Demystifying Mortgage Myths: Busting Common Misconceptions
At Indigo Finance, we believe in empowering our clients with knowledge and we want to debunk some of the common myths surrounding mortgages. Read on to gain insights and make informed decisions about your mortgage journey!
Myth: You need a 20% deposit to buy a home.
Reality: While a 20% down payment can help you avoid Lender’s Mortgage Insurance (LMI), there are mortgage options available with lower deposits. Our team can guide you in finding the best product tailored to your needs. Discover more about LMI.
Myth: Your credit score needs to be perfect.
Reality: While a good credit score is important, it doesn’t have to be flawless to secure a mortgage. Taking steps to improve your credit score is advisable, but even with less-than-perfect ratings, we can help. With access to over 30 different lenders and a wide range of products, we’ll find the best option for you. Check out our top tips for maintaining a healthy credit score.
Myth: Fix for as long as you can.
Reality: While long-term fixed-rate mortgages are popular, they may not suit everyone. Depending on your financial goals, situation, and prevailing interest rates, a shorter-term mortgage or an adjustable-rate mortgage could be more suitable. Learn more about fixed-rate versus variable loans.
Myth: Refinancing is always a good idea.
Reality: Refinancing can be beneficial in terms of saving money on repayments, but it’s not always the best choice. Consider factors like fees, additional costs, and your future plans. Our team works closely with clients to assess the pros and cons, exploring alternative options tailored to their individual situations. For detailed information on exit costs and refinancing, read our blog.
Myth: Brokers are all about the banks.
Reality: At Indigo Finance, we provide objective, expert recommendations that go beyond traditional broking. Our approach is centered around holistic advice tailored to your unique circumstances. As accredited members of the Mortgage & Finance Association of Australia (MFAA), we uphold high professional standards, market expertise, and integrity. Reach out to our team of experts today and experience the difference firsthand.
Don’t let mortgage myths cloud your judgment. At Indigo Finance, we’re committed to providing you with accurate information and personalised solutions. Take advantage of our expertise and let us guide you through the mortgage process. Contact us today to embark on your journey towards homeownership or to explore better financial options. Together, we’ll help you make the most informed decisions for a brighter future.
