|
Home >
Our Loan Products and Services
Excel Home Loans has a wide range of home loan products
to suit your individual needs, we specialise in the following
Home Loan and Mortgage
services;
Standard Variable Rate
Basic Variable Rate
Fixed Rate Home Loan
Debt Consolidation Loan
Lo Doc Home Loan (Low Documentation)
Line of Credit
Construction
Non - Conforming Home Loan
Equity Share
Standard
Variable Rate
Standard Variable Rate Home Loans are traditionally
the most popular type of loan and rates will vary depending
on the market. If rates go up or down, so will your
repayments.
This type of loan is traditionally the most flexible
and includes additional features such as extra repayments,
redrawing of funds, loan splits and interest only repayments
as well as principle and interest.
Basic
Variable Rate
Basic Variable rate home loans are normally lower than
standard variable rates but lack some of the features.
As with all variable rate loans, the interest rate may
be increased or decreased according to the market.
Fixed
Rate Home Loan
Fixed Rate loans can offer you a set term and interest
rate which will generally range from 12 months to 10
years. Fixed rate loans may appeal to borrowers who
like to keep a set budget as you can be certain of your
home loan repayments for the fixed period. Once the
fixed rate period is completed the rate will usually
revert to a variable rate unless you take up the option
to rollover for another fixed term.
Fixed loans however do not allow the reduction of
repayment amounts if official interest rates fall and
therefore you will not receive the financial benefit
that a variable rate loan can offer in this circumstance.
Fixed rate home loans can also be combined with variable
rate products to gain the best of both worlds; a variable
rate loan for flexibility and a fixed rate loan for
security.
Debt
Consolidation Loan
Consolidation loans allow you to roll all of your debts
into one, leaving you with one convenient loan payment.
If you have credit cards, personal loans or car loans,
you will generally find that they have a much higher
interest rate than a traditional home loan and therefore
by consolidating all your debts into your homeloan ,
you will be utilising a low home loan interest rate
and therefore lower monthly repayments.
A debt consolidation loan can be variable, fixed or
a line of credit.
Lo
Doc Home Loan (Low Documentation)
If you are wanting to buy a home or investment property
and you've been self-employed for a minimum of two years,
but do not have enough proof of income to qualify for
a standard home loan, this is the loan for you.
A LoDoc Home Loan is ideal for those who are:
- Self employed
- Financials not yet done
Line
of Credit
This product allows you to utilise the equity in your
property into a ready source of funds up to an agreed
limit. You can use these funds for any personal purpose
and access to funds is usually by writing a cheque,
using the internet or using a debit card. There are
no set principal repayments so as long as you meet interest,
fees and charges on a monthly basis, you can repay as
much or as little as you like.
This type of home loan is especially attractive to
investors who need ready access to funds. It is also
advantageous to high income earners who wish to reduce
the debt on their home at a much quicker rate. Line
of Credit loans usually attract a slightly higher rate
of interest than a traditional housing loan.
Construction
Construction loans are designed for first home buyers,
current home owners and investors, that are planning
to build a new house or are renovating their existing
home.
To commence with a construction loan you will need
to provide a contract for the purchase of the vacant
land, a fixed price contract for the construction and
also council approved plans to determine the full cost
to complete your home. The lender will then look to
approve your home loan based on the 'on completion'
value of your home.
During the time you are building, the lender will
inspect the site prior to making payments to the builder
on your behalf. You will only pay interest on the loan
amount drawn upon and paid to the builder at each step
of construction. On the completion of construction,
you can switch your loan into any of the loan types
that you feel would best suit your needs.
Non
- Conforming Home Loan
In recent times, new players have entered the market
called Non-conforming lenders. Non-conforming lenders
will exceed boundaries which other lenders will not
consider. We understand that people can find themselves
in situations where their credit history is effected
due to;
- Loss of employment
- Marriage break-up
- Injury preventing them from working
- Over exposure to debt
- Spiralling costs of living
- Bad credit management
- Bankruptcy
The advantage of a Non-conforming home loan is that clients
can restart their financial lives again. Disadvantages
of these type of home loans is that they will traditionally
include higher fees and higher rates, but if this type
of loan is managed well, borrowers may re-enter the traditional
home loan market in the future.
Equity
Share
An EFM loan is a type of loan secured by a mortgage
that allows you to borrow 10% ,15%, or 20% of the value
of an owner occupied property. No interest is charged
on the EFM loan and there are no regular repayments.
However to repay the EFM loan you must give us a share
of the increase in the value of the property which is
linked to the loan.
Contact us
today on 02 4627 8100 or 02 9567 7474 to talk to one
of our qualified loan assistants about your new Home
Loan.
View our list of Home
Loan Business Partners
Deposit Power Guarantee is a guarantee
or bond that substitutes for a Cash Deposit
between signing contracts and settlements, when purchasing
your home at Auction or through your Real Estate Agent.
Deposit Power Guarantees can be issued for all or part
of the deposit amount required, up to 10% of
the purchase price.
The Deposit Power products available include Short
Term Guarantee for settlement terms up to 6
months or Long Term Guarantee
for settlement terms between 6 and 36 months.
At Excel Home Loans we can arrange a Deposit
Bond within 24 hours, all we need is a
copy of your Loan Approval.
Please feel free to call and discuss these Guarantees
at anytime.
|
