Home Loans

Below is a list of some of the common types of loans requested by our clients. If you already know what you are looking for then contact us for an obligation free appointment or take a look at some of our lenders' red hot offers.

Types of Loans

Basic loans

As the name suggests most basic loans are no frills, simple to understand accounts and usually offer a lower rate. Features such as redraw and additional repayments are often not available or are available for a small fee. This loan is well suited for investors or someone who just wants to make the minimum repayments. Basic home loans are common for loan amounts below $250,000.

No deposit loans

Normally you would have to save a 5% or 10% deposit to enter the housing market. With a no deposit loan you can borrow up to 106% of the purchase price to allow for other buying costs such as stamp duty. Typically you will pay an extra charge called Lenders Mortgage Insurance (LMI) and a slightly higher interest rate to compensate for the higher risk to the lender.

Professional packages

The banks can offer discount packages to customers that are borrowing over $150,000. Typically, these discounts range from 0.5% to 0.7% however we can negotiate larger discounts for some clients. Professional packages sometimes have other benefits such as fee free banking, a personal banker and discounts on other bank products such as personal loans, credit cards and margin loans.

Fixed rate loans

The interest rate & repayments for fixed rate loans can be locked in for a set period of up to fifteen years. While offering security, some lender's fixed rate loans do not allow you to make extra repayments without penalty. Recently some lenders have been offering fixed rate loans with the same flexibility as variable rate loans, allowing you to get the best of both worlds.

Introductory rate loans

Introductory rate loans have a discounted rate for the first six months or one year which then reverts to a higher rate for the remaining term.

Non resident loans

Non resident loans are available for Australians living abroad, foreign citizens living overseas or foreign citizens living in Australia who do not have permanent residency. New Zealand citizens buying in Australia & foreign citizens that have permanent residency are treated as Australian citizens by some lenders.

Line of credit loans

A line of credit (LOC) loan is where the loan account can be accessed via an ATM card, cheque book and online banking allowing you to run all your transactions through your loan. This allows you to close your cheque account and have your salary paid directly into your loan, reducing your overall balance and therefore the interest that you pay. Some lenders allow you to skip repayments on your LOC loan as long as you remain under the loan limit. This is very handy for anyone with an inconsistent income such as casual employees, investors and self employed borrowers.

Low doc loans

Low doc loans are designed for customers who are unable to verify their income with tax returns or pay slips. These loans have proved very popular with the self employed as all they need to do is declare their income on a form and no further proof is required. Some lenders are now offering Low doc loans with the same rate discounts as their normal loans.

No doc loans

No doc loans are a recent development from Low doc loans. With a No doc loan there is no need to even sign an income declaration form or inform a lender of your assets & liabilities. Recently, a few lenders have been discounting their No doc loans to below the Bank Standard Variable Rate.

Construction loans

A construction loan allows you to borrow for the cost to buy the land as well as the cost of building or renovating your house. The lender usually releases the funds for the house in stages as construction progresses. A valuer will be sent out to the house from time to time to monitor the progress of construction.

Non-conforming loans

These loans are designed for customers that can't get approval from a mainstream lender. The typical non-conforming customer is someone who has changed jobs several times recently, has been divorced and has a low net worth, is just starting a business or has blemishes on their credit file. Non-conforming lenders take a common sense approach to loan approval rather then sticking to riged guidelines. Recent competition between non-conforming lenders has greatly reduced the cost of non-conforming loans.