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TYPES OF LOANS TO SUIT ALL NEEDS

There are many different available loans, all with different rates, fees, terms, conditions and features. To assist you with what is available, the following might help you choose the type of loan that best suites your situation. Most loans are generally categorised under:

• Standard variable rate
• Basic variable rate
• Fixed rate
• Combination or Split rate
• Non-Conforming & Low Documentation loans
• Equity Loans
• Line of Credit
• All-in-one- Loans

Each lender on Community Finance panel has different terms and conditions. To request an obligation free appointment, call us and we will explain the differences and how each loan could suit your needs.

STANDARD VARIABLE RATE

Standard Variable Rate loans typically offer you maximum flexibility and great features, including the option to fix or split your loan, the ability to make additional repayments when you can afford to, and the option to redraw these funds for any purpose when you need to.

BASIC VARIABLE RATE

Basic Variable Rate loans offer a lower interest rate, but fewer features. However, you usually have the option to pay for additional flexibility and features when you need them.

FIXED RATE LOANS

Fixed Rate loans protect you against interest rate changes for an agreed time, so you have peace of mind knowing your repayments won't increase. However, you won't benefit if rates go down during the fixed term.

COMBINATION OR SPLIT RATE

Combination or Split Rate loans combine the flexibility of a variable rate and the certainty of a fixed rate, so you benefit when rates drop, and are protected when they increase.

NON-CONFORMING & LO-DOC LAONS

Non-conforming and Low Documentation Loans have been designed especially to help borrowers who do not meet ‘standard’ lending criteria, including those who have an impaired credit history, are unable to provide the required financial documentation in support of their loan application, or who have minimal deposits or savings history.

EQUITY LOANS

Home Equity Loans allow you to unlock the equity in your existing property for other opportunities such as renovating your home, investing in shares or managed funds, or financing an investment property.

LINE OF CREDIT

Line of Credit loans are interest only variable rate loans that allow you to borrow against the equity in a home with the added flexibility of a transaction account built into the home loan.

ALL – IN – ONE LOANS

All-In-One Loans feature an everyday transaction account linked to your home loan. By keeping all your money in your loan account, and only redrawing your living expenses as you need to, you can reduce the amount you owe. This, in turn, reduces the amount of interest you have to repay, making your money work harder for you.