Residential Loans
We are the home loan specialists. Our service will include providing you with a variety of home loan products from a range of financial institutions. Whatever your situation from – buying your first home, building, un-locking equity or possibly consolidating a debt, we will have the right solution for you.
You can get a residential loan for:
- Buying your first home
- Upgrading or downsizing your home
- Moving to a house interstate
- Building a house and land package
- Converting your owner-occupied property into an investment
- Converting your investment into owner-occupied property
- Growing your investment property portfolio
- Unlocking equity in your home
- Consolidating your debt
Basic Home Loan
A great option if you are looking for a straightforward loan with a low variable interest rate, plus little or no fees. The basic home loan may have fewer features such as linked credit cards and redraw facilities and can be less flexible than other loans. However in return, they can offer lower interest rates and minimal fees.
Standard Variable Loans
Standard variable rate loans typically have more features than a Basic Home Loan including the benefit of an offset account. Money held in your offset account will ‘offset’ the balance in your mortgage account which will help reduce your interest payments. Lenders will charge an annual fee for this type of package. Other features may include – line of credit options, discount for a higher loan amount, free credit card and the ability to switch to a no fix loan product.
Introductory Rate Home Loan
This loan is suitable for you if you’re looking to minimise your initial home loan repayments. The type of home loan is a variant of the lenders basic loan product. It offers new customers a reduced interest rate and lower repayments for a set time, usually 6 to 24 months. Once your introductory period is over the interest rate reverts to the standard variable rate. The disadvantages are restrictions or exclusions of available features and can have higher exit fees. This is to discourage borrowers from continually changing to introductory products from other lenders.
Fixed Rates Home Loan
You can lock in a fixed interest rate depending on the lender and can be from 1 to 5 years. Which means you can enjoy the assurance of knowing exactly what your monthly repayment will be. After the fixed term, you may need to switch products. This is because most fixed rate home loans revert to a standard home loan. If the fixed term is broken, fees may be payable. The fees will be calculated by the remaining fixed term and the current fixed rates.
Split Loan
A split loan will offer you the stability of fixed rate home loan along with the flexibility of a variable rate loan. With a split loan, you can have part of your loan fixed and part variable to give you the benefits of both loans in a single home loan. You can customise the loan and add the features you require.
When interest rates are volatile or rising, splitting a loan enables you to hedge against the risk of higher rates while still keeping part of your loan at the lower variable rate.
Redraw Facility
A redraw facility will allow you to make additional repayments allowing you to minimise your loan size and interest payable. If you need access to the repayment funds, you have the flexibility to redraw them. Mortgage products that offer a redraw facility will have account setup fees, and may have limited free redraws, plus a minimum and maximum redraw amount.
Line Of Credit
A line of credit home loan allows you to obtain a credit limit, which is secured by a property. You can withdraw funds up to a set limit at any time and repayments can be made in full or on a monthly basis. The interest rate is usually lower than a credit card rate but higher than a standard home loan, and fees will be charged. When used with financial discipline, a line of credit can offer flexibility and possibly debt consolidation.
Bridging Loan
If you are considering buying a new property, a bridging loan can provide you with the flexibility of buying a home before you sell. This is a short-term solution as the lender effectively agrees to take on both your mortgages for up to 12 months.
Construction Loan
If you plan to build a new home or renovate your existing home, a construction loan will provide you the funds, as you need them. Typically the funds are released throughout the construction phase, in line with different stages of the project.
Reverse Mortgage
A reverse mortgage lets you use the equity in your home as security to borrow funds to use for everyday living expenses. While no income is required, not everyone will be able to access this type of loan. Lenders usually loan up to 20% of the value of the property. Interest on this account compounds over time and added to your loan balance. You remain the owner of your house and can stay in it for as long as you want. The loan must be repaid in full when your home is sold.