Empire Finance Brokers

Home Loans in Australia

Home loans in Australia

Looking for a new home loan and don’t know where to start?

You have come to the right place as we are here to help. 

With access to over 25 different home loan lenders in Australia, we can provide you with more choice.

The best thing you can do is start your journey by having an obligation-free chat with us before you get started. We will complete a fact find to discover what your financial position is and what you need to do to get ready to apply for a home loan.

Compare different types of home loans available today

 

Standard Variable Rate Loans

This is probably the most common home loan with terms of up to 30 years available. These loans offer many features such as flexible repayments, redraw facility, repayment holidays, 100% offset, and a choice of either interest only or principal and interest repayments. The interest rate is variable which means it can go up or down over the term of the loan. This loan is suitable for most borrowers looking for a full range of features.

Basic Variable Rate Loans

This loan is similar to the standard variable rate loan but without all the same features. This simple “no-frills” loan offers a discounted variable interest rate over the term of the loan. Typically you can get a discount of 0.5% below the standard variable rate. This loan is suitable if you are looking for a cheaper interest rate to save you money, and don’t need all the features of a Standard Variable Rate Loan.

Introductory Rate Loans

This loan offers a discounted interest rate for an introductory or “honeymoon” period usually between 6 months and 3 years. The loan then reverts back to the standard variable rate. This loan is suitable if you are looking to keep your repayments down at the start of your loan until you can get established.

First Home Buyer Loans

First Home Buyer Loans are designed to help you get into the property market.  Today there are a number of different lenders and loan products to suit the first home buyer.

Fixed-Rate Home Loans

The Fixed Rate Home Loan offers a fixed interest rate period with a choice of interest only or principal and interest repayments. Fixed terms can vary between 1 year and 10 years. This loan is ideal if want to be certain what your repayments will be.

Investment Home Loans

Investment Home Loans allow you to use the equity in your property to buy another investment property. Most lenders offer their full range of home loans for this purpose. You may be able to borrow 100% of the purchase price, plus additional funds to cover stamp duty and costs. The amount you can borrow is determined by the equity in your existing home.

Line of Credit

A Line of Credit provides a flexible credit facility for personal or investment purposes. You apply for a credit limit and can then withdraw funds up to the approved limit at any time. You are not required to make set repayments but must be able to cover the monthly interest. The interest rate is variable and interest is calculated on the outstanding daily balance. You are free to repay any amount at any time which reduces your interest.

Bridging Loans / Home to Home Loans

The Bridging Loan provides you with finance to buy or build your new home before selling your existing home. By using the equity in your existing home you can borrow up to 110% of the purchase price of a new home. The loan is then repaid when you finally sell your home. This loan is suitable if you find a new home before selling yours, or if you wish to build and don’t want to rent during the construction period.

Professional Packages

Professional Packages were once only offered to qualifying professionals on large incomes. Today many lenders offer packages to borrowers with total loans starting as low as $100,000. These packages offer a variety of benefits to first home buyers as well as second-home buyers.  They offer discounted variable interest rates between 0.5%pa to 0.7%pa.

The interest savings and benefits of these packages can be considerable. If you are not already enjoying the benefits of a Professional Package, it may be worth considering refinancing.

Low Doc Loans

The Low Doc loan is traditionally offered to self-employed people who have equity in their homes but may not be able to provide tax returns to confirm their income. This can be for a variety of reasons and lenders will consider your individual situation. Some lenders even offer their standard range of home loans for this purpose. Ideal for the self-employed person who has trouble providing financials to confirm their income.

Bad Credit or Non-Performing Home Loans

Bad credit home loans are suitable for borrowers who have past credit defaults and are finding it difficult to obtain traditional home loans. A range of home loans may be available to suit your individual circumstances. Some lenders will even consolidate your all debts into one loan to help lower your monthly repayments. If you have had bad credit in the past, there are now lenders who are willing to help.

Reverse Mortgage

Reverse Mortgages are targeted at homeowners over 60 years of age who own their own homes but need additional cash to help fund their retirement. You can borrow for any purpose and are not required to make any repayments. The interest is added to the amount you borrow with the total amount repaid when you sell your home. You can either borrow a lump sum or draw monthly amounts. This loan is suitable for retired homeowners who own their own homes.

Home Loan Refinancing

Home loan refinancing is the process of paying out your existing home loan by taking out a new loan. You can either move to a new lender or change home loan products with your current lender.

Refinancing can save you thousands of dollars over time. It is worth spending a bit of time exploring your options to see if refinancing is for you.

Apply for a home loan online