The Right Loan for You

Available for a range of purposes including:

• Purchasing a home
• Construction of a new home
• Refinancing an existing loan
• Home improvements or renovations
• Debt consolidation
• Purchasing vacant land
• Buying a car, travel or any other worthwhile purpose 

Low Rate Variable Loan
There are 2 types of Variable rate loan available these days, one is the traditional Standard Variable Rate loan, but many of our Lender's now also offer a Low Rate or Basic Variable Rate loan, and these are often up to 0.75% below the Standard Variable Rate loan. The advantages of a Variable Rate loan are that they are very flexible and have special features such as extra voluntary payments at any time without restriction, you can redraw the loan, pay weekly, fortnightly or monthly and much more.

Fixed Rate Loan
This loan is especially suited to those who desire the security of knowing what their repayment will be. If interest rates increase then a Fixed Rate loan will not be affected. Most lenders offer Fixed Rates from 1-5 years. After the Fixed Rate expires you may re-fix the loan for another period, or roll over to the Variable Rate. We are available to offer you free advice on this at all times throughout your loan term.

Introductory (or Honeymoon) Rate
Most lenders will offer a very low rate to entice a borrower, normally over a 6 month or 12 month period. However these loans generally revert to the highest Variable Rate after the Honeymoon period is over, so in the long run these loans are nowhere near as attractive as they appear. They also have high early repayment fees.

Line of Credit / Equity Loan
These products first became popular in the mid 1990's as a tool for debt reduction strategies. A Line of Credit loan allows you to have your salary paid directly into the loan, therefore reducing the interest charged on your loan. They also have access via a Visa Card that allows ATM use, EFTPOS etc. However to make a Line of Credit work effectively they require strong disposable income and the ability to adhere to a budget. We have vast experience with these products and are happy to advise if a Line of Credit is suitable for you.

No Deposit / 100% Loan - NOT CURRENTLY AVAILABLE
Many of our lenders will now allow you to borrow the full 100% of the purchase price (this only applies to purchases, if refinancing an existing loan the maximum you can borrow is 95% of the value of the property). This means whether you are a First Home Buyer or simply have not had time to save a deposit yet, we are able to arrange for you to borrow the full purchase price, you simply need to have enough funds to cover the fees (in some instances we can even arrange a loan of 106% to cover fees too).

Low Doc and No Doc Loan
These loans are among the more recent innovation in the industry. Basically they allow you to borrow up to 80% of the value of your existing home, or a new purchase, without having to provide any tax returns or payslips. When first launched to the public they were initially only for Self Employed applicants with an ABN, however these loans are now available for PAYG applicants as well. The lender requires you to sign a one page declaration stating that you are able to afford the loan and no evidence of income is required.

Previously these loans were at higher rates but now they are generally exactly the same interest rates as other fully verified loans. Low Doc and No Doc loans do however vary significantly between lenders so we will guide you through the best option for your circumstances.

Land
If you are looking to buy a vacant block of land, you are able to borrow up to 90% of the purchase price. You have the choice of Variable Rate or Fixed Loans.

Construction Loan
These loans are used when you have signed a contract with a builder to construct a new home. The land is used as security, and depending on the value of the land and how much you owe on the land, you can borrow up to 90% of the building contract price plus extra funds for landscaping, pools, fencing, curtains, carpets etc. A construction loan is divided into progress payments (or draw downs) as stipulated in the building contract, and the builder is paid in instalments at the completion of each stage of the construction. You are only required to pay Interest Only repayments on the progress payments right up until the final drawdown and full completion of the home, then you choose which loan type you would like and begin making normal repayments. These loans are also available for Owner Builders but the project must be overseen by a Licensed Builder or Architect, and generally you may only borrow a maximum of 70% of the construction cost. Loans are also available for house and land packages whereby you are purchasing the land and the house package at the same time.

Bridging Loans
These loans are used to help you purchase a new home even if you have not yet sold your existing loan. The lender will allow you to borrow the full 100% purchase price plus all fees associated with the new home, then as soon your previous home is sold you deposit a lump sum into the Bridging Loan. Interest rates and fees are exactly the same as for standard loans.

Reverse Mortgages
These loans are suited to those aged over 60 years, who have equity in their own homes. In the past if a retiree required extra funds then they would have to sell the family home, downsize, borrow from family members, or simply adjust their lifestyle so they can make ends meet.  A Reverse Mortgage allows you to unlock some of the equity in your home. The purpose may be for travel, home improvements and maintenance, long term medical or care expenses, debt consolidation, help out younger family members, or simply to provide an additional ongoing income stream to supplement existing pensions.