Standard Variable Home Loans
Based on Fast Fix Finances experience, the most popular loan type is the Standard Variable Rate Loans. The loan does vary over the term of the loan and there are a number of factors that affect this including the Reserve Bank and the market in general such as inflation. If rates go up, then so will your repayments and if rates go down, then your repayments will follow suit. The Standard Variable Home Loan is the most flexible and some optional features include being able to make extra repayments, to redraw funds or to split your loan. It may also be possible to incorporate an introductory discounted rate with this type of loan. Introductory rates are usually effective for the first 12 months of the loan, at which it then reverts to the standard variable rate for a prescribed period.
If this sounds like the loan for you, please Contact one of our experienced and friendly loan consultants today.
[[enquireNow]]Basic Variable Rate Home Loans
Basic Variable Rate loans are sometimes referred to as 'no frills' loans. They generally offer a lower interest rate but with less features than a standard variable rate loan, and in some cases, more restrictions. If you require extra flexibility you may have to pay for it. As with all variable rate loans, the interest may be increased or decreased according to the Reserve Bank and current economic factors. If you are a budget conscious borrower, this may be the product for you.
If this sounds like the loan for you, please Contact one of our experienced and friendly loan consultants today.
[[enquireNow]]Fixed Rate Home Loans
If the certainty of set loan repayments appeals to you then perhaps a Fixed Rate loan is just what you need. Fixed Rate loans are based on a set term and interest rate, anywhere from 6 months to 10 years. This provides some level of security but does not allow the reduction of repayment amounts should official interest rates fall. Once the fixed rate period is finished the rate will usually revert to a variable rate unless you decide to rollover for another fixed term. These loans can be combined with variable rate products to provide a mix of security and flexibility. For example 70% of your loan could be a standard variable loan whilst the remaining 30% could be fixed.
If this sounds like the loan for you, please Contact one of our experienced and friendly loan consultants today.
[[enquireNow]]Line of Credit Home Loans
Line of Credit Home Loans is a great product for people who need quick access to money for business, personal or investment purposes and can prevent the need to take out a separate loan for items such as a motor vehicle, which saves you money because you are paying interest at the home loan rate. The line of credit works like a credit card and provides increased flexibility. The lender assigns you a credit limit secured against your property, and when you need cash you draw against that limit, usually by writing a cheque or using a special debit card. As you pay back the loan (the terms of repayment vary), the money becomes available to you again. As property and incomes increase, you may be able to borrow more via the Line of Credit facility.
If this sounds like the loan for you, please Contact one of our experienced and friendly loan consultants today.
[[enquireNow]]Low Doc Loans
Low Doc Loans are useful for borrowers who are unable to substantiate their level of income using conventional documentation required by most lenders or for borrowers who may have complicated financial structures. They are typically designed for people with special needs, and allow borrowers to forego the time and effort of culling tax records, bank statements, brokerage reports and other documents in order to obtain finance.
There are many variations on these types of loans, and it is a good idea for potential borrowers to find a program that meets specific asset or income requirements. Some low-doc mortgages allow customers to simply "state" their income by filling in a blank on the application. Others go so far as to not require any information about income, assets or even existing debt.
Each step down the ladder requires the borrower to put either more money of their own into the transaction or accept a higher interest rate. Many Low Doc products these days give borrowers the option to switch back to a conventional variable rate product after a set period of time without the need to show full financial statements, provided that they have maintained a good credit history during the Low Doc period.
If this sounds like the loan for you, please Contact one of our experienced and friendly loan consultants today.
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