Split Loans allow you to have more than one loan account under the same approved total limit. This can be advantageous when separate accounting is needed (e.g. one loan used for investment purposes), or when you wish to take advantage of different interest rates (e.g. keep a portion of your home loan on a variable rate and the rest on a fixed rate).

Reverse Mortgage

A Reverse Mortgage is a loan which allows individuals in Australia over 60 years of age to mortgage their home to access equity from their property.

Should you need to maintain your property in order to continue comfortably living there, or just need to access cash for holidays or living expenses, you will undoubtedly find that a Bank just won't lend to you (age, income streams deemed unacceptable).

The amount that can be borrowed on this type of loan is significantly less than standard home loans (maximum of around 45% of the value of the property). Repayments are not required and the interest and fees capitallise on to the loan until it is repaid. The loan becomes payable if the individuals sell the property, permanently move out, default on the loan or pass away.  

The benefit is that this type of loan can assist retirees to obtain access to the equity in their homes when they may be on a reduced income. The downside is that the interest capitalises on to the loan and as such, the outstanding balance can increase significantly over time. 

Family Pledge Loan

A Family Pledge loan is a loan that utilises additional security by way of a guarantee from a family member to support the loan. It is particularly useful for first home buyers who may not have sufficient deposit and their parents wish to assist them with a property purchase but don't want to be a party to the loan. The family member/s provide a guarantee to the borrower with supporting security and the guarantee is limited to a certain amount. The guarantee is only there to provide additional security, not income for servicing, and as such the borrower/s must be able to service the loan via their own income.

The benefits are that it may allow individuals to borrow an amount that they couldn't have otherwise because they didn't have sufficient deposit. It also negates the need for Lenders Mortgage Insurance (LMI) or having to prove 'genuine savings'.

The primary security is the property being purchased, which will be advanced to a maximum of 80% of it's value, the supporting security (as offered by the family member guarantor) will constitute the other 20%.

The bank will consider the release of the family guarantee once the loan is 80% or less of the primary security property value.

Non Conforming Loans are for indviduals who do not necessarily meet the criteria for a standard loan. This can be for various reasons including an adverse credit record (for example a paid or unpaid default), current or past arrears on existing loans or casual employment. These loans provide the ability for individuals to obtain a loan despite having these issues that would normally affect their ability to borrow under standard terms and conditions.

Non conforming lenders approach their credit assessment in a different way with each application assessed on it's merits, rather than it having to tick boxes of standard criteria.  

These loans are provided at a higher cost (interest rate & fees) than standard as lenders consider such applications to be a higher risk.  

A non conforming loan can be a good option to consider initially and then when a strong repayment history is gained (say over a 12 month period or more), you can look to switch the loan to a conforming product or refinance to a traditional lender.

We have access to a number of lenders who offer this product and our experience places us in a good position to determine which lender may be the most appropriate for your circumstances.

No Doc Loans (short for no documentation) are loans that require no financial information to be provided to the bank with the application.  They are assessed on a self declaration of income which does not need to be substantiated by any financial information.  

The provision of these loans is restricted due to the various consumer codes and regulations however we have access to lenders who offer this product and it may be appropriate in some circumstances.

The benefit is that these loans can be sought with a minimum of paperwork however the downside is that they incur a higher interest rate and generally higher fees as well.