Home Loan Types, Home Loans In Australia - Honey Loans

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Home Loan Types
 

Our choice lenders offer a large range of home loan types to accommodate almost every situation.  Apply for your Home Loan !

Home Loan Types:

  • Basic Variable Loan
  • Standard Variable Loan
  • Fixed Rate Loan
  • Combination Rate Loan
  • Honeymoon Loan
  • Lo Doc / No Doc Loans
  • Line of Credit Loans
  • Home Equity Loans
  • 100% Offset Loans
  • No Deposit Loans
  • Non Conforming Loans
  • Credit Impaired Loans
  • Bridging Loans
  • Renovation Loans
     

Basic Variable Loan

Basic variable loans , generally offer a lower interest rate than the Standard Variable loan but also include fewer features and less flexibility. A Basic Variable Loan is best suited to a budget conscious borrower looking for a ‘no frills’ loan.


Standard Variable Loan

Standard variable loans are the most popular loan product. They offer both flexibility and desirable features such as the ability to split the loan, make extra repayments, take out loan re-draws.

Fixed Rate Loan

Fixed rate loans, as the name suggests allows the customer to fix the loan rate for a predetermined period of time usually 1 – 5 years. At the end of that time the loan reverts to a variable rate or you can renegotiate a further fixed term. By locking-in the interest rate you are protecting against rising interest rates and your monthly repayments remain the same throughout the fixed period.

 

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Combination Rate Loan

Combination Loan, also known as a ‘Split Rate Loan’ combines the flexibility of a variable rate on a portion of the loan with the benefit of a fixed rate on the balance. In this way you are protected when the rates increase and also benefit when they drop.

Honeymoon Loans

Honeymoon loans, also known as ‘Discounted Introductory Loans’ offer lower rates for six to twelve months or longer. After this period the loan reverts to a standard variable rate and the repayments increase.


Low Doc Loans / No Doc Loans

Lo Doc or No Doc Loans are specifically designed for applicants who are self employed, PAYG, seasonal workers and small business owners who have income and assets but may not have the traditional forms of income evidence such as financial statements or tax returns at the time of the application. This type of loan is generally flexible and includes a variety of features.

Line of Credit Loans

Line of credit loans are a tax efficient money management tool which enable you to take advantage of investment opportunities as they arise. This is a flexible loan product secured by an existing property that enables you to draw down funds as you need them

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Home Equity Loans

Home Equity Loans offer you a revolving line of credit which provides you access to the equity in your home. Equity is the amount of your home that you actually own – it is the difference between what your home is worth and what you currently owe. A Home Equity Loan lets you borrow against your equity for any worthwhile purpose at an interest rate which is lower than a personal loan. This loan may be used to finance a holiday, home renovation, purchase of a car or investment.

100% Offset Loans

Offset Loans link up an everyday transaction account to your mortgage. The funds in your offset account are deducted from mortgage loan balance before interest is calculated. Therefore your credit balances are earning interest at the same interest rate you are being charged on your main loan. The Offset account operates much like an every-day savings account. It usually offers ATM access and a cheque book. Whilst most lenders offer mortgage offset account facilities the amount and percentage of offset can vary between lenders.

 

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Non Conforming Loans

There are many different reasons for why a person does not meet the typical lending criteria for taking out a loan. Non Conforming Loans are designed especially for such circumstances.

Some of the most common reasons include:

  • Newly employed
  • Working part-time, casually or as a contractor
  • Insufficient records of past savings
  • Inadequate deposit amount
  • Non-existent credit record
  • A change in life events such as recently divorced or temporarily unemployed
  • Age
  • Non traditional security

Credit Impaired Loans

Credit Impaired Loans are designed for customers who have had loan arrears, unpaid or paid defaults and judgments, or even a bankruptcy history. If you believe that you may have a credit history concern, it is best to verify early that all the information in your credit report is correct. To obtain your own credit history report click here www.mycreditfile.com.au 

Bridging Loans

Bridging Loan is a short-term housing loan where interest only payments are either paid by borrowers or capitalised into the loan. The principal is due for repayment at the end of the loan term. This type of loan has been developed to meet the needs of borrowers who purchase a new property prior to selling their existing one.

Renovation Loans

Renovating you home can be both exciting and challenging. We understand that during the renovation period you may need to put up with numerous inconveniences around your home. We would like to make sure that accessing funds for home renovation is made as simple as possible.

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