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FHOGS: If you are in the market to buy your first home, you may be eligible for assistance from the NSW Government in the form of a first home buyers grant. This grant has recently been boosted by the Federal Government, making it a very attractive option for first home buyers.

The NSW government has totally financed this First Home Owner Grant Scheme (FHOGS) and managed by the office of State Revenue (OSR). The first home buyers who are ready to buy the first home are approved for a loan of $7000 as these people are helped by the scheme.

Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.

In October 2008, the Australian Government proclaimed a First Home Owner Boost which complements the NSW Government, financed First Home Owner Grant Scheme.In regard to the declaration from the Commonwealth:

First home buyers who are going to buy homes which are already established will receive a boost of $7,000 and it gets doubled to the first home buyers grant to $14,000.

The first home buyers who are going to build a new home or buying a newly constructed home will get an extra amount of $14,000. This will totally include to an amount of $21,000 to the first home buyers.

Home Loan Professional Packages: Like Credit rating AAA, AA or A rating you will a superior credit profile. In order to attract people who earns large incomes or the people who are known as low risk borrowers, lenders are offering a special loan deals which are called as Professional packages as a rewards to these customers.

These packages are offered to a large range of purchasers with adequate income or collective loan size not like a long time ago where it was available to professionals like lawyers and accountants.

Depending on the size of the loan a Professional Package generally offer discounts of 0.2 to 0.7 per cent off lenders' standard variable interest rate and up to 0.25 per cent off fixed interest rates.

Not only will you save on the rates discounts but a Professional Package also offers a range of other discounts on accounts such as credit cards, transaction, margin loans and insurance.

Think about the favorable offers and non favorable things i.e., pros and cons of the professional package.

Pros of a Professional Package Home Loan are Fully featured account e.g. redraw, split loans, internet and phone banking, Interest rate discounts on the standard variable rate, You may be eligible for other benefits such as fee free transaction accounts and discounts on insurance products and Some Home Loan lenders also offer no establishment fees and no ongoing monthly fees on your loans.

Cons of a Professional Package Home Loan are An annual fee applies to this product.

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Due to more flexible features in the loan, a Revolving Line of Credit, a Line of Credit Home Loan, and a Home Equity Loan got more famous by a lot of people now a days.

The home equity loan has a lot of names like Revolving Line of Credit, a Line of Credit Home Loan, as this type of loan is admired due to its features and flexibility

A Home Equity Loan allows you maximum flexibility with your finances.

In order to accomplish renovations, share investment, buy other's investment property or pay your bill you can use this line of credit.

Consider the following pros and cons before you decide on a Home Equity Loan:

Advantages of a Home Equity Loan

* A home equity line of credit offers a much lower rate of interest than credit cards * Interest paid on your home equity line of credit is tax deductible, a benefit not available with credit cards * Flexible payment options - Some lenders offer interest only equity lines of credit which gives you the option to pay only the interest for a pre-determined amount of time or pay interest plus as much or as little principal as you want * Accessibility - Money is easily accessed by cheque or ATM card linked to this loan * Repayments can be made in full or on a monthly basis * Extra repayments are allowed at any time * Cheque book facilities are available if needed

Home Equity Loan Cons

* The interest rate of a home equity line of credit changes with the prime rate. There is also a margin that is added to the interest rate, which is fixed and is determined at the time of application * Typically attracts higher interest rates than your standard variable rate loans

Low Doc Home Loan: Do you have much confusion or are you speculating whether you can attain finance or not since you are self employed and your economic situations are not in place.

A good solution is offered by many lenders is a simple and easy way to get a loan called LOW DOC Home Loan. Self employed borrowers are the targeted people to attain these Low doc home loans because they are not in a situation to provide full financial statements and income proof.

Standard and Premium 'low-doc loans' are offered by many lenders in the market as these large number of lenders are assuming the increasing trend of low doc home loan products with an option of fixed or variable interest rates.

DirectMoney HomeLoans assists you to get a loan with the best rate and good features by providing access with hundreds of lenders and the leading home loans on the market for sure.

Based on the lender, some people require you to pay for Lender Mortgage Insurance (LMI) if the loan reaches 80% loan to value ratio(LVR). A higher interest rate is charged by some lenders for these products to self employed customers as their risk related is high. The interest rate is reduced to you by the lenders if the customers show their tax assessments.

Consider the following pros and cons before you decide on a low doc home loan:

Advantages

Financial proofs are not necessary Instead of tax returns simple financial statement is required Irregular income and non-traditional sources are measured

Low Doc Home Loans Cons

Higher interest rates and fees are to be paid Appropriate to higher repayments your cash flows might suffer

Fixed Rate Home Loans: Want peace of mind knowing what your loan repayment is going to be tomorrow? With a Fixed Rate Home Loan you have the security of knowing that your repayment will be the same for a fixed period of time. A fixed rate loan allows you to accurately budget each month.

The duration period is around one to five years as the repayments are fixed along with the period of fixed rate time. By the end of the fixed time, you will have an option of changing to the standard variable rate or a mixture of split loans.

Do you know what is the correct period to fix the interest rate for a home loan?

Because economic conditions are beyond your control, even the best economists can't predict with absolute certainty when interest rates will rise or fall. For this reason, many borrowers opt to fix their loan for a period of less than 3 years.

When considering a fixed rate home loan it is best to do some research on the current economic news and trends to get an idea of where rates could be heading. As a rule of thumb, you would want to fix when rates are at the bottom or near the bottom of an interest rate cycle.

Following all the advantages and disadvantages of the fixed rate home loan:

Fixed Rate Home Loan Pros are similar standard repayments every month, steadiness - fixed repayments permit you to prepare your finances and fix to your budget, even in times of financial ambiguity, Cost - The increasing of interest rates would not modify your monthly repayment

The Cons of a Fixed Rate Home Loan are if interest rates fall you may pay more for your loan than borrowers on variable rates, Most lending institutions cap the amount of extra repayments you can have each year, You may be penalised if you pay off your home loan before the fixed rate expiry date, Fixed loans generally have limited features e.g. no redraw facility.

Split Rate Home Loans: Want added security of a fixed rate home loan but also the flexibility of a variable rate home loan? With a Split Rate Home Loan you can have exactly that.

Do you know the attractive features of a Split Rate Home Loan for the first time? The accessible borrowers have capability to change and customize the home loan and can also add more features as needed. This split rate home loan has split into many arrangement s like 50/50 split or 80% variable and 20% fixed provided it meets lenders policy.

Think about the following advantages and disadvantages before you decide to take a split rate home loan:

Split Rate Home Loan Pros are setting up a part of your loan can keep you beside prospect interest rate rises, Separate part of your loan at a variable interest rate permits you to promote with a lower rate if interest rate falls, Encompass a fully featured home loan by joining several splits together.

The Cons of a Split Rate Home Loan are Different costs might apply to different portions of the loan e.g. fixed rate loans have a high break up cost, Limited amount of extra repayments might apply to the fixed portion of the loan, Flexibility to move to another lender might be costly due to the fixed component