, but you may have to get an approval from the Australian government if you are not a citizen.
Owning a home is indeed an investment. The mortgage brokers in Australia do a few things different than in the US, but most are the same. I could live in Australia.