FAQ’s

Stamp duty is a sizeable amount so most banks will only allow you to borrow to pay for the cost of stamp duty if your loan is backed by a guarantor.

In the event of you having credit ratings, we have lenders that would be happy to look at your application on a case by case basis. These lenders are more interested in your present financial circumstances and ability to pay back the loan, rather than defaults or negative listings from the past, however please keep in mind they come with higher fees and interest rate. It's hard to establish without looking at your current situation. Let us have a chat with you today.

We work with a variety of lenders and can find the cheapest and best loan package available to suit your needs. Is your bank going to tell you if another bank is cheaper? Are they going to tell you if another lender’s products suit your needs? No matter how sticky you think your situation is, let us introduce you to the wide range of lending options. With our experience, knowledge and contacts, we will know which lenders are able to help you.

A Family Guarantee, Family Pledge or Guarantor Loan, allows family members (generally a parent, grandparent or in-law) to use the equity in their home as additional security for a portion of your loan amount. This means, you may be able to avoid lender's mortgage insurance and possibly reduce your deposit requirements.

We have access to most banks and lenders, big or small. Having all this access and knowledge, we are able to explore the lending option to suit your needs.

For self-employed workers, or those that own their own business, a Low Doc Loans can be a good option as a lower level of documentation is required, not offered by all lenders and there are some conditions.

Variable Loan

The rate charged on a variable loan moves up or down in accordance with movements in interest rates, as set by the Reserve Bank. Basic variable loans generally have fewer loan features than a standard variable loan. Basic variable loans are suitable if you are looking to pay off a consistent amount over the full term of the loan, but are not suitable if you are looking to pay off your mortgage quickly.

Fixed Loans

A fixed rate loan is a loan that has a fixed interest rate and therefore fixed loan repayments. The time period of these loans can vary, but you can usually “lock in” your repayments for between 1 - 10 years. Although the fixed rate period may be 3 years, the total length of the loan itself may be 25 or 30 years. At the end of the fixed loan period you can decide whether to fix the loan again for another period of time at the current market rates or convert the loan to a variable interest rate for the remaining time left of the loan.

Interest Only

You repay only the interest on the principal during the term of the loan; therefore, repayments are lower than with a standard principal and interest loan. At the end of the interest only period - usually one to five years - you must start making Principal and Interest Repayments over the remaining term of the loan.

Line of Credit

This type of property loan revolves around equity built up in your property and allows access to funds when needed. These products are creative ways to raise funds for investment by providing cash up to a pre-arranged limit. Each month the loan account balance is reduced by the amount of cash coming in and increased by the amount paid on the credit card or withdrawn in cash. As long as there is consistently more cash coming in than going out these accounts can work well. However, they can be very costly if the balance of the line of credit is not regularly reduced. It requires an interest-only payment as a minimum each month, which can add up to a lot of interest over the long term.

Low DOC

A low-doc or no-doc mortgage is ideally suited for investors or self-employed borrowers looking to refinance, purchase or renovate. No tax returns or financial reports are required.

Introductory Loans

The interest rate is usually low to attract borrowers. Also known as a honeymoon rate, this rate generally lasts only for around 12 months before it rises. Rates can be fixed or capped. Most revert to the standard rates at the end of the honeymoon period.

Non - Confirming Loans

People with poor credit ratings often have trouble sourcing a home loan. Many lenders now offer what are known as ‘non-conforming loans’ for people in this type of situation. While lenders are willing to overlook prior credit problems, they will want to see some evidence of your ability to repay the loan. A larger deposit than is required for traditional loans will generally be required also.