Mortgage Broker CAMDEN.

Basic Home Loan

A Basic or "no frills" home loan is a variable rate loan that generally comes with a lower rate but with less features than a standard variable loan.

Fixed Rate Home Loan

A fixed rate home loan offers a set rate for a period of time, from 1 to 10 years. They typically suits someone who is working to a tight budget, is sensitive to interest rate movements and is not planning on making large lump sum repayments.

Many lenders restrict extra repayments or redraw during the fixed period, so if you are planning on these a fixed rate may not be the bext solution. There can also be potential break cost/early termination fees that may apply if you choose to pay the loan out during the fixed period.

Line of Credit

A line of credit or equity loan is an interest only product that allows you to draw from available equity in your current home. It can be used for home renovations, pucrhase a new car, a deposit on an investmnet property or other personal purchases.

As these are interest only products you only pay interest on what you have drawn from the loan, making them a good choice for renvations or investmnet purcahses.

Construction loans

As the name suggests these loans are used when you are building your new home. They may also be used if youa re doing major renovatiosn to your existing house.

Contsurctiosn laons are genrally based on progressive progress payments made to the builder so during the build you only pay on what has been drawn. This is s great feature if you are renting and paying another mortgage while waiting to move into yoru dream home.

Non Conforming Loans

Non confirming loans are for people who do not fit the "normal" bank criteria. Reasons may be poor credit, self employed, sort term employment or simply a change in circumstances that the banks will not lend for.

They do come with hoigher rates than normal loans, but are a good alternative to help you out of your current circumstances. Generally they are short term and once the issues can be overcome, the option is to then revert back to a "normal" loan.