Standard Home Loan
If you need a basic home loan where you can set and forget then this loan is probably for you. The standard home loan is based on the standard variable rate or a discounted basic variable rate. These products usually come with standard features such as internet access, redraw facility and extra repayments. This is the most common product and an easy way to pay off your mortgage quickly.
Line Of Credit
Lines of credit facilities are becoming an increasing popular alternative to the standard product. These are also known as Home Equity loans or equity loans.
The concept of a line of credit facility is similar to that of a 'super credit card'. The borrower's maximum or requested capacity amount (based primarily on serviceability and LVR criteria) is established on a credit limit. The borrower has the flexibility of making principle and interest payments or interest only payments with certain lenders. Some lenders do not require payments to be made until the credit limit has been reached.
Interest Only Loans
Interest Only loans are usually short term loans, generally between 1 and 5 years. The borrower only repays the interest on the principle during this period. When the interest only has been completed, the loan then reverts to a principle and interest product. Interest only loans are very popular with Investors.
Fixed Rate Loans
Fixed Rate loans are fixed over a certain period. They can range from 1 year to 15 years. Borrowers are guaranteed this rate for the period that they have fixed and are not subject to interest rate fluctuations. This product is especially good for those who like to budget on the exact same payment each month. Fixed rates are less flexible than variable rates and have heavy penalty rates if you exit before the end of the fixed period.
Low Doc and No Doc loans
These loans were designed for the Self Employed applicants. These types of loans do not need documentation to support serviceability and rely on the borrower signing a declaration of income. No Doc loans do not need an ABN or income to be stated but they are subject to LVR restrictions. Low Doc and No Doc loans are now available on standard products with some lenders and can be used for all purposes. Lenders require a minimum deposit of 10% for Low Doc products and minimum of 30% for No Doc products
Non Conforming Loans
Borrowers that fall outside the standard credit procedures now have the option of Non-Confirming loans. You may have poor credit history, short time employment, new to the country etc, all criteria that the major banks don't approve off. Our business is to find a solution to your problem and this product may be for you.
If borrowers may want to purchase land and build their dream home, then they will require a construction loan. Under a construction loan, the funds are drawn down in progress payments, usually 5, unlike a lump sum payment when buying an existing property. Payments are usually interest only until the final payment has been made by the lender to the builder.
The most common reason for refinancing is to reduce your home loan repayments. Rates and products change over time and it is advisable to have a home loan health check every 3 years. Another common reason for refinancing is due to your personal circumstances changing. You might need money for new car or for home improvements; you might want to change to a different style of product such as a line of a credit to meet your lifestyle demands. We can access the best product for you and reduce your payments at the same time, saving you money!
Debt consolidation is the cost effective way of reducing your monthly payments. By combining your entire credit cards/personal loan into your home loan, you now only have 1 repayment to manage at cheaper home loan rates. There is never a better time to reduce your payments!!
Reverse Mortgages unlocks the wealth in your home so you'll have more options in your retirement. It allows those 60 years of age and over who own their home enjoy the life they want. The funds can be used as a regular income or for investment purposes, a dream holiday or to make those long-awaited home improvements. A reverse mortgage converts the equity in your home into income. You can receive your funds either as a lump sum upfront, as a regular monthly payment or a combination of both.
For investors looking to expand their investment portfolio into the commercial market, we have the lenders and products for all scenarios. Commercial property secured by residential property, a stand alone commercial purchase, even a low doc commercial purchase, we have the lenders and products to support you.
Investing in property has never been this easy. For as little as 5% deposit you can now purchase an investment property. We have a range of lenders that can provide investment finance at the same rates as owner occupiers to help build your wealth.