Home Loans
You have a wide choice and may specify what you want from your loan and we will tailor it to suit your requirements. You may use a home loan to purchase new or existing homes for owner/occupation, investment purposes or for refinancing and consolidating, even start up business.
Your selection includes the following -
Variable Rate - This changes with the market and is determined by the reserve bank. A very flexible product.
Basic Rate - A no frill product with a lower rate. It has fewer features but if you don't need the extras why pay for them!
Fixed Loans - A chosen interest rate from usually 1- 5 years for certainty of your repayment for the selected term.
Split Loan - You may choose to fix a portion of your loan and have the other variable. The best of both worlds.
Maximum Loan Amount - 100% of the value of the property or the purchase price. The lower of the two.
Maximum Term Available - 30 years.
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First Home Buyers
First home buyers may use the First Home Buyers Grant and monetary gifts as part of their deposit. We will submit your grant application with your chosen lender. It takes approximately 3 days for approval and is paid when your loan is advanced. We can qualify you upon application.
Maximum Loan Amount - 100% of the value of the property or the purchase price. The lower of the two.
Maximum Term Available - 30 years.
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Investment Loans
Investors are given the same choices as in Home Loans.
You can use the equity in any other home you own to purchase an investment property. This can sometimes allow you to borrow the full purchase price as well as enough for the stamp duty and legal costs, as well as any extra required for repairs and renovations that may be required.
Investors with enough equity in another property do not need to have a cash deposit.
Maximum Loan Amount - 95% of the value of the property or the purchase price. The lower of the two.
Maximum Term Available - 30 years.
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Line of Credit
Most lenders offer a revolving line of credit or equity loan. An approved limit is set at your requested amount. The maximum amount being 90% of the value of your property. You pay interest only on what you use. You have access to that limit like a credit card.
So, if you pay it off you can go and buy shares or another property or a car without ever having to consult the bank again. You can use it to pay for whatever you like. You can have a total amount approved and have it split up in separate portions. Statements are issued monthly with the required minimum repayment generally interest only. You can have your salary paid directly into it and have direct debits set up on it.
You are issued with a selection of credit cards, eftpos cards and chequebooks.
This is a very flexible product that can save you a lot in interest and future loan application fees as well as reduce the term of your loan.
Definitely for the budget conscious though.
Maximum Loan Amount - 90% of the value of the property or the purchase price. The lower of the two.
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Land Loans
A 10% deposit is required for the purchase of a residential block of land.
Loans for land zoned rural can also be approved. The amount of deposit is determined by where the land is and the size of it.
A land loan can be increased and converted to a normal home loan when you are ready to build.
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Construction Loans
Construction loans can be 95% of the completed value of the house and land combined if you are using a registered builder.
Council approved plans, specifications and a firm tender must be provided.
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Relocation Loans
If you have found your dream home before selling your existing home this loan may suit you. You do need to have quite a lot of equity in you existing home, as this will be used as security.
You are lent the full loan amount as well as the extra for your costs. You then have 6 months to sell your existing home. The interest rate is generally the variable rate at the time. Interest is added onto the loan monthly and you are not required to make repayments until your house is sold. You then repay a lump sum and are left with your new loan balance and switch to a normal loan.
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Non-Conforming Loans
We understand that not everyone fits the banks sometimes strict lending criteria. Fortunately, there are alternative lenders, who can assist.
You may simply have run into financial hardship and fallen behind in your repayments for various reasons. We understand that this could happen to anyone. There are alternatives for you. These lenders generally charge a slightly higher interest rate as the idea is to get you back on track and then switch you back to a regular lending institution.
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Commercial/Business Loans
We can arrange commercial and business loans to suit your needs.
Terms and conditions available on request as each application is so different.
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Deposit Power Bonds
A deposit power bond is a bond or a guarantee, which acts as a substitute for a cash deposit between signing contracts and settling on a property. A bond is available to people who have had their loan approved. Generally used by investors who have borrowed the full amount of their property or convenient for auctions.
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Insurance
Many lending institutions offer competitive insurance cover for home, contents, life and income protection. They generally offer a discount of their establishment costs if you take out a policy with them.
As an added service we can assist in organising this for you. It is the banks requirements that you provide proof of house insurance before settlement can occur.
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Our service is COMPLIMENTARY!
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