Standard Variable Homeloan
This product is offered by most financial institutions as their main stream Homeloan. The
standard variable Homeloan has greater flexibility, more features and better options than the
‘Basic’ Homeloan. Some of the features and options include: Salary Crediting, redraw facilities,
off set accounts, additional repayments options, top ups, construction loans and fixed rate
options.
Basic Homeloan
The basic Homeloan if offered by most institutions, generally at a reduced interest rate. It has
minimal features but is very attractive to borrowers that are looking for a loan with out all the
other account features.
100% Homeloans
A 100% home loan is perfect for the First Home Buyer, you can borrow the full purchase price and
you don’t need a deposit. All you need are funds to cover the transaction costs such as: legal fees,
statutory charges and Lenders Mortgage Insurance (The First Home Owners Grant can be used to
assist covering these costs)
Low Doc Homeloans
The low doc Homeloans is a facility that enables self employed and PAYG clients the ability to
borrow monies where normal acceptable income streams are not apparent, or where current
financials are not available.
Construction Loan
Not all lenders offer a construction loan but ProMortgage has access to the lenders that do.
The terms and conditions of this type of lending should be discussed with a ProMortgage consultant.
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Fixed Rate Homeloan
A fixed rate Homeloan offers the borrowers some security in the event of interest rate increases.
However, the interest rate will not fall in the event of interest rate decreases. These loans are generally not flexible in relation to additional repayments, fixed rate term, restructuring etc. and because of this they may not be suitable to all borrowers.
Line of Credit
A line of credit is a revolving facility that allows the borrowers the flexibility to redraw
back up to the approved facility limit at anytime. This type of facility is particularly popular
for borrowers looking to re use their loan funds for home renovations etc.
Bridging / Relocation Loan
A bridging / relocation loan provides for the ability of the client to buy their new residence
prior to having sold their existing residence.
Reverse Mortgages
A reverse mortgage basically allows you to borrow against the value of your home. You’ll receive
either a lump sum or a regular monthly payment. Your obligation to repay the loan kicks in when
the following happens: you die, sell your home or leave it (to go into aged care for example).
Then, you or your estate has to repay the debt (including interest), usually out of the sale
proceeds of your home. The amount you can borrow depends on your age and value of the property.
Your ProMortgage Consultant will be able to go through the pro's & con's so you can decide if a
reverse mortgage is for you.
Deposit Bonds
A deposit bond is used to take the place of cash at time of exchange of contracts on the property
being purchased. More details on deposit bonds can be found here.
Lease / Hire Purchase
A ProMortgage consultant can assist with organising your lease / hire purchase, to purchase a
vehicle or do a fit out.
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