Helping you find the right home loan to reach your goals
Leading Home Loan Brokers in Melbourne
We have everything you need to get the best home loan
Buying your first home or next property is an exciting time, and our experienced home loan brokers are with you every step of the way to find the perfect loan for you. With Loan Gallery, you can trust that we’ll go that extra mile to help you get into your new home sooner.
Once we understand your unique needs, our first home buyer mortgage brokers will:
What type of home loan are you looking for?
First home loan
Buy our next home
Build a new home
Refinance a current loan
Understanding home loan mortgage types
Low rates aren’t everything when it comes to mortgages. The best mortgage for you will depend on your personal circumstances and what you would like to achieve from your investment. Your dedicated Loan Gallery Finance broker in Melbourne will work with you to determine your financial goals and circumstances and match you with a loan that suits your needs.
A variable rate means that the interest rate on your loan will go up and down as financial conditions change. This may be from the official cash rate, market conditions and the lender’s decision-making. Your repayments will adjust up and down accordingly.
Fixed interest rates means your rates are locked in place for between one to five years so even when rates change, your repayments stay the same. Of course, that also means if interest rates drop, you don’t reap the rewards.
A split rate means you can allocate part of your loan to a fixed rate and part of your loan to a variable rate.
eg. 80:20 – 80% of the total loan value is charged on the fixed rate for a set period of time and 20% of the loan value is charged with the variable rate.
This loan type gives you a bit of breathing space as it allows you to temporarily pay the interest cost only. In other words, your repayments will only cover the interest on the total amount borrowed. So the amount borrowed won’t reduce during this set period of time. Your Loan Finance Gallery broker will be able to explain all of the pros and cons of an interest only loan.
Line of credit
You can pay into and withdraw from this account providing you keep up with the required repayments. You can even have your income paid into this account to help with paying the mortgage sooner but keep in mind that the interest rates are usually a little higher.