No Deposit Home Loans
No Deposit Loans are what the name suggests; the full 100% of the purchase price is financed with no deposit required. Some costs may need to be paid. As an extra to this, a 106% product is available that finances the costs of the stamp duty where required.
LO Doc Home Loans
Lo Doc Home Loans are mainly for Self Employed (or occasionally PAYG) customers who are not in a position to supply tax returns to support their stated income. No Doc loans are similar to the above with the exception that there is NO requirement for an income to be stated, these loans tend to be done below 60% LVR.
Relocation Loans are made to purchase a new home before you have sold your current home. Each lender differs, however during the term, payments are required on the calculated end debt, you can borrow up to a max of 85% of the amount for up to 1 year.
Introductory Interest Rates
Introductory rates are usually for the first 12 months; however they can be shorter or longer. The rate can be either fixed or variable and at the end of the term would normally go to the standard variable rate, some lenders will however allow you to switch (at a cost) to another product with a cheaper rate.
Professional Discounted Loans
Professional Discounted Loans are misnamed; they are closer to obtaining a discount for borrowing larger amounts rather than a specific occupation. Some lenders do have packages for certain professions however the discounts can be obtained above $150,000.
Basic Variable Rate Loans
These loans are quite often referred to as budget loans, they do not have the bells and whistles of the higher rate loans however they are always at a substantially lower rate.
Fixed Rate Loans
Fixed Rates are from1to 10 years, taking a fixed rate should not be a light decision as depending on the timing and the rate it can either be the best or the worst decision to make.
Split Home Loans
This is a simple facility where you have the ability to have a combination of fixed, variable, Interest Only, Lines of Credit or a mixture of all of them.
Second Tier Lending
This is a group of products that cater to either the Credit Impaired or just do not fit into the normal lending policies; these loans are generally at higher interest rates.