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Home Loan Products

With so many different lenders and home loan products in the marketplace today, making a decision on the loan that best suits your individual needs can be a challenging task. Listed below is an explanation of the various types of loans available that may help you on your quest in finding the perfect loan.

 Basic Variable Rate Loans

Basic variable rate loans are extremely popular due to their low interest rates. Depending on the lender, they may charge a monthly account keeping fee. The trade-off with these types of products is that they are limited on features. Offset accounts are usually not offered on this product.

   Standard Variable Rate Loans

Standard variable rate loans are known for their flexibility and features. Partly fixing, loan splits, offset accounts, additional repayments and redraw are usually standard with this type of product. Professional packages are available for standard variable loans, which enables clients to receive interest rate discounts on specific loans, cheaper insurance and further reductions on other banking products.

   Fixed Rate Loans

 

Fixed rate loans protect borrowers against interest rate rises for a given period of time although work against borrowers when rates fall. Fixed rate loans are popular amongst investors and home owners that require a level of security when forward planning their repayments.

 Line of Credit Accounts

Line of credit accounts allow borrowers to unlock the equity in their properties for any worthwhile purpose such as renovating, investing, motor vehicles, children’s education, etc. These types of products provide a low cost option to other forms of personal lending with the flexibility of allowing interest to capitalise.

 Low-Doc Loans

 

Low-doc loans are a great solution where borrowers can afford the loan repayments but are unable to disclose full financial details. Low-doc loans are popular amongst self-employed applicants or where they have an irregular income stream. A registered ABN for 2 years and 12 months’ worth of BAS Statements are predominantly required by lenders.

 Non-Conforming Loans

Non-conforming loans are designed to benefit borrowers who do not meet mainstream lenders’ criteria. These types of loans are the perfect solution where a borrowers’ credit history may have been impaired due to a one-off situation such as divorce, failed business, illness, or temporary unemployment. Interest rates are higher than conventional loan.

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