Better Choice stands out for their case-by-case approach to assessing an individual’s borrowing capacity. Rather than following a set formula, the brokers at Better Choice will look at your unique financial situation and then find a home loan that is tailored to your needs. Representing many of Australia’s large non-bank lenders, you’ll have access to a wide variety of speciality loan products, including competitive mortgages for self-employed borrowers, first-time homebuyers, and those who may be credit impaired. Better Choice follows a rigid code of ethics and is a member of the Mortgage & Finance Association of Australia, the Finance Brokers Association of Australia, and the Credit and Investment Ombudsman.
Convenient online help
Advantage of expert broker advice
Access to a wide variety of home loans
Some loans have higher rates
High fees on some loan products
No branch access
Choose a fixed rate home loan that works for you. You can fix your rate from one to five years, giving you the security of set mortgage repayments. This is a smart option if budgeting for the future is a top priority. Once your fixed rate is over, you can either refix for another term or your loan will automatically switch to the standard variable rate.
With a variable rate home loan, you’ll enjoy a lower rate and a reduction in repayments with market rates go down. However, your repayments ill increase when the market rate rises. Variable rate loans tend to come with lots of optional features that give you more flexibility over how you pay down your mortgage and manage your finances. Talk to your broker about what features may be right for you, such as an offset account, a redraw facility, and the ability to make unlimited extra repayments for free.
Want access to funds at your low mortgage rate to meet future financial goals? From home renovation projects to education expenses, a line of credit loan lets you draw down funds up to your limit. While this can be convenient, keep in mind a line of credit home loan typically comes with a higher interest rate than a variable loan. It is, therefore, only worthwhile if you plan on using your line of credit to achieve specific financial objectives.
For new builds, a construction home loan can help you save on interest. You’ll only need to pay for the funds you’ve drawn down. This means you’ll essentially be paying back an interest-only loan for the first year as you go through the stages of construction, from laying the foundation through to completion. Then, your loan will likely switch to a standard variable home loan.
If you have bad credit or other financial factors that may make getting a traditional loan difficult, such as high debt or a break in your employment, you can still qualify for a non-conforming home loan. Depending on your specific circumstances, you may still be able to qualify for a low rate. Your Better Choice broker will help you find a lender that will work with you.
For self-employed borrowers, finding a competitive home loan can be a challenge. Lenders will often request more complex financial documentation to verify your income than if you worked for an employer. Better Choice is well-versed in self-employed home loans and can connect you with a suitable option, whether you need a full doc or low doc loan, and have been in business for a few months or decades.