Fact Sheets

LENDERS MORTGAGE INSURANCE

LENDERS MORTGAGE INSURANCE Lenders Mortgage Insurance is often referred to as LMI. It is insurance that a lender takes out to insure itself against the risk of not recovering the full loan balance if the borrower (you) were unable to meet loan repayments. LMI is a one-off fee charged by the Lender to you when

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VARIABLE RATE LOANS

VARIABLE RATE LOANS Variable rate home loans are popular and offered by most lenders. With a variable rate loan, the interest rate you are charged can fluctuate in line with market interest rate changes. Because of this, your home loan repayments may also vary. Generally, the variable interest rate on your loan will move in

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SPLIT LOANS

SPLIT LOANS A split rate home loan is a loan that allows you to split your home loan into multiple loan accounts that attract different interest rates. A common example is to split your home loan to obtain a variable interest rate on one portion of the loan and a fixed rate on the other.

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OFFSET ACCOUNTS & REDRAW FACILITIES

OFFSET ACCOUNTS & REDRAW FACILITIES A mortgage offset account is a savings or transaction account that can be linked to your home loan. The balance in this account ‘offsets’ daily against the balance of your home loan before interest is calculated. An offset account can help you cut years off your home loan term and

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INTEREST ONLY LOANS & REPAYMENT TYPES

INTEREST ONLY LOANS & REPAYMENT TYPES The repayment on your mortgage will always include the interest payable on the amount borrowed, no matter what kind of loan you have. If you have a Principal & Interest loan (P&;I), part of your repayment will also be allocated to reducing the balance of the loan. With an

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DEBT CONSOLIDATION

DEBT CONSOLIDATION Debt consolidation involves bringing your existing debts together into one new loan. The objective is to reduce the number of individual payments you make and reduce the interest rate you are paying on your more expensive debts. This may be something to consider if you are: Managing multiple debt repayments and struggling to

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CREDIT CARDS

CREDIT CARDS Credit cards can be a convenient way to manage your finances, but they can also be expensive and risky. If you’re deciding whether or not a credit card is right for you, here are some of the things you should consider. What’s good about a Credit card Security. While there’s only a small chance

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FIRST HOME BUYERS FAMILY PLEDGE GUARANTEE

FIRST HOME BUYERS FAMILY PLEDGE GUARANTEE Saving the deposit for your first home can be difficult and take a number of years. One way to potentially get into your own home sooner is by having a family member act as a guarantor. Many lenders allow parents or someone who is close to you, to use

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Loans Types and Costs

Choosing the right loan Choosing the right loan makes your money work harder for you. However, deciding which loan is right for you can be overwhelming and confusing, due to the wide variety of home loans available—all with different interest rates and features. The good news is that as your mortgage broker, we can help

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Potential questions to ask your broker

Asking the right questions Before you meet with your mortgage broker for the frst time, you should think about what questions you need to ask. Asking questions is an important part of ensuring that you understand the home loan process and get the right loan for you. Having your questions answered professionally will help you

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Fixed Rate Home Loans

A fixed rate home loan allows you to set your interest rate for a period of one, three or five years. Sometimes, you can arrange to secure your interest rate for longer. Fixing your interest rate can be a suitable option for some people, however you need to be aware of the following: Fixed rate

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