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For many potential First Home Buyers, the current market climate is looking pretty appealing. With interest rates extremely low we’ve seen a definite step forward by those wanting to get on the property ladder.

Probably not something you'd hear from your local Real Estate agent - however as Mortgage Brokers we often get to see a different side to things.

There's been a lot of talk recently about options to ease financial stress in regards to mortgages at this time. In particular 'Repayment Holidays' (which are really deferments, not a 'holiday' at all) or going 'Interest Only'.

As the New Year fades away and the hustle and bustle of the holidays subsides, it is a good opportunity to revisit your financial goals and start implementing some simple tips and tricks to help you rebuild your equity.

I always say to my clients,

“Fix for you and not the market.”   

Although a lot of us may not know what we are doing in 5 years’ time, we do have an idea of what we will be doing in the next 1-3 years.

As interest rates are something we don’t have control over, if you structure your lending based on what you think they'll do rather than your personal circumstances---you’re likely to be disappointed.

Sometimes it seems that when you deal directly with the Bank you receive the above answer.  In my experience, a mortgage broker can give you a completely different one.  

The benefits of using a mortgage broker have become very apparent to me over the last few years, especially since earthquakes. 

There are all sorts of ideas and actions you can put in place to help reduce the loan term on your home loan.   The simplest way is to increase your repayments to reduce your mortgage term which ultimately means you save money by paying less interest.  But something generally needs to be sacrificed for this to happen.