There are a wide range of loans and product types available from lenders. Your 1st Street mortgage brokers will assist you in determining the most suitable option.

Basic Home Loan

A no-frills loan with a low interest rate and little or no fees. No offset account.

Professional Package

A full-featured loan with a discounted interest rate for the life of the loan, it often comes with a credit card, offset account and redraw facility. A Professional package will usually have an annual fee which includes all of these features.

Line of Credit

A pre-approved limit which can be borrowed in part or in its entirety. Repayments are interest only and are required only on the outstanding balance.

Bridging Loan

If you buy a property before selling your existing property you may require temporary access to additional funds to ‘bridge the gap’ until you sell.

Self Managed Super Fund (SMSF)

SMSF mortgages are a unique lending facility that enables you to use your SMSF to invest in certain eligible property assets such as commercial premises and ‘approved’ residential properties.

Equity Release or Reverse Mortgage

For those who are over 60 and have equity tied up in assets, this loan allows you to effectively pull cash out of your assets to use as you wish with no repayment required.

Within each product type there are many options available depending on your requirements.

Fixed vs Variable

A fixed loan has a fixed interest rate, a fixed repayment amount and is usually for an agreed term from 1.5 years. A variable loan has a fluctuating interest rate which can be changed by the banks at any time, usually in line with changes made by the Reserve Bank.

Split Loans

A loan which manages risk and is split between fixed and variable interest rates.

Principal & Interest vs Interest Only

The principal amount of your loan is the amount that you borrow and the interest is charged on top of this amount. It is possible to pay just the interest if you wish to minimise your repayments initially but if you choose this option the principal loan amount will remain the same and will not reduce.

Honeymoon/Introductory Loans

A lower initial rate for those looking to minimise payments in the short term. Generally a reduced rate for the first 1-2 years and then reverts to a higher rate.