Contemporary Australian Home

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Home Loan

What is a home loan? A home loan is a loan that’s taken out to cover the purchase of a property or land.

When you take out a mortgage, you decide how much of the property value you want to borrow and you can generally choose the length of time it will run for.

When looking for a good deal on a home loan (mortgage), the interest rate matters. A home loan is a long-term debt, so even a small difference in interest adds up over time. Since Home loans can come with a variety of options and features such as; an offset account, redraw account, split payments, and many more so it is important we work with you to find the best solution for your individual needs.

 

Types of home loans:

Variable Rate

With a variable rate home loan, your repayments can increase or decrease in line with fluctuations in the official cash rate. This could mean your payments increase when interest rates are high, but also decrease when they’re low.

Fixed Rate

A fixed-rate home loan allows you to lock in an interest rate on your loan (generally for 1 to 5 years). One of the benefits of this loan type is that it protects you against interest rate rises, however, it also means you won’t benefit from drops in interest rates.

Interest Only

With an interest-only home loan, for an initial set period, your repayments will only cover the interest on the amount borrowed (the principal). This means that for this set period, your repayments don’t go towards the amount borrowed, and so it doesn’t reduce.

Refinance and Consolidation

Refinancing is a great way to save on your home loan. Compare a range of home loan products to see if you can take advantage of a lower interest rate and save on your monthly repayments.

 

Non-Conforming

What are non-conforming loans? People with low credit scores due to; defaults, missed payments, judgments, and inquiries or who have financial needs that are a little out of the ordinary can often have trouble sourcing a home loan. This is where the product 'non-conforming loans' has been designed for individuals and companies that do not suit the 'traditional' financing model.

The main difference of a non-conforming loan is:

  • You don't have a perfect credit history (e.g. previously declared bankruptcy, missed loan/bill payments in the past)

  • You have a solid income, but not much of a deposit

  • Your work means you regularly change jobs (it may look like there's no stability, but it's just the nature of the industry)

  • You need to consolidate a few other debts such as personal loans, credit cards, or business debt

  • You have recently started a business or a new job

  • You are self-employed and can't supply all the traditional documentation needed

 

But even if the banks have said 'no', it doesn't mean there aren't other options, with over 60 different lenders on our panel we are confident we can find an option to suit your individual needs. 

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