Loan Types

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Home Loan Types

Fixed Rate Loan

A fixed rate loan gives you the certainty of knowing that your interest rate will not change during the term you have chosen. Generally, you can choose from 1-5 years fixed rates, some lenders allow you to make extra repayments into the loan. These amounts are then available for redraw, if required (conditions may apply). Many lenders have restrictions on paying extra into these loans and if you wish to break the fixed rate loan term early, there can be high penalties incurred. You may also pay a fixed rate lock in fee to secure your interest rate for 90 days.

Split / Combination Loan

A split loan is a home loan type that allows borrowers to have a combination of variable and fixed rate loans. This option appeals to a lot of First Home Buyers as they get the flexibility and certainty of a variable & fixed interest rate loan, offering the best of both worlds. The fixed rate allows you to know the set repayment amount (which helps when budgeting), and the variable rate loan allows you to pay extra whenever you have additional money.

Bridging Loan

Bridging finance is often required when a client wishes to purchase a property prior to selling their existing home. The interest on a bridging loan either needs to be paid monthly or can be capitalised / compounded onto the loan debt. A bridging loan will require equity in your existing home to obtain this finance. It is recommended that you obtain pre-approval for a bridging loan prior to purchasing your new home as there are strict requirements for this loan.

Guarantor / Family Pledge Loan

Often parents or relatives would like to help their family in purchasing a property. Sometimes this can be a “gifted deposit” of money and/or are willing to put up their property to help as a deposit towards the loan borrowings. This allows the loan borrower to potentially borrow up to 100% loan finance and avoid paying Lenders Mortgage Insurance (LMI). It is often a requirement from the lender that the guarantors have the loan papers signed with an independent legal representative (Lawyer / Solicitor)

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