Home Mortgage Loans
Home loan broker sell Australian lender products. To suit most customers there will be a mortgage product in the market.
Home loans are secured loan products. Value of home is a security against the loan, an Australian mortgage document is prepared accordingly.
Risk to a lender for a mortgage loan is less as they can recover money by selling house if customer default payments. Home loans attract best interest rates since the risk is less to the lender on them than other type of lending.
Construction loans, building loan, bridging finance, fixed rate mortgage, variable rate, 40 year term, bank said no, non conforming bad credit .... we have access to all products.
First Home Buyers
First home buyer help is available to purchase first home for owner occupied purpose. Amount of first home owner grant will change from time to time. Investment home loans & commercial mortgage do not qualify for this grant.
Reverse Mortgage Loans
There are loans for over fifty five. Seniors equity release is a type of mortgage loan where you can redraw equity value from home. They are for seniors over 55.
Most people in this category are equity rich but cash poor meaning no proper monthly income. A reverse mortgage allows them to cash some of equity to buy essentials. Since reverse mortgages need no monthly repayments, interest get accumulated to loan finally reducing it's equity.
Normal mortgage loans are to pay off debt monthly and to create equity but seniors loans work in reverse action. Property market creates equity from time to time when house prices go up therefore they might have some equity once again another day after several years.
Full doc low doc Loans
To obtain a loan you need to prove your ability to pay back. One way you could do that is by producing Income Tax Statements for 2 years and proof of income stability. A loan granted this basis is a full doc loan. LVR 95% plus LMI is possible on a Full Doc Loan, also there are family pledge 110% home loans.
Small business may not have full documentation to obtain a mortgage although they have sufficient income to repay a loan. Small business is defined as an entity registered with a ABN in Australia.
Many mortgage lenders look for 2 years ABN registration although you may find 1 day ABN accepted mortgage lenders. A self certified income declaration from a small business is accepted to lenders.
A loan with self declared income is a Low Doc Mortgage. Similarly Lo Doc is acceptable for car loans, commercial loans and equipment leases.
Risk involved with a Low Documentation loan is high therefore a loan with lower LVR is what you should expect. With lender mortgage insurance low doc 85% home loans are possible. Some lenders will require BAS statements or bank statements as well.
Currently we do not have No Doc Loans. Closest to No Doc Mortgage is a loan with 1 day ABN.
Vehicle Loans / Equipment Leasing
Commercial brokers sell vehicle loans and arrange equipment leasing. A car lease or equipment finance amount could be a 100% loan less residual value at the end of your lease. A monthly or weekly repayments available.
Normally car loan interest rates are higher than mortgages. There are options to include running cost of a car or equipment and these are called Operating Lease or Novated Leasing. Auto vehicles will include Boat Truck Caravan and equipment may be for Office, IT, Telecommunication, Construction, Medical, Dental, Mining, Catering or another related purpose.
Commercial Loans
Commercial loans are for commercial purposes, construction project, buy a factory or office unit, Equipment Leasing ..... These loans are covered by different regulations.
A commercial broker may charge a fee from you for his/her service. There are very competitive commercial mortgage rates available as these loans are large loans.
