Today we are going to look at some of the most common myths about home loan finance and see whether there is any truth to them.

After all, when you are making decisions about a big commitment like buying property, it is important that you have all the information you need to proceed with confidence.

Alright, let’s get myth busting!

One size fits all

This myth says that a home loan is the same no matter what kind of property you are buying and regardless of your personal situation.

We’ve put this one through the myth busting machine and the result? Myth busted!

There are all sorts of different loans, each of which is tailored to respond to a different type of buyer in a different set of conditions.

For instance, a wage earner may not have too much in common with a self employed businessperson, apart from the fact that both want to buy a home.

That’s why first home buyer loans come in many shapes and sizes – there are even self employed home loans.

I’ll be paying off my loan forever

Parents have been instilling the fear of home loans in their young ones ever since time began.

“If you don’t eat your veggies Waz, you’ll have a mortgage for life – and no parole!”

Would it surprise you to learn that becoming mortgage-free isn’t just possible, it is more than achievable with a combination of smart home loan planning, discipline and determination?

Not to mention the possibilities afforded to you by home loan refinancing.

It’s true and this myth is another one for the ‘busted’ column!

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further. www.trustedmortgagebroker.com.au/calculators/

About the Author

Sue Hayter

Sue's service commitment is fantastic. At Trusted Mortgage Broker we work with our clients to ensure they understand their options, know exactly how much they can borrow and ensure they choose the right home loan and the right lender that is not unsuitable to their individual needs.

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