Home Loans, Australia

Fixed Rate Home Loan
Fixed Rate is where there is a set interest rate for a fixed period of time, and then at the end of the term the normal variable rate is paid. An arrangement fee is usually payable when taking out this type of Home Loan.

With Fixed rate there may be early redemption charge (ERC) that in some cases may even extend beyond the fixed rate term. For example the fixed rate may be for a period of three years but the penalty period may extend to five years, during which you must pay the variable rate that the lender charges.

This practice is considered to be highly unfair, and now many providers offer fixed-rate Home Loans where there is no penalty for paying off or changing the Home Loan once the fixed rate period ceases.

A fixed rate may be chosen if you expect interest rates to rise generally, and enable you to plan your budgeting.

Capped Rate Home Loan
Capped Rates varies in line with general interest rates, but does not rise above the interest rate cap, or fall below a certain rate this is called an interest rate collar. This agreement lasts for a fixed period of time, after which the normal variable rate is paid.

Capped rates, like fixed enable you to plan your budget accordingly. An arrangement fee must be paid for a capped Home Loan and severe early redemption penalties will be paid during the first few years of a Home Loan if you change providers.

Discounted Rate Home Loan
Discounted Rates are very convenient if money is rather tight at the beginning of the Home Loan, but is likely to improve in the near future. It has a lower rate of interest in the earlier years and is predominantly intended for first time buyers, who initially have a low income.

However, caution should be taken when dealing with discounted rates, as with some deals the discount is not genuine and the interest saved in the earlier years is just added to the outstanding loan. These deals can cause a lot of problems when the outstanding loan becomes larger than the value of the home, or when you decide to move.

There are early redemption penalties with the discounted-rate Home Loan, and this penalty period extends further than the discount period, which therefore locks you into the lender's standard variable rate.

Variable Rate Home Loan
Variable Rate is the typical option chosen, where the interest that you pay depends on the general economy. The interest rates are constantly rising and falling, and therefore makes it difficult to predict what your payments will be annually.
In many other countries this option is considered far too risky, due to the uncertainty of the interest rates.

Cash Back
Cash back deals. Some standard variable rate Home Loans offer a cash sum when the Home Loan is taken out, which can be used in any way. This is not an interest rate option, but this sum can be invested and can be profitable.

With cash back deals there is an early redemption penalty period of five years, in which should you pay part or the entire Home Loan, you must also pay the cash back received. It may be beneficial to combine different interest rate options and some lenders allow you to do this.

Approved Home Loans - Whether you currently have a housing loan, investment loan or are thinking of consolidating all your debts such as your credit cards, personal loans and any other loans, Approved Home Loans will help you find the best possible financial solution and this at no cost to you
Aussie Home Loans - Features tools and tips, online loan calculators, information about current interest rates as well as advertised jobs.
Australian Mortgage and Finance - Broker features several calculators, including an Interest Savings Calculator, home loan tips and a toll free number.
Mortgage Results - Mortgage Results specialise in finding you the right home loan – the first time! We have been established for five years and offer an independent advice service
Australian Mortgage Brokers - Mortgage broker offering home loan matching from a wide selection of products. Features loan search and borrowing calculator.
Australian Mortgage Options Home Loans - Mortgage lender providing featuring online application forms and contact details.
Australian United Finance - Mortgage broker features links to online calculators and a newsletter.
Seniors Finance WA - Seniors Finance WA are Reverse Mortgage specialists and offer you a choice of loans to suit your individual needs. A Reverse Mortgage is specially designed for homeowners over the age of 60 and enables you to borrow from $10,000 to $500,000 based on your age and the value of your home
AustralianFinance.com - Australian Mortgage broker includes service information and an online application form.
Beach House Mortgage Options - Broker with an online application form.
Better Value Finance - On-line finance and mortgage broker. Includes a loan calculator, information on negative gearing, and mortgage related strategies.
Bluestone Mortgages - Lender specialising in non-conforming mortgages, with information, a repayment calculator and press centre.
Calvary Financial Services - Broker that also offers insurance and superannuation.
CDS Loans - Broker specialising in commercial and investment loans, features links to calculators and an online enquiry form.
Choice Home Loans - broker features a number of PDFs on various mortgage options.
CLO Finance Solutions - Mortgage broker with links, reports, and a mortgage related FAQ and Glossary.
Creative Home Loans - Mortgage Borker features a list of rates and fees, a calculator and details on a numkber of types of loans.
David Linco Home Loans - Mortgage broker with loan product selection from over 25 lenders, plus online mortgage calculators and free investing tips, loan information and links.
Specialist Mortgages - Specialist Mortgage commenced its brokering operation in Perth in 1989 making us one of the oldest Mortgage Originators in Australia. We are proudly family owned and managed and now have offices in Perth, Melbourne, Sydney, Singapore and Hong Kong employing some 35 staff and in excess of 150 associates Australia wide
Direct Mortgage Concepts - Mortgage broker featuring a news and links section.
Do Your Own Home Loan - Broker features explaination of mortgage jargon and Excel spreadsheet calculators for download.
Dr Mortgage - Mortgage broker with a toll free number and current interest rate.
Echoice - Information on how much you can borrow, guides to borrowing money afor those with previous credit problems as well listings of jobs available.
E.L. Group - The E.L Group offers a information about its mortgage debt reduction program, company information, testimonials and an online application form.
Finance Express - Mortgage broker with standard information.
Finance on the Net - Full online Australian finance facility covering equipment lease or rental, and property mortgage.
First Choice Mortgage Brokers - Mortgage Brokers with mortgage calculators, home loan interest rates, links, fact sheets and several articles.
Home Buyer Connections - Broker with a calculator, rate comparison and set of indutry and first home owners grant links.
Home Loan Connexion - Features a series of links to major vendors, a calculator as well as explainations of various loan types, fees, charges and features.
The Home Loan Shop - An independent brokerage service, including a list of Lenders, a repayment calculator and testimonials.
Homeloans Online - Provides a full range of mortgage financing services to Australia.
Independent Mortgage Consulting - Mortgage broker features mortgage calculators, information useful in property purchasing and home ownership and an emailed newsletter.
Internet Home Loans - Broker with a detailed Q and A section on home loan related issues, and an online application form.
Loanfinder - Mortgage financing service for Australian home buyers.
LoanSense - Australian-specific information on Home Loans from a borrower/buyer perspective, including recommended reading, a borrower's check list and links to calculators and other resources.
Loansite - Australian mortgage lender, with a basic loan calculator, company information and an online contact form.
Macrofinans - Mortgage broker featuring stamp duty calculator for Australian states and territories as well as a Q&A mortgage finder.
Money St - Broker features calculators and Comparison Rate Schedule PDFs for downmload.
Mortgage Australia - Provides mortgage advice for property buyers in Australia.
Mortgage Brooks Group - One of the country's largest non-bank lender networks.
Mortgage Choice - Mortgage broker with information for first home buyers and home loan calculators.
Mortgage Comparison Specialist - Broker that features an extensive set of Mortgage calculators, as well as a vendor to purchaser real estate service.
Mortgage Force - Features borrowing capacity, stamp duty and repayment calculators as well as product, service and lender details.
Mortgage Free Australia - Offers information on mortgage reduction strategies.
The Mortgage Gallery - Features a home loan calculator, comparison of different loan types and an online contact form.
Mortgage House of Australia - Broker with a large number of offices, extensive loan offerrings, calculators and a list of interest rates for various loan offerrings.
Mortgage Masters - A financial services organisation with a range of mortgage products on offer.
The Mortgage Professionals - Provides mortgage financing to residents in Australia.
Mortgage Trend - Mortgage broker specialising in revolving credit.
Mortgage World Australia - Arranges mortgage financing through a network of lenders.
Mortgages by Design - Broker featuring information on a number of loan products.
National Mortgage Company - A mortgage lending company, includes contact details, online banking and an online enquiry form.
Nationwide Mortgage Corporation - Offers mortgage loans for purchase, refinance and construction.
Non Conforming Loans Australia - Broker with usual information as well as a Future Property Value Calculator.
Omega Home Loans - Mortgage broker with a home loan calculator, information about different loan types and an online application form.
OnlineLoans.com.au - Australia - Broker site features links to calculators and an online application form.
Proper Finance Solutions - Broker featuring links to industry bodies and online contact forms.
Prudent Home Loans - Broker and MIAA member features an FAQ and a number of flash based calculators.
Rams Home Loans - Home loans, insurance and related services.
Real Choice Mortgages - Mortgage broker with information about the borrowing process, calculators and tips for first home buyers.
Refund Home Loans - Mortgage broking company offering loan products from over 25 Australian lenders. Successful loan applicants will receive a refund from the commission the lenders pay us.
RightLoan - Mortgage product comparison service that requires sign up to access its services.
Select Mortgage Services - Assists any prospective home purchaser in Australia obtain the right mortgage for their particuliar need.
Smartline Home Loans Group - A mortgage broker that provides a financial toolkit, to answer questions about getting a home loan, a list of consultants contact details.
Webdeal Home Loans - Offers information on home loans, mortgages, bad credit loans, debt consolidation, and online application forms.
Wizard - Residential mortgages, home loans and personal loan provider, includes a loan calculator, contact details, online loan application forms and links to home buying information.
Yes Home Loans - Residential mortgage provider features an online calculator, mortgage news and an online application form

Your home is not just a home - it is a financial tool

You can do many things with your home other than just live in it. You can use the value in your home for fiscal gain. First off, you can use the equity in your home to pay off debt at a much lower rate. For instance, say you're paying $1,500 a month on $30,000 of debt. If you have the equity, you can do a cash-out refinance and pay off the debt and your home loan payment might only go up $300. This gives you an additional $1,200 in monthly cash flow. For this to be really effective you need to realize that you can't get into that much debt again because you might not have the equity to bail you out again. Another thing you can do is take all the equity out of your home and invest it. You may be able to make more money on the investment than you pay out in interest over the life of the new loan. It is important to know that if you choose to take cash out of your home and invest it, you should seek the advice of a certified financial planner. Not many people take advantage of this because it can be risky, but it is an option.

If you are considering refinancing, also remember that there are a variety of different home loans. If you plan on living in your home for a long period of time, you may want to consider the traditional fixed-rate 15- or 30-year loan. Another option is to choose an adjustable rate home loan and consider refinancing again in a few years. By refinancing, you can choose the perfect home loan for your needs, which may have changed since you first bought your home. A home loan broker can be a useful tool to help find the most appropriate home loan for your refinancing.

Reducing Your Home Loan

Any payment that is in excess of your normal minimum monthly payment will reduce the amount of interest charged on your account. Interest is calculated on the balance outstanding on your account at the end of each month and debited on the 1st.

Lump Sum Overpayments

These are Lump Sums Payments in excess of £1,000 which are in addition to your normal minimum monthly payment, whichever is the higher. When you make a payment of this type you should inform us so that we can ensure that it shows on your account as a Lump Sum Overpayment. We will then automatically adjust your monthly payment and inform you of the reduced amount.

Overpayments

You can make small overpayments at any time by cash or cheque, or you can instruct your bank to increase your payment if you pay by standing order. If you pay by direct debit, please advise us of the amount you would like to pay and we will automatically collect the increased amount. You will be charged less interest each month.
If you have a capital & interest (repayment) Home Loan, your Home Loan term will begin to reduce.
If you have an interest only Home Loan your outstanding balance will be reduced.

Paying off (redeeming) your Home Loan

If you would like to repay your Home Loan in full, contact us and we will prepare a redemption statement for you. There may be a cost for this.

Fees and Penalties

Some types of Home Loan may incur a penalty if you make capital repayments or if you pay off your Home Loan in full within a certain period. If you are unsure, please contact us and we will confirm the terms and conditions of your Home Loan.

Financial matters and in particular, home loans, can be very daunting things to deal with, especially if you do not feel that you are fully informed on the subject. Within these pages here, we hope to be able to provide sufficient information about home loans to help you understand the process inside out, whether you are looking to apply for your first home loan, looking to transfer your home loan to a new lender or maybe purchase a second property with a home loan. On this site we are aiming to provide a straightforward independent guide to home loans where any technical terms will be explained thoroughly to ensure the information is easy to read and understand.

First of all, to start with the basics, we would like to explain exactly what a home loan is: -

A home loan is a loan secured against your home. "Secured" means that if you do not keep up the repayments, the lender can sell your house to get their money back.

The Financial Services Authority (FSA) is an independent regulator set up by the government to monitor the Financial Services Industry and protect consumers. From 31st October 2004, the Financial Services Authority regulates the majority of home loans sold meaning that the home loan lenders now have to meet certain standards set by the Financial Services Authority. These standards include:
Ensuring that charges are not excessive.
Providing clear information to potential clients in a standard format, which has been overseen by the FSA. This should make it easier for the customer to compare services and home loan quotes from different lenders and banks.
Offering greater protection should a person get into arrears with their home loan payments.
Ensuring price information (including apr) in any marketing material and home loan advertising is clear and easy to understand.
Offering a suitable home loan to a person based on the information they provide when they approach a lender to seek advice.
The above mentioned standards should now assist in ensuring that customers have a better understanding of the options open to them when applying for a home loan.

LoanWeb
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LowCostLending.com
Complete our simple and secure short form, and see the names of up to 4 lenders. Start now and in less than 5 minutes you can make lenders compete for your next mortgage.

FHALoan.com
An FHA insured loan will let you purchase a home with a low down payment and flexible guidelines. Let FHALoan.com help you get an FHA insured mortgage loan at the lowest possible rates.

Libor Loans
National Database of Mortgage Lenders offering Interest Only and Libor Loans. Maximize Your Cash Flow with Loans up to $6,000,000 !

CompareInterestRates.com
Complete our short form and get personalized mortgage rate quotes from lenders in your state. Our listed rates are updated daily by our lenders. Compare before you buy or refinance!

Mortgages First Associates, LLC
Mortgages First is a national mortgage broker/banker. Since our launch in 1997, we have led the industry in online closed loan volume.

Web Source Holdings
Increase Cash flow or Buy more Home All 50 States Low Margins Stated Income and No Doc Loans No Obligation fast approvals Loan Comparisons and Calculators.

Lifestyle Mortgage LLC
Mortgage Broker home loans with lowest rates. Refinance mortgages with best home loan programs. First time loan and zero down home loan. Real Estate Investor financing forclosures, bad credit, and slow credit is ok.

FastFind Mortgage
Refinance your mortgage and find low mortgage interest providers. All credit types welcome. Receive up to four FREE custom rate quotes. Quick form. No obligation, no credit check.

EasyDirectQuotes.com
At EasyDirectQuotes.com we have hundreds of loan specialists that are waiting to help achieve your mortgage goal. Start Now and get closer to getting that loan approved.

321HomeRealty.com
Providing high quality mortgage programs at the most competitive rates in the nation. Home loan programs include: purchase, refinance, debt consolidation, home equity loans, second mortgages, construction loans and commercial loans.

MortgageRates4Less
Providing consumers with timely and quality mortgage quotes from up to 4 lenders. Our network of 100's of lenders represent some of the top mortgage companies in the country.

Mortgage101.com
A leader in educating online consumers about the mortgage process and connecting them with the best rates, programs, and local mortgage companies.

Ben Minor - Countrywide Home Loans
Nationwide Morgage Lender, Purchase, Refinance, Construction Loans.

MortgageLoan.com
Served consumers who search for the best mortgage loans, refinancing and home equity loans in California, Florida, Texas, New York, Washington and most other states.

CommercialBanc
CommercialBanc is a licensed lender and commercial mortgage banking firm providing low rate apartment loans, commercial loans, and conduit loans nationwide.

Global Lending Corporation
Home loan mortgages, refinancing and home equity loans in TN, IN, AL, MS, MO, FL and CO. A lenders home loan mortgage customized for you!