Residential and Investment Home Loans
At Brilliance, we understand that purchasing a home—whether for yourself or as an investment—represents one of life’s most significant financial commitments. We are here to simplify the process, offering personalised solutions that fit your unique circumstances. From first-time buyers to seasoned investors, we provide expert guidance to ensure you make informed decisions with confidence.
Understanding How Home Loans Work
A home loan, also known as a mortgage, is the financial tool that helps you purchase a property, allowing you to borrow a portion of the purchase price and repay it over time. This repayment includes interest, which can vary depending on your loan terms and structure.
When it comes to residential home loans, the goal is often to secure a property to live in. These loans tend to come with more favourable interest rates and flexible repayment terms compared to investment loans, which are used to purchase properties intended to generate rental income or capital growth.
Investment loans may have stricter lending criteria due to the added risk, but they are a powerful way to build wealth through property.
Matching clients with the right loan products to achieve both homeownership and investment goals is our mission.
SERVICE STEPS
Loan Criteria: What Are Lenders Looking For?
Lenders assess your loan application based on several key criteria, including:
- Income Stability: Whether you are employed, self-employed, or a contractor, your income consistency is crucial to determining how much you can borrow.
- Credit History: Your credit score gives lenders insight into your financial habits. A higher score can mean better loan terms.
- Deposit Amount: While a minimum deposit of 5-10% is often required, providing a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI), which is an added cost for borrowers with smaller deposits.
- Loan-to-Value Ratio (LVR): This ratio compares your loan amount to the value of the property.
- Existing Debt: Lenders will also evaluate your current debts, such as credit cards or personal loans, to determine your ability to meet the repayment commitments.
For investment loans, lenders may also consider the potential rental income and the long-term growth prospects of the property market in the area.
Start Your Home Loan Journey with Brilliance Today!
Whether you’re a first-time homebuyer, a seasoned investor, or new to the property market, Brilliance can provide the finance solutions you need to bring your dreams to life. Contact us today to learn how we can support every stage of your residential or investment property purchase with expertise, flexibility, and financial strength.
