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Home Loans

This is a consumer product and is covered by the National Consumer Credit Protection Act.

Home loans are available for all types of residential properties, and you can also finance units or townhouses, whether single storey or in multi storey developments.

Construction loans can also be arranged should you wish to build you new home.
Home loans can even be arranged for hobby farms generally up to 150 acres. On these types of acreages, the property is not to be income producing ie not a working farm.

Various types of loans are available including variable loans where the interest rate varies according to market conditions or fixed rate loans where the interest rate is fixed for a period. Other types of features can also include offset accounts; redraw facilities, where you can redraw excess payments made over and above your agreed monthly payment.

Various repayment options are available, you can repay these loans by making principal and interest (P & I) payments up to 30 years, or alternatively you can have a period of only making interest only payment up to 10 years, and then convert to P & I payments .

Lenders will also allow splits if required where you loan is split into 2 or more loans with different features for example; one split being interest only and the other being a P & I loan.

Lenders will generally consider loans up to an LVR (Loan/Valuation ratio) of 95%. Any loans over an LVR of 80% require Lenders Mortgage Insurance (LMI). LMI is a form of insurance that allows lenders to lend above an LVR of 80%. It protects the Bank should they be forced to sell the security property. In that case the insurance company pays to the Bank the difference between the sale price and the amount owing. It is then the insurance company’s responsibility to seek that amount from the borrowers. The cost of the LMI is a one off premium amount paid by the borrower/s that can generally be added to the loan.

Should you wish to talk to us regarding a Home Loan, please complete the Loan Enquiry Form or give us a ring on 1300 559 974.