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We sometimes call these “peace-of-mind loans”. A fixed rate loan means that the interest rate is locked in for a period of time decided by you. Fixed Rate Loans can usually be locked in for 1 to 10 years (sometimes longer). With a fixed rate loan you can feel secure in knowing your repayments during the fixed rate period.

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We sometimes call these loans “flexibility loans”. They don’t have the security of a fixed rate loan when it comes to interest rate rises but they usually have more features and allow for greater flexibility. Variable rate loans mean the rate can change… up or down… during the loan term. Variable rate loans can be discounted by the lender based on how much you borrow or how well we negotiate the best deal for you. Some Variable Rate Home Loans have a low rate during a honeymoon period and “no-frills” loans can have a lower variable rate for the life of the loan.

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Be careful when looking for the right loan. Don’t just look for the lowest interest rate. Use a knowledgeable and professional broker to consider other things as well such as set up fees, valuation costs, lenders mortgage insurance costs, early repayment fees, monthly fees, etc.

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These loans can be great in concept but do not suit everyone. A Line of Credit is an approved loan up to an agreed limit. You can pay as much off the loan at any time as you wish and you can access the difference between what you owe and the agreed limit at call. You might have your entire income directed to your line of credit every payday and this will reduce the interest you pay. You can then draw back out of the Line of Credit to cover your living costs. With proper advice and strict discipline from you, you can use a Line Of Credit to reduce your debt but do seek a mortgage reduction specialist to help you manage your Line of Credit effectively.

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Non-conforming loans are for people who have difficulty gaining a traditional loan at a normal bank due to poor credit history or employment instability. Non-Conforming Lenders often show more flexibility in giving clients a chance to establish themselves. Some of our most grateful clients have been people who were just about to lose their home but who have been saved with our expertise in placing them with a non-conforming lender. They can be more expensive loans but they need not be forever and they at least provide an option for some when the banks say “No”.

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Low doc loans are most commonly for self employed people who have irregular incomes or difficulty substantiating their income. Many lenders allow the applicants to self certify their income and this makes life simpler for those people who are so busy running their business that they haven’t completed all their financials or made the appointment with their accountant as yet. Low Doc loans allow you to state your income and the lender will use this to determine whether you can afford the Low Doc Loan.

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