Types of loans

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  • Full costs, rates and fees explained
  • Turning bank jargon into English
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To discuss your options in more detail, simply contact a Time Finance mortgage broker to help you identify the right type of loan that most suits your requirements.

Basic Variable Rate Home Loans (Principal and Interest)

A basic variable loan generally has fewer loan features than a standard variable loan. Basic variable loans are suitable if you are looking to pay off a regular amount over the full term of the loan, but are not suitable if you are looking to pay off your mortgage quickly.


Standard Variable Rate Home Loans (Principal and Interest)

A standard variable loan is a more flexible loan than a basic variable loan. They are suitable if you are planning to make extra payments in order to pay off your mortgage more quickly. They usually have more features available such as equity redraw facility or loan off-set accounts.


Fixed Rate Home Loans (Principal and Interest)

A fixed rate home loan is a loan that has a fixed interest rate for a specified period, which therefore fixes the monthly repayment amount. Whilst the overall loan is generally for the full loan term of 25-30 years, the fixed rate periods are usually for terms of 1 to 5 years. At the end of the 'fixed rate period' you can decide whether to fix the rate again at the current market rate, or convert the loan to a variable rate.


Self Employed Loans

More people are working for themselves these days than ever before, and just because you are self-employed, this doesn't mean that you have to pay higher interest rates or can't get a great range of features in your new loan.

We understand that just because you may experience uneven cash flow, irregular savings history, fluctuating income and have delays in lodging tax returns, that these things don't have to be a barrier to getting a home loan.


Split Home Loans (Principal and Interest)

A split rate home loan is a loan that splits the loan into two (2) parts - a fixed rate portion and a variable rate portion. You choose how much to allocate to each portion.


Interest Only Home Loans

You only repay the interest component on the principal during the term of the loan, not paying off any of the principal loan amount. As no payment is being applied off the principal amount, the monthly repayments are lower than with a principal and interest loan which does pay off the principal. At the end of the loan period you must repay the entire principal of the loan, renew a fixed period of interest only or convert the loan to an Interest and Principal loan.

Generally this type of loan is suitable for the purchase of an investment property where holding costs are minimised until it is intended to sell the property for a capital gain.


Line of Credit / Equity Home Loans

Line of Credit or Equity Home Loans are designed to allow you to access the equity available in your property. The amount of equity generally able to be accessed is 80% of the property value less the current amount of the loan. The amount of equity available for your future use increases by making additional repayments, and as your property value increases, so does the amount of equity available because your loan size remains the same.


Low-doc and No Doc Home Loans

Low Doc (Lo Doc) Home Loans and No Doc Home Loans do not require the same proof of income documents associated with standard home loans. These are ideal for who are self-employed and contractors.

For Low-doc loans minimal documentation is required in terms of proof of income, and in the case of No-Doc Loans, no tax returns or financial reports are required.


Construction and Renovation Loans

When it comes time for you to build your new home, or if you are undertaking major renovations to your existing home, a construction loan (building loan) is usually the most appropriate home loan option.

A construction loan is different to a standard home loan whereby the amount of the construction loan is usually drawn down in stages, instead of getting the total amount of the loan on settlement. Draw down payments usually commence with the initial purchase of land, and then followed by payments at various stages of the building process.


No Deposit Loans

No-deposit home loans are ideal for purchasers that do not have sufficient funds for a deposit on a home loan, but can demonstrate the financial stability to make the monthly repayments.

These loans are also attractive for investors who want to maximise the gearing for taxation purposes or income return when purchasing investment property.


Bridging Loans

Bridging Loans or Bridging Finance is generally used when a home owner purchases another property that will settle before their existing house is sold.


Debt Consolidation Loans

If you have debt that you need to pay off, we have lenders that can provide you with a new home loan, consolidating all the debt you want paid off into your existing or new loan.

Sometimes, by simply refinancing your mortgage or consolidating a number of debts into one loan can be enough to ease your financial burden by making one repayment and likely lowering the repayment amount each month.


Special loan offers

Sometimes lenders run special promotions to win your business. Your Time Finance broker can see if a suitable promotion may match your particular requirements. It is important to note these Special Loan Offers may not be better than other products available through Time Finance.

To discuss your options in more detail, simply contact a Time Finance mortgage broker to help you identify the right type of loan that most suits your requirements.

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Depends on the size of your deposit, the value of the property, and your servicing capacity (based on your income and how much you are able to repay).


Most mortgage lenders will require a deposit of 20% or more of the property price. Less may be required however will require mortgage guarantee insurance in most cases


Depends on the type of loan, intrerestr rate, payment term, and whether you pay monthly or fortnighly. Use us mortgage calculators to guide you.


Every state is different and may depend on the value, whether you are building or buying an established home. Read more in our FHOG article


It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure that lets you compare loans from differengt lenders on a fair comparison.


This 'in principle approval' is usually valid for 3 months. Gives you the confidence on how much you can borrow before your purchase a property.


The cost of Stamp Duty varies between States and Territories. Subject to your personal loan circumstances, the cost of stamp duty can be included in the loan amount you borrow.

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