Reaching Your Dreams of Homeownership with Bloom Home Loans: Your Experienced Mortgage & Finance Broker Castle Hill
Welcome to Bloom Home Loans, your dedicated mortgage broker serving the dynamic Castle Hill region. The traditional Australian dream of owning and fully paying off a home remains a significant aspiration. The rising home prices and the elevated cost of living in Sydney can render this aspiration seemingly out of reach. Here at Bloom Home Loans, our goal is to assist all our clients grasp the essentials of mortgage broking so we can turn their dreams of becoming home/property owners into reality.
Castle Hill, a suburb that has experienced rapid growth and evolution over recent decades. Our experienced mortgage broker experts for home loans have been part of the Hills District throughout this period, offering us a profound understanding of the suburb and the lenders that will see you in the best light whilst you live your dream in Castle Hill.
Your Local Castle Hill Mortgage Brokers
While you’re reading, we want to share just a part of our knowledge.
At present, the median home price in Castle Hill stands at $2,225,000. It’s evident that property values in Castle Hill exhibit resilience when contrasted with the broader market, steadily ascending. It’s also important to note that most houses in Castle Hill sell in 30 days from being listed on the market, so it’s never been more important than now to seek Preapproval for your next home purchase with us!
Currently the median price for Units in Castle Hill is $1,016,500. We see that there is very strong growth in the value of units where there is a current trend for the median value of units to increase. Again it’s critical to note that when units go for sale they are being sold in under three weeks. Now is a fantastic time to ask us to help you with your pre-approval applications so you can confidently go out and purchase your next property!
We are also seeing pre-approval applications being approved within 1-5 days from submission to the lender, this is the fastest turnaround time we have seen in the market for preapprovals.
At Bloom Home Loans we are here to help. We care about our clients and as the local mortgage brokers in Castle Hill it is our goal to help you achieve your dream with a home loan that doesn’t cost the Earth.
Your Licensed Mortgage Home Loan Specialists
In the realm of mortgage services, it’s prudent to explore various options before setting up a meeting. While it might seem sensible to seek medical advice when dealing with health concerns, the same principle applies to choosing between visiting a bank directly or consulting with a mortgage broker expert. Your home loan is usually your most significant financial obligation, and even minor variations in interest rates can accumulate into substantial sums over the loan’s duration. With assured lending experience and a proven track record, dedicated home loan mortgage brokers specialising in mortgage and financial services ensure the best rates, making them the go-to solution for home loan financing.
Passionate Home Loan Experts in Castle Hill
As an effective and high quality Castle Hill mortgage broking service provider, must continually adapt to the changing landscape due to the diversity of their clientele. At Bloom Home Loans we have helped first-time homebuyers, individuals in land and construction, refinancing clients, self-employed individuals, and clients looking to borrow through their SMSF. While many mortgage brokers in Castle Hill, NSW specialise in particular client segments, Bloom Home Loans stands out with skills and experience in addressing a wide range of financial solutions.
Market Insights: Tailored Mortgage Solutions
As a locally focused mortgage broker firm near Castle Hill, Bloom Home Loans understands that securing finance for a home loan is an ever-evolving process. The landscape of lenders fluctuates regularly, with factors beyond just rates influencing their offerings. Staying abreast of these changes in lender policies and consistently presenting the optimal options tailored to your needs and objectives requires diligent effort.
Some examples include:
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- How your income is assessed.
- Are you the type of lender that bank is looking for at the moment, and if not which bank wants your business right now.
- Do they offer the loan types you need for current and future needs.
- How they value your property.
- How long will the bank take to assess my application.
- Do the lenders offer special concessions based on your occupation.
- Nearly 70% of all new home loans are now done with a mortgage broker.
- There are many reasons for this. The most important are that a Mortgage Broker is legally bound to operate in your Best Interests. Banks do not have this obligation. Mortgage Brokers also offer you a choice. Banks are only able to offer you their products.
Looking For The Most Efficient Home Loan Solutions?
Our knowledgeable and friendly mortgage team is committed to providing you with long-term financial solutions that are catered to your unique needs and goals.
How we are paid
There is no cost for seeing a professional mortgage broker. The lender will pay the broker a commission for introducing the client to them.
Credit Scoring
Applying for finance is a big deal. Every application for credit will remain on your credit file for 5 years. Multiple applications for credit within a short period run the risk of shredding your credit score and making it more difficult to get finance.
We are close!
Bloom Home Loans is your professional advocate as your mortgage broker in Castle Hill. We are in your corner to get the right loan for you. We live in and know the area well. Let us support you.
FAQ
- We specialise in obtaining approvals, not just pencil pushing.
- We provide dedicated support to ensure your application progresses faster than most others in the industry.
- Bloom Home Loans operates on a best interest duty, banks do not.
- We offer Australia wide services.
- A full member of MFAA and AFCA, we only enact the most ethical and fine tuned lending practices.
To put it simply, the lender’s maximum loan is normally between 5 – 7 times gross income. It is always important to consider what is the best way to present your income to a lender so that they will understand? Items such as personal loans, credit cards and HECS debt all have a very large impact on how much you can borrow. Depending upon your income some lenders are very strict on overtime, bonuses, commissions and self employed. Whereas others are far more lenient in these areas. We are experts in understanding each element which may affect your ability in obtaining credit.
Absolutely! We pride ourselves in knowing lender policies for our self employed clients. Some lenders will offer prime rates will an ABN as little as 6 months old. Understanding your business and then representing this in the right way to the right lender is very important. A good Accountant will ensure you have tax effective income. A good Mortgage Broker will understand the good work your
accountant has done and then represent this to the bank in the right way to increase your borrowing power.
Many years ago lenders needed you to have at least 20% deposit plus stamp duty to buy a home. Asliving costs and home prices increased; they released this was an unrealistic hurdle. So they allowed clients to have as little as 2% deposit but pay a one off insurance premium – Lenders Mortgage Insurance (LMI). LMI protects the lender in the event you default on the loan but you pay the
premium. LMI is normally added to the home loan. Whilst it can be a significant cost, it enables you to get into the market sooner
All lenders use independent third party valuers to assess the value if your home when a full on site inspection is required. Normally this cost is picked up by the lender. Some lenders have their own software to automatically determine the value of your home. Valuations between lenders vary significantly. Sometimes more than 20%. If a valuation is required we will order this for you.
Rather than count yourself out of being able to get finance we recommend you contact us as you may be surprised what is possible. There are specialist lenders we have relationships with that will consider your loan application even with bad credit, defaults, ATO debt and bankruptcies.
Lenders look at your Capacity to repay the loan, your Capital / how much money you have, Collateral you are offering as security for the loan, Conditions including the economic environment, loan purpose and interest and your Character to ensure you are a responsible borrower and will repay the loan
Fixed rates are great if you are worried about what would happen when interest rates rise. They offer certainty for a period of time but this certainty may come at a cost with higher interest rates.You will likely also be restricted from making additional repayments off your loan.Variable rates enable you to pay as much off your home as you like without penalty. You can also
access these payments again via redraw if you are ahead on your scheduled payments. If rates fall you will benefit whereas If they rise your loan payments will increase. It is possible to have a split loan, where a portion is Fixed and a portion Variable.
The best loan is the one that offers certainty of approval and meets your needs now and into the future. The lowest rate may not necessarily be the best fit. Whilst a low rate may be enticing now, if the bank policies mean you cannot access it or if the loan structure is not suitable then this may not
be the best option for you
Yes. This is sometimes called “the bank of mum & dad”. Loans with no deposit may be possible if another property is offered as partial security to support the loan. It may not increase the amount you can borrow but it will reduce the risk to the lender and result in a lower interest rate. It will also save you having to pay Lenders Mortgage Insurance. It is not without risk though. The guarantors property is used to secure your loan If you default on your loan the bank may call upon the guarantor to pay the shortfall. Guarantor loans of this nature are limited but still present a risk.
If the loan term exceeds your expected working life the lender will want to know how you will pay the loan when you finish working. This is termed an exit strategy. There are various exit strategies that are considered by lenders. Some include downsizing to a smaller property after retirement, using superannuation to pay off the remaining loan or if it is an investment property you can sell it at any time
We save you time by preparing the loan application and presenting you to the most suitable lender in the best manner, request interest rate reductions on your loan, structure the loan, offer guidance on the benefit of making additional loan repayments and saving you time. When we say our home loans don’t cost the Earth, we mean it. Even a 0.50% interest difference on a $500,000 loan over 30
years will save you more than $55,000
Every lender is different. For our first meeting we recommend getting evidence of income, liabilities and ID. We will guide you on the specific requirements as we progress your application
We will make this clear once an application is lodged. Approval timeframes vary depending on the lender and complexity of your application. We monitor your application every day to ensure it never falls behind as we have seen is all too common in the industry.
We encourage you to reach out at any time! We have a passionate team ready to discuss your needs right away.
How do I start?
We encourage you to reach out at any time! As the best mortgage broker firm our passionate
team is always ready to discuss your financial needs right away.
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