Standard Variable Loans
Currently the most popular choice with Australian borrowers. Whilst being subject to interest rate fluctuations, variable rate home loans offer the most flexibility. Standard variable loans.
Fixed Rate Loans
Although offering much less flexibility than standard variable rate loans fixed rate loans offer a greater degree of security as the interest rate payable does not fluctuate with interest rate rises. Interest rates can generally be set for up to 10 years depending on the individual product.
Split Loans
These loans can be split in terms of a proportion of the loan being based on the variable rate of interest, and part of the loan being a fixed rate interest. A split between principal and interest payments, and interest only payments, is also possible.
Vacant Land Loans
Vacant land loans enable customers to borrow in order to purchase land, with the intention of building a home on that land at a later stage. In some cases this can be considered business lending, depending on how the land is zoned.
Construction Loans
Suitable not only for the construction of new homes, but also for major renovations to an existing home. Whilst a standard home loan necessitates a lump sum payment at agreement signoff, construction loans are usually drawn down in stages.
Home Equity Loans
These loans allow the borrower to pull out equity out of their home in order to fund just about anything; debt consolidation, renovations, investment purposes holidays, or any other reason.
Reverse Mortgages
Reverse Mortgages are offered to those clients who are above the age of 55, and who already have considerable equity in their homes. Reverse mortgages allows these applicants to withdraw some of their equity either through a lump sum payment, or through continued and on-going monthly payments.
Lines of Credit
This kind of loan is popular with property investors, and operates much like an overdraft facility, where the borrower can withdraw extra funds (up to an agreed ceiling) at any time. This credit is secured by the borrower's proportional ownership of their property.
Bridging Loans
A short-term loan (usually 6-12 months) that covers a financial gap between the purchase of a new property and the sale of an old property.
Non-conforming Loans
These kinds of loans are suitable for people who may have an adverse credit history. They are designed to accommodate those who do not meet the normal criteria.
Low-doc/No-doc Loans
Low Doc Home Loans are suitable for people (most commonly self-employed or casual workers) who can afford to take out a home loan, but are not in a position to prove their income, have variable income, or do not have tax returns or financial reports:
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