Professional Home Loan

Most lenders offer a discounted rate to a variety of borrowers. This discount is usually a set percentage off the standard variable rate, with a few lenders offering discounts to their fixed rate products. The criteria for qualifying for a professional package varies, with discounts starting for loans greater than $150,000.

Non Conforming Home Loan

Non-conforming loans are designed for borrowers that do not meet 'standard' lending criteria. Those with adverse credit history, or needing to consolidate a large number of debts into one loan, require this loan type. In most cases non-conforming loans attract a higher rate of interest where credit history is impaired.

Line Of Credit / Equity Home Loan

Line of Credit, also known as Equity Lines or Revolving Credit, provide increased flexibility to deposit and withdraw funds. The lender assigns you a credit limit secured against your property that remains available for future use and remains available even after the debt is repaid. One of the biggest advantages of a Line of Credit is that you always have ready access to money, which makes this type of loan attractive to investors. Line of Credit loans usually attract a slightly higher rate of interest.

Fixed Rate Home Loan

If the certainty of set loan repayments appeals to you, then perhaps a Fixed Rate loan is just what you need. Fixed Rate loans are based on a set term and interest rate, anywhere from 1 to 10 years. This provides some level of security but does not allow the reduction of repayment amounts should official interest rates fall. Once the fixed rate period is finished the rate will revert to a variable rate unless you decide to fix for another term. Be aware that penalties may apply for breaking the loan early.

Basic Variable Home Loan

Basic Variable Rate loans are sometimes referred to as 'no frills' loans. They generally offer a lower interest rate but with less features than a standard variable rate loan. If you are a budget conscious borrower, this may meet your needs.

Split Home Loan

If you are concerned about interest rates rising and want flexibility, a 50/50 split can be a solution. A variable rate will allow extra payments you can redraw, and the fixed rate will give set repayments protecting you against interest rate changes. Be aware that penalties may apply if you break the fixed portion of the loan early.

Low Doc Home Loan

Low Doc Loans are useful for self-employed borrowers who do not have up-to-date financial documents. Lenders will usually request BAS statements to substantiate income. The choice of loans can be limited and a higher interest rate may apply, including the cost of Lender's Mortgage Insurance, when borrowing more than 60% of the value of security being offered.

Bridging Home Loan

This is a temporary loan which allows a buyer to complete the purchase of a new property before selling their existing property. It is also useful for borrowers who want to finance the building of a new home while still living in the old one. The main advantage is that you can quickly obtain the money you need in order to move ahead with the purchase of your new home. The loan term is generally 6 months and it is important to be able to sell the original home within that time. 

Introductory/Honeymoon Home Loan

These types of loans offer a low interest rate, usually for the first year of the loan. Once the Introductory or Honeymoon period is over the interest rate usually reverts to the standard variable rate. The advantage of an Introductory Rate is short term and the ongoing rate for the remaining loan term is of greater importance.

Family Guarantee

The Family Guarantee can be a way to help you to buy your home when you don’t have enough money for a deposit. It can save you fees that would normally be charged by the Lender's Mortgage Insurer (LMI). A family member can use the equity in their home to offer a Guarantee to your lender as additional security for your loan. It’s usually limited to 20% of the value of the house you are buying and can help you get into your own home, faster.

Standard Variable Home Loan

Standard Variable Rate loans usually carry ‘no rate discount’ with rates varying with market economics, i.e. if rates go up so will your repayments and vice versa if they go down. This type of loan is traditionally the most flexible and includes optional features such as the ability to make extra repayments, to redraw funds or to split your loan, just to name a few. It may also be possible to incorporate an introductory discounted rate with this type of loan.