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Sunday, January 18, 2009

Choose A Best Home Loan Product.

By Guy Baldwin

For many people owning their home and paying their own mortgage instead of rent to a landlord is a lifelong dream. Some people think that with the credit crunch there is no way they are going to achieve that dream. But if they use some common sense they should be able to see that the present economic climate could be a great time to buy, especially for the first time. House prices have stopped going up and low interest rates combined with this could make for the perfect time for a Home Loan. The time is right for getting your own home loan mortgage especially if you have a bit of capital behind you or if you are after a first home buyer loan.

So, what are your options in today's market? People keep going on about how dire things are but really the variety of options open to you is vast. Depending on your situation you may want to consider a First Home Owner loan or if that is not for you then a Low Doc home loan may be the answer to your needs. Perhaps you need to learn a little more about those options.

If you live in NSW and you are looking to purchase your first home with Australian home loans then you may be eligible for a first home buyers grant. This should come as extremely welcome news as it has a huge capacity to save you cash. The best news about this is that it is not means tested. So long as this is your first ever purchase of a home then you are eligible. There is also no tax on it and it is available no matter what price range of house you are looking at. If you are buying an already established home you could receive a boost of up to fourteen thousand dollars. A new build house could get you a cash injection of up to twenty one thousand. There are other first home loan options in other states so make sure you look into them.

If you are not buying your first home and you are self in employment then there is a enhanced option for you. It is called the Low Doc home loan. Self working people and now and then other types of individuals can sometimes have trouble providing all the documents that is needed to complete a home loan. Evidence of their income can sometimes prove troublesome for these people. If this sounds like you then a low doc home loan is the option for you. You should be aware that some lenders charge higher interest rates due to risk on these types of loans so you need to check out all your options carefully.

If you are a bit lost as to which of the many options is for you then you need someone with some expertise to fill you in on all the details. DirectMoney Home Loans have all the answers for you because they have been helping people like you for years.

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