For some, buying your first home can be exciting but for others, a daunting experience. At Loan Connect we like to keep things simple. We understand you will be faced with a variety of options and the entire process can not only be confusing, but also lengthy. However, at Loan Connect, we have access to resources which will compare hundreds of loan products and from this, we will choose the best loan for you, one that will not only suit your current financial circumstances but will also cater for future commitments. More importantly, our consultants will explain it all you in plain, simple English.
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Although you’ve been there before, it doesn’t get any easier when it comes to moving or applying for another loan. At Loan Connect, we are here to ease the burden and headache of having to organize paperwork and most of all, deal with the banks on your behalf – at no extra cost. Those of us at Loan Connect will be more than happy to sit down with you for a consultation to provide simple and easy answers to your questions – nut out your current circumstances and find the right loan for you. We provide hassle free loan applications, so why not contact your local Loan Connect broker today.
Want to buy an investment property but don’t know where to start looking? At Loan Connect we are partnered with property researchers who specialise in investment properties. They will help you find not only the best place to invest but at a price you are happy with. They will ensure your benefits from the investment property are maximised and alongside our team at Loan Connect, we will look after your investment loan, securing minimum monthly repayments and fees.
With the current market today, interest rates tend to be quite volatile which begs the question, have you got the right home loan? As there are a wide range of loan products and incentives made available by the bank, Loan Connect will be able to sit down with you, re-assess your current loan and find you a better loan product catered to your circumstances and most importantly, with lower interest rates and fees. Why refinance you ask? Refinancing not only provides opportunity, but a peace of mind with an interest rate that’s right for you. Further, it provides you with the opportunity to consolidate all your debts, including credit cards and personal loans, reducing your interest rate and lowering your monthly repayments. Looking to invest or complete some DIY renovations? Refinancing will unlock the equity in your home, giving you the opportunity to fund your next project. Contact one of our specialist brokers for a quick chat and we will advise whether it is worth refinancing your current loan.
Looking to build your dream home? A Construction Loan will provide you with the funds you need to finance construction of any kind, whether you’re planning on knocking down and rebuilding, making structural renovations or repairs to your home. A construction loan is ideal as it allows you to progressively draw funds at various stages of your project, drastically reducing your interest repayments – which is always beneficial. This is known as progressive draw down. As the construction of your dream home progresses so too does the payments made to the builder. Generally, there are five stages at which payments are made:
1. Pad (slab) down
2. Wall constructed – plate high
3. Lock up stage
4. Fit out
5. On completion
Therefore, this will not only add to the value of your property but will also increase the equity available.
Standard Variable Rate loans are Australia’s most common loan product, offering flexibility and optional features. This type of loan allows to you make additional repayments when you feel comfortable to do so and redraw them as you please. Under this type of loan, your monthly will be dependent upon the cash rate which is released on the first Tuesday of every month by the Reserve Bank of Australia. Further, if the cash rate rises or falls, so does your monthly repayments. Interest rates are affected by the fluctuations of the RBA’s cash rate. That is, if the interest rates fall, so to do your mortgage repayments, and vice versa.
Are you self employed and can’t provide financial documents to obtain a loan? Low Doc loan is the right loan for you. Unlike other loans, lo doc loans, also known as low documentation loans, do not require the traditional proof of income such as financial statements or tax returns. Generally, all you are required to do is complete a self-certification declaration, confirming you can afford the loan.
Line of Credit uses your home or investment property as security. In other words, Line of Credit allows you to borrow against the equity available in your home or investment property. It is a flexible product as it only requires you to pay interest on the money used, further building on your property portfolio. It is important to note that Line of Credit loans are interest only, variable loans.
A Non-conforming loan provides you with the opportunity to obtain a loan even though you may have an impaired credit history. We have a panel of selected lenders who will genuinely strive to assist you obtain the loan you need in order to get you back on your feet, even when you have been turned down by the banks.
Basic variable rate loans offer basic loans with basic features and are generally offered at a lower interest rate than most. Like the Standard Variable Rate Loans, your repayments are subject to change dependent upon the rise and fall of the cash rate determined by the Reserve Bank of Australia.
Fixed rate loans offer stability, eliminating the volatile nature of interest rates and the uncertainness of the housing market. Although you may be confined to restrictions during the fixed rate period, such as not being able to make extra repayments or redraw funds, this may be the loan for you if you’d prefer to work within a fixed budget or simply just can’t wrap your head around the mechanics of our financial system.
There are two methods in which you are able to repay your loan:
1. Principle and interest – which allows you to repay your actual loan as well as interest simultaneously. This option is most suitable to those who wish to pay off their home quickly.
2. Interest only – which only requires you to pay the interest amount only. This method is better suited to first home buyers or investment purchasers as it offers a flexible cash flow.