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Standard Variable Rate Home Loan:
Fluctuates with the market, works well when the interest rate is dropping or steady. It offers the flexibility of unlimited repayments and offset facility to help reduce the overall interest payable.
If the interest rate increases your repayments will increase accordingly to the financial institutions revised interest rates. |
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Discount & Introductory Home Loans:
Offers you discounted rate with limited features. Generally offered with a lower interest compared to the standard variable rate. In return for the discounted rate, it is conditional you must remain a customer of the financial institution generally for 3 to 4 years. If you leave within this period you may incur fees for exiting the contract early.
This is how banking institutions recoup their financial losses when clients decide to exit out of the contracts early. |
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Fixed Rate Home Loan:
Great for security and certainty in monthly repayments, protecting you from upward movements in rates for an agreed period generally from 1 - 5 years. However, you won't benefit when rates drop and if you need to discharge you loan during the fixed rate period you may incur significant fees for exiting the contract early.
The amount incurred will depend on when you exit the contract. If you exit out of the contract early the breakout cost will be very costly comparer to when you exit on the final year of the contract. |
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Split Rate Home Loans:
Split rate home loans allow you to have a portion of you loan on fixed and a portion on variable. Offering the flexibility to help structure loans to suite your financial goals. |
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Equity Loans Or Line Of Credit:
Releases the equity in your existing home to help you invest in your next property. |
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Offset Loans:
Offering you an account that works against your variable rate mortgage, reducing the interest you pay on a daily basis. Offset loans work best for prudent budgeters. |
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Contruction Loans:
For those building a home or renovating an existing home, we can arrange a construction loan for you. |
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Low Documentation And No-Documentation Home Loans:
These loans are generally for the self-employed. Minimum evidence of income and asset/liability positions is required. The interest rate offered may be slightly higher. |
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Non-Conforming Home Loans:
Applicants who do not meet the 'standard' lending criteria. Applicants with an impaired credit history may choose these types of loans to enter the market.
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