Home Loan Products
Ready to buy a home, call us on 07 4723 6000 or send an email.
Full Documentation Loans: Require full information disclosure and therefore will provide a lower rate of interest. Interest Rates vary from introductory rates for the 1st year up to the base standard variable rate. Simply email us for current rate estimates.
Professional Packages: Are known by different names with different banks. Basically they are a full documentation loan (all tax records available) over $150,000.00 that will provide a discount of interest ranging from 0.4% to 0.8% below the standard variable rate. Many other varied benefits attach to these loans, depending on the Bank.
Low Doc Loans: Are loans to borrowers with an ABN of 80% LVR (see terminology page) or less of the value of the property. They are generally used when the borrower does not have full financial returns, or has not been a business for more than two years. Generally most banks will allow the borrowers to self certify their financial position and as a risk minimizer, interest rates are on some occasions (but not always) higher.
95% Home Loan: This refers to the LVR (loan to value ratio) that the bank will lend to. There are many banks that provide 95% finance to home buyers. These however are now mostly for existing customers of that particular bank (most to only 90% these days). Interest rates vary but see us for the most suited deal. Generally speaking - the higher percentage (LVR) the higher the risk to the bank. This is normally covered with a cost that is incurred at settlement called LMI (Lender's Mortgage Insurance - see Terminology).
Genuine Savings: For most loans above 80% LVR, a bank will require you now to evidence what is called Genuine Savings. This is to help determine your level of disipline when it comes to a sizable obligation. The banks will factor in that you are generally also paying rent (or another home loan), but these savings will need to be fairly consistent. These funds can generally notbe in the form of a gift or lump sum. If however a gift has been received, there are some banks that will accept this, if held in your account for around three months (that way you have shown at least the discipline not to spend it). The First Home Owners Grant is also not acceptable for this, but can be included in 'Funds to complete' (see Terminology page).
Bank Fees: Vary from bank to bank and sometimes the financier with the lowest interest rate could cost you more in fees. Our team will find the best deal to suit your special needs.
Commercial Loans: Many Banks now allow you to use residential property for a commercial loan and only charge residential rates of interest.
Offset/Line of Credit Loans: This allows you to use existing residential security to borrow up to a nominated amount. You can then pay into and draw out of up to this predetermined limit without needing to ask the bank. This is generally an option for investors.
When you need a home loan we'll come to you.
Please call us, on 07 4723 6000 or send an email.