There are many different options of home loans on the market, all with different rates, fees and features. If you haven’t already decided, the following might help you choose the type of loan that’s best suited to your situation.
Standard Variable Rate loans typically offer you maximum flexibility and great features, including the option to fix or split your loan, the ability to make additional repayments when you can afford to, and the option to redraw these funds for any purpose when you need to.
Basic Variable Rate loans offer a lower interest rate, but fewer features. However, you usually have the option to pay for additional flexibility and features when you need them.
Fixed Rate loans protect you against interest rate changes for an agreed time, so you have peace of mind knowing your repayments won’t increase. However, you won’t benefit if rates go down during the fixed term.
Combination or Split Rate loans combine the flexibility of a variable rate and the certainty of a fixed rate, so you benefit when rates drop, and are protected when they increase.
Credit Impaired/Non Conforming Loans have been designed especially to help borrowers who do not meet ‘standard’ lending criteria, including those who have an impaired credit history, are unable to provide the required documentation in support of their loan application, or wish to borrow more than 100% of the property value.
Home Equity Loans allow you to unlock the equity in your existing property for other opportunities such as renovating your home, investing in shares or managed funds, or financing an investment property.
Investment Property Finance offer the residential property investor a wide range of product options. Whether you want an investment loan for negative gearing, capital growth or retirement income, there are loans to satisfy both your long and short term investment strategies.
Line of Credit loans are interest only variable rate loans that allow you to borrow against the equity in a home with the added flexibility of a transaction account built into the home loan. Residential property can be one of the best investments you can make. However, to be successful, you do need to know the ropes. And that’s where we can help you – with a lot more than just a loan.
Each lender on the Regal Financial Services panel has slightly different terms. At Regal Financial Services we will explain the differences and how each loan could suit your needs.