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Types of Loans

There are various types of home loans, all offering different rates and features. It is vital that you always check the terms of your loans. Our role as your finance specialist is to provide you with comparisons of various loan options from a panel of lenders, and assist you with choosing the right loan for your circumstances.

FIXED RATE LOANS

These loans are set at a fixed rate for a specified period - usually one to five years. Repayments do not rise or fall with interest fluctuations throughout the specified period. At the end of the term you can lock in another fixed rate, switch to variable or go for a split loan. These loans may have limited features and lack the flexibility of variable loans. There may be early exit fees and limited ability to make extra payments.

STANDARD VARIABLE RATE LOANS

The standard variable rate loan, like a basic or “no frills” loan, offers more flexibility than a fixed rate loan. A standard variable rate loan will often have more features than the ‘basic’ variable option so the rate may be slightly higher. The extra options (for example, a redraw facility, the option to split between fixed and variable, extra repayments and portability) should be taken into account when choosing your type of variable loan. Repayments will vary as interest rates fluctuate.

LINE OF CREDIT
Access Your Equity

Many home owners find it difficult and frustrating saving for things like holidays or renovations whilst paying off a mortgage but it doesn’t have to be. Home equity loans are designed to give you access to the equity in your existing home loan via a line of credit loan.
Mortgage refinancing is a common way of accessing the equity you have built up in your existing property. The equity in your home is the distinction between the property value and what you owe on your mortgage.
The amount you can borrow is subject to the amount of equity you have built up in your property and other criteria, as a guideline you are limited to borrowing a maximum of 90% of the value of the property.
You can use the funds from your line of credit loan to buy an investment property, renovate your existing home or to take a break.

LOW DOC LOANS

Low doc home loans for self employed borrowers can be used for residential, investment or business property purchases. Pricing and credit criteria vary significantly between lenders, so it’s important to understand the options available to you.
Many Australians enjoy the freedom of working for themselves, but being self-employed means time is of the essence, not to mention the challenge of keeping up with the paperwork of running your own business.
Many self-employed borrowers talk to a mortgage broker over a lender because they want a wider range of home loan options. Talking to a Solutions finance specialist will help you secure a competitive home loan with the right lender.
This means:

  • Simplified paperwork
  • A flexible application process
  • A competitive interest rate
  • Access to equity for your business/personal and investment finances

If you are self-employed and want to fund business growth or finance a new business initiative but have a fluctuating income then a Low Documentation (low doc) loan may be just what you are looking for. All you need is your ACN/ABN, last 12 months Business Activity Statements (BAS) and your latest account statement

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