Any loan with an LVR over 80% requires Lenders Mortgage Insurance (LMI). Lenders will consider loans up to an LVR (Loan/Valuation ratio) of 95%. This can be advantageous when you wish to protect yourself against possible future interest rate fluctuations. In this case, the loan is split into 2 or more sub loans with different features eg one split could be interest only and the other a P & I loan. ![]() You can also split your loan if you wish. Various repayment options are available, you can repay loans by making Principal and Interest (P & I) payments up to 30 years, or alternatively you can have a period of making Interest Only payment up to 10 years, and then convert to P & I payments, depending on your circumstances. Other types of features can also include offset accounts redraw facilities, where you can redraw excess payments made over and above your agreed monthly payment. Various types of loans are available including variable interest loans where the interest rate changes according to market conditions or fixed rate loans where the interest rate is fixed for a period. ![]() Home loans can be arranged for rural residential home properties up to 150 acres, providing they are not working farms, and are essentially hobby farms.Ĭonstruction loans can also be arranged should you wish to build a new home. Home loans are available for all types of residential properties, including, houses, units or apartments, whether single storey or in multi storey developments. This is a consumer product and is covered by the National Consumer Credit Protection Act.
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