The home loan market doesn’t ever stand still, new products are launched and or change almost every day. Your Platinum Finance broker can compare hundreds of different home loan products from various lenders to see which ones suit your goals and financial needs. When you are ready to discuss your options in more detail, simply make an appointment with one of our finance consultants.
Variable Loan
The rate charged on a variable loan moves up or down in accordance with movements in interest rates, however this is influenced by economic conditions, government policy and the rate that is set by the Reserve Bank of Australia.
Fixed Rate Loan
Fixed rate loans have an interest rate that is fixed for a certain period during the term of the loan, therefore fixed loan repayments. These loans offer borrowers the certainty of knowing what your repayments are and safeguards you against increasing interest rates. Although the fixed rate period may be 3 years, the total length of the loan itself may be 25 or 30 years. At the end of the fixed loan period you can decide whether to fix the loan again for another period of time at the current market rates or convert the loan to a variable interest rate for the remaining time left of the loan.
Interest Only Loans
You repay only the interest on the balance during the term of the loan; therefore, repayments are lower than with a standard principal and interest loan. At the end of the interest only period you must start making Principal and Interest Repayments over the remaining term of the loan. This can cut the cost of buying a residential investment property in the short-term, which could allow you to make greater contributions to your principal place of residence.
Low Doc Loan
A Low Doc is ideally suited for self-employed borrowers looking to refinance, purchase or renovate. No tax returns or financial reports are required. Instead, you may be required to “self-declare” your income by completing and signing an Income Declaration Form supplied by the Lender.
Full Doc Loan
A Full Doc is the most common form of loan. All employed people (PAYG) have to show full documentation (pay slips, tax returns, all income documentation).
