Home Loans

The Australian mortgage financing industry is highly competitive and creative. Lenders have developed countless financing options to meet the specific needs of virtually all potential borrowers. This section attempts to outline the different home loan products available on the market and to make choosing a home loan easier. However, for more real inside advice it would be best to talk to one of our iM Specialists. (click here to find out more)

Standard Variable Loans

The Standard Variable Home Loan is a commonly chosen loan by Australian’s due to its various options and features available. The interest rate can vary up and down reflecting the general changes in interest rates in the financial market and generally tied to the interest rate by the Reserve Bank of Australia.

Basic Variable Loans

Basic Variable Loans are a variable loan product with lower interest rates and commonly are not as highly featured as other products available. The interest rate can vary, again reflecting the repayments over the term of the loan.

Line of Credit

This type of loan revolves around credit secured against a residential property allowing access to funds whenever you need them. It is a flexible way to raise funds for lifestyle, investment, and or asset acquisitions by providing cash up to a pre-arranged credit limit.

Low-Doc/No-Doc Loans

Low Doc and No Doc Loans are a flexible solution for self-employed people who are unable to provide the required financial documentation to support their application for finance. Proof of income is not required, however generally an income declaration form is completed. These loans are available to both investors and owner occupiers. Also Low Doc Loans can be available to PAYE applicants.

A No Doc Loan requires neither their income nor their asset position disclosed.

Ideally for:

Bridging Loans

A bridging loan can be a flexible solution to a problem many home buyers can encounter. Without the proceeds from the sale of your existing property to cover the financial gap, a new property purchase can be difficult. It is not always possible to wait until the current property is sold or negotiate convenient settlement terms, if the right property becomes available. Timing is important. A bridging loan can be used to cover the financial gap and enables the borrower to finance the purchase of their new home prior to selling their existing property. There is normally a period between 6 to 12 months to sell the existing property.

Construction Loans

Construction Loans present an opportunity for you to finance construction of residential properties, such as houses, town houses, home units, and villas. Our goal is always to ensure the maximum flexibility with the loan that’s best suited to your project. Also includes Owner Builder Loans.

No Deposit Loans

No Deposit Home Loans have been introduced to meet the need for residential loans for consumers with little or no equity but good cash flow. It allows potential home buyers to purchase an existing residential property without the normal deposit requirements of traditional lending. Ideally, for anyone who has the desire of entering the property market but for whatever reason, has not been able to save for a deposit. To qualify for such a loan usually the borrower must have a strong credit rating with stable employment.

Ideally for:

Fixed Rate Loans

Fixed Rate Home Loans allow the borrower to fix the interest rate on a loan for a selected period of 1 to 5 years. During the nominated fixed period the monthly repayments remain the same until its expiry which then converts to the standard variable rate. Fixed loans often do not offer the flexibility to make extra repayments and consequently shorten the duration of your loan.

Ideally for:

100% Offset Loans

100 per cent offset accounts are an additional feature attached to your home loan which is a savings account with an identical interest rate as that on the loan. Any credits you put in the offset account is deducted from your loan balance before interest is calculated.

Split-Purpose Loans

Lenders now allow the opportunity to split loan accounts and use a combination of products suitable to you. Having the flexibility of both variable and fixed rates, and or for the purpose for both investment or personal use.

Non Conforming Loans

Non Conforming loans are an easier alternative for borrowers who find it difficult to obtain housing finance through traditional lenders’ criteria. While generally these types of loans are offered at higher interest rates than through conventional borrowers who fit standard lending criteria, you can still expect to have a fully featured loan with options to choose from.

Equity Finance Mortgage (EFM)®

Now there is a new home loan available that can help you reduce your monthly home loan repayments or even purchase a more expensive property than you may otherwise be able to afford. An EFM® works in conjunction with a traditional home loan. Together they let you move some of the expense of a traditional home loan to later when you eventually sell your property.

Here's how:
An EFM allows you to borrow up to 20% of a property's value. There is no annual percentage rate applicable to an EFM loan unless you are in default. You are not required to make any regular monthly loan repayments throughout the term of the EFM loan.

Instead, when you sell the property or repay the EFM for some other reason, you repay the EFM amount you originally borrowed plus up to a 40% share of any increase in the value of the property.

And while nobody likes to talk about property values decreasing, if this does happen when you have an EFM and you are selling your property, you may not have to repay the full EFM loan amount - a feature unique to an EFM.

To find out more contact us now to speak to an accredited lender.

Reverse Mortgages

Ideal for borrowers over the age of 60 who are looking to improve their lifestyle by accessing the equity in their home. Borrowers can be lent an amount of cash against the agreed value of their home and, unlike other loans, borrowers do not need to make repayments during the life of the loan. When the loan ends you, or your estate, must repay what's owing, usually out of the proceeds of the sale of your home.

To see if the product is suitable it would be best to contact one of our accredited consultants.

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