Construction Loan
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This type of home loan encompasses the construction of a dwelling. This is done using home loan pricing.
Most lenders will require that you enter into a building contract with a licensed builder who will provide a breakdown of the costing for the construction.
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Credit Impaired |
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Credit impaired loans are unique type of lending where people with bad credit history can obtain finance despite having a tarnished CRAA.
Up to 5 years ago, only 2-3 financial institutions would provide this type of lending. Today this has exceeded to over 10.
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Development Finance
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This type of funding is for the construction of multiple dwelling like multi story unit complexes.
Generally this is a bill rate attracting a higher interest rate than a commercial property loan.
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Commercial Loans |
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Commercial Loans have a lot of similarities to business loans, but are usually secured by a commercial or industrial property using bank bills.
Different lenders can price this differently. They do this by using a margin over the bank bill rate on the day the funds are advanced.
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Business Loans
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These are generally 90 bank bills secured over residential or commercial property for a business purpose.
These are sometimes secured over equipment or other tangible assets.
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No Doc Loans
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Similar to a Low Doc Loan, but even more flexible!
This is not offered by every lender, but is a suitable choice when clients are unable to fully verify their income and do not wish to provide an assets & liabilities.
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Low Doc Loans
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Low Doc Loans were introduced to provide finance solutions to people who can not fully verify their income with supporting documentation.
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Professional Packages
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Special mortgage packages aimed at attracting professional or low risk (in the lender's opinion) people to that lender.
The packages usually reduce the interest rates by up 0.5 -1%, and waive or reduce the fees, they may also offer other services such as free financial advice or reduced insurance premiums.
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Fixed Rate Home Loans
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A fixed rate home loan does not fluctuate like a variable interest rate, but is fixed for a chosen term.
As opposed to variable rate loans, which are set by the 90 day bank bill rate, the individual lender sets fixed rate loans.
They are usually offered for terms of 1, 2, 3, 4, 5, 7 and 10 years.
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Line of Credit Facility
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Secured by a mortgage over your home or another residential property, a line of credit facility is a continuous mortgage that can be used for any purpose and can be repaid or drawndown on at any time.
A top of the range mortgage product.
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All in One Home Loan
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In most situations this is the fastest and most cost effective method of repaying your mortgage. It works by having all your income (salary, rent, etc) paid directly into your mortgage account.
All additional monies above the interest are deducted off the principal that same day.
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Standard Home Loan
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This is the normal Australian home loan.
The rate is a variable rate predominantly determined by the 90 day bank bill rate.
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Basic (No frills) Home Loan
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A plain & simple mortgage with very few features. As an incentive, clients are rewarded with lower fees.
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Introductory Loan
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A mortgage product with a reduced rate, of 1 - 1.5%, for an initial period, usually one or two years. This is also referred to as a Honeymoon rate.
The purpose of these loans is to bring customers in the door. After the initial period most lenders require that you revert to their standard rate.
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