Find the Ideal Home Loan with Melbourne′s Leading Residential Brokers

Purchasing a property is big investment and is often one that requires financial assistance. Helping you to navigate the sometimes arduous process of acquiring loans, Complete Property Lending offers reliable services in Melbourne.

Catering to Kew and surrounds

With a convenient location in Kew, we are residential home loan brokers that offer reliable services all throughout Melbourne. Working closely with clients, we help them determine their borrowing requirements and abilities in order to find the best finance solution for their individual circumstances.

Types of residential home loans offered by brokers

Standard Variable


Standard variable options are one of the most popular types of home loan encountered by our brokers. The interest rate varies throughout the term. These generally offer excellent flexibility, low fees and often offer great features such as an offset facility, redraw facility, no limits on additional repayments and in most cases, no early pay-out penalties.

Advantages:

  • Flexibility
  • Lump-sum payments may be made without incurring a penalty.
  • If interest rates fall, your repayments can fall.
  • Often offer extra features.

Disadvantages:

  • If interest rates rise your repayments can rise.


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Basic Variable


Basic variable options typically offer lower interest rates and fewer features than the standard variable options. You often have the opportunity to pay for any additional feature required. Interest rates and repayments will vary throughout the term.

Advantages:

  • Relatively low interest rate.
  • Lower repayments.

Disadvantages:

  • Many of these residential home loans do not have the same features or flexibility as other variable loans.


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Intro Rate 'Honeymoon'


An introductory rate loan generally offers a guaranteed low rate for an initial period of time (usually 12 months) after which most will revert to the standard variable rate. The rate can be fixed or variable.

Advantages:

  • Usually some of the lowest rates on the market.
  • Some lenders provide offset accounts on these loans.
  • Opportunity to reduce the principal quickly during the 'honeymoon' period.

Disadvantages:

  • Payments will increase after initial introductory honeymoon period


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Fixed Rate


Under a fixed rate loan, the interest rate is fixed for a specified period, usually between one and five years. This gives you the certainty of knowing exactly what your monthly repayments will be and peace of mind knowing the repayments won't rise. However, you won't benefit if rates go down during the fixed term.

Advantages:

  • Guaranteed rate, if interest rates increase your repayments won't.

Disadvantages:

  • Reduced flexibility.
  • Extra repayments may incur a fee or be limited.


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100% Offset Loan Account


A 100% offset finance solution is very similar to a line of credit. Rather than putting all your salary and other income into your loan, it goes into an offset savings account that is directly linked to your residential home loan. Any balance in the offset account is 100% 'offset' against the amount borrowed. This reduces the amount of interest you have to repay, making your money work harder for you.

Advantages:

  • Can save you substantial amount of interest if used correctly.
  • Operates like a normal transaction account and has a chequebook, ATM card, etc. attached.

Disadvantages:

  • Usually part of a package attracting an annual fee.


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Line of Credit


A line of credit provides you with access to the equity in your home up to a pre-approved limit. You access the funds as you need to. The interest rate on this solution is usually a variable rate and repayments are interest only.

Advantages:

  • You can use the money when you need it and pay it back when you can.
  • Rates are generally lower than a personal loan or credit card.

Disadvantages:

  • Unless care is shown it is possible to reduce the equity you have built in your home.


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Low-Doc & Credit Impaired Loans


Our brokers can also assist with low documentation (or no documentation) loan, which is suited to investors or self-employed borrowers who do not meet the 'standard' lending criteria. This may include; those with an impaired credit history, those who are unable to provide the required financial documentation in support of their application, or those who wish to borrow more than 100% of the property value.

Advantages:

  • Simple income declaration form.
  • No tax returns.
  • Can have features such as redraw, line of credit, variable or fixed rates, principal and interest or interest only.

Disadvantages:

  • Generally a higher interest rate.


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Construction Loans


If you are building your own home or investment property, a construction loan may be suitable for you. This requires a fixed price building contract from a registered builder. These are usually interest only for the period of building and then become principal and interest once building is completed unless specified otherwise. This solution allows you to draw money as is required whilst building. Also, with the usual necessary documents required when applying for a loan, construction loans also require a 'fixed price building contract' and 'council approved plans'.

Advantages:

  • Competitive variable interest rates.
  • Facility to draw money when necessary whilst building.
  • Interest only payments during the building period.
  • Additional payments can be made.

Disadvantages:

  • Some lenders charge a fee for every time you draw money whilst building.
  • Given it is a variable loan; loan repayments will increase if interest rates go up.

For more information or assistance from our brokers in Kew, Melbourne, please call 9993 0702.