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Choose a Loan that Suits You!
You may have already noticed how many different types of loans there are – it can be confusing for even an experienced buyer to find the ideal loan which meets all their needs. On this page we’ll take a look at the main types of loans and the advantages and disadvantages of each.

While this information will help you better understand different loans, choosing a loan product is not a simple task. Loan terms and conditions, interest rate expectations and your individual situation all have to be taken into account. We recommend you contact an AHL Consultant for further information or before making any decisions. They will guide you through the process and explain matters in detail.

Select the loans on the right to discover more about each.

Click here to Contact a Consultant to help me now.

Home Loans with Variable Interest Rates
This is a common offer by banks and has been used by many people to buy their first home. These loans have repayment periods of up to 30 years and are regularly used by home buyers today.

Don't be caught by start-up lures!

Often lending institutions will offer a discounted start-up period with lower interest rates to motivate you to choose this loan.

The benefits of the discount (or honeymoon period) are short-lived as the remaining years on your loan are charged at a standard variable rate.

  • Discipline - regular monthly, fortnightly or weekly repayments help you with budgeting.
  • Redraw - most institutions will allow you (subject to terms and conditions) to withdraw additional repayments you have made over and above the minimum repayment.
  • Offset - it may have the ability to offset credit balances held in other accounts at the same institution against the principal of the loan.
  • Extra repayments - these are usually allowed at any time.

  • Disadvantages

  • The interest rate is variable (apart from any start-up period) and the loan will be subject to interest rate fluctuations.
  • The interest rate is always higher than No-Frills Home Loan rates.

  • Click here to Contact a Consultant to help me now.

    Basic Loans - Lower Interest Rates + No Extras
    One of the most popular loans, the No-Frills Loan has the lowest running costs - and less extras - so you pay a lower interest rate. Before you choose this loan make sure that you have costed the extras (such as fee free credit cards and accounts etc) by comparing the costs of obtaining them separately.

  • Discipline - regular repayments help you with budgeting.
  • The interest rate is always lower than traditional loans.
  • Extra repayments are usually allowed.

  • Disadvantages
  • Money held in normal savings accounts with the same institution will not reduce your home loan interest charge.
  • The interest rate is variable and you are vulnerable to interest rate fluctuation.
  • Other facilities such as loan redraw may not be available.

  • Click here to Contact a Consultant to help me now.

    Bridging Home Loans - Buy Before You Sell
    This can simplify the transition between properties. If your home is for sale - and you find a property to buy, or wish to build - the lender advances the money so you can purchase your new home before the existing home sells.

    Depending on the equity in your current home, you may be able to include all the fees too. The interest charged to your loan can be repaid monthly or capitalised (added to the loan amount).

    When your original property is sold, the proceeds are deposited to the new loan. The amount then owing becomes your end loan and normal repayments commence.

  • You can buy or build your new home before you sell your existing home.
  • You can avoid moving into a rental property and move directly into your new home.

  • Disadvantages
  • Interest is charged on the full amount of the new loan.
  • If you don't sell your existing home quickly, the interest bill can really add up.
  • It may force you into selling your existing home at a price lower than you want to.
  • You must have sufficient equity in your existing property to support the purchase of both.

  • Click here to Contact a Consultant to help me now.

    Fixed Term Home Loan with Fixed Interest Rate
    This loan has a set interest rate for a period of time. This means you know exactly what your repayments will be for your fixed rate term.

    If you are unsure about whether to take a fixed or variable rate - you should consider a Split Loan.

  • Fixing the interest rate for a period of time insures against future rate rises.
  • It is easy to budget for the same regular repayment each month.

  • Disadvantages
  • If interest rates fall you may pay more for your loan than borrowers on variable rates.
  • Most lending institutions penalise you for making additional repayments.
  • You may be penalised if you pay off your home loan before the due date.

  • Click here to Contact a Consultant to help me now.

    Split Loans - Fixed & Variable Interest Rate
    This loan is a way of hedging your bets. If you are unsure as to whether interest rates are going up or down, you can choose a Split Rate Loan.

    With this type of loan, you nominate how much of the loan you would like to fix and how much you would like to put on a variable rate.

    The Split Loan is a cautious way of borrowing for your home.

  • Having part of your loan at a fixed interest rate protects you against interest rate rises.
  • Leaving part of your loan on variable interest rate leaves you less vulnerable if rates reduce.
  • Additional payments are allowed on the variable portion of the loan.

  • Disadvantages
  • You may not benefit greatly from any interest rate fluctuations.
  • You may be charged set-up fees, account fees and discharge fees on both the fixed portion and the variable portion.
  • You may be penalised for making higher repayments on the fixed portion.
  • You may be penalised if you pay off your loan before the due date on the fixed portion.

  • Click here to Contact a Consultant to help me now.

    Lo Doc Home Loans, for the Self-Employed
    Today, more people are self-employed or employed on contract, so their income patterns are not as regular as PAYG earners.

    With a Lo Doc Loan you can "self-certify" your income, which avoids the trouble of asking your accountant to provide up-to-date financials every time you wish to borrow money.

    You may pay a little bit more in interest and fees - but it saves you a lot of time and stress. Some lenders also offer Lo Doc Loans to investors and PAYG earners too.

  • There is no need to provide financials to the lender.
  • You receive faster access to your loan and greater flexibility.
  • Non-traditional and irregular income sources are considered.

  • Disadvantages
  • You may pay higher interest rates and fees.
  • You may be at risk of over committing yourself if your income varies.

  • Click here to Contact a Consultant to help me now.

    Non Conforming Loans - Bad Credit History?
    If you have experienced financial problems in the past, this is the loan to help you re-build your bad credit rating and obtain a mortgage. Non-conforming lenders are very flexible - even if you have been bankrupt or just have a bad credit history, this type of product will make it easier for you to secure your desired mortgage.

  • You will get a fresh start and the chance to re-build your credit rating.
  • Non judgemental lending rules with flexibility.

  • Disadvantages
  • You'll pay higher interest rates and fees.
  • You will require a larger deposit than normal.

  • Click here to Contact a Consultant to help me now.

    Professional Home Loan Packages
    A professional package is one that offers you interest rate discounts depending on the loan size, fee-free transaction accounts, credit cards free of charge and a range of other special offers.

    It is misnomer that the professional package is just for professionals! In fact, the only requirement you need to meet is the lender's minimum loan amount (which can start at $100,000).

  • Interest rate discounts on the standard variable rate and some line of credit products.
  • You may be eligible for other benefits such as fee free transaction accounts and the annual fee waived on some credit cards.
  • Some lenders also offer no establishment fees and no ongoing monthly fees on your loans.

  • Disadvantages
  • An annual fee applies to this package.

  • Click here to Contact a Consultant to help me now.

    Reverse Mortgage Loans, for Over 60's
    As governments put more responsibility on individuals to fund their own retirements, many people find that their super and other income sources such as the pension don't provide enough money to support the lifestyle they want.

    An obvious option is to sell their biggest asset - their home, but for many people this is not an attractive option.

    This is where a reverse mortgage may provide the answer. A reverse mortgage is available to residential property owners aged over 60. It allows you to borrow funds against the equity in your home. You can use these funds as an income stream or for personal lifestyle needs like travel, home improvements etc.

    Like a traditional mortgage there's interest to pay, but you don't have to make monthly repayments. The interest is capitalised, which means it's added to the amount of the loan.

    When your home is eventually sold you'll pay back the amount of the loan (the cash you received) plus the interest owing.

    There are a range of reverse mortgage options available. Which one is the most appropriate for you depends on your individual circumstances and other factors.

    This is where the knowledge and experience of your AHL Mortgage Consultant can be invaluable. They'll look at your total situation and work with you to explain all your options and the advantages and risks associated with each. Then they'll ensure you get the full benefits from the loan of your choice.

    Click here to Contact a Consultant to help me now.

    Home Loans with Accessible Line Of Credit
    With this type of loan, you can access funds up to your approved limit at any time. Your salary can be paid directly into the loan account and you can access the balance of the loan at any time - like a credit card. You can use these funds to purchase shares, go on holiday, buy a new car, undertake home renovations and so much more!

    If you are interested in this loan the first thing you should do is ask your Approved Home Loans Consultant. You should thoroughly check all the facts before committing to this type of loan.

  • Money is easily accessed by cheque or ATM card linked to this loan. You can use it for living or for other investments.
  • By depositing your salary and savings into this loan you reduce the interest charge.
  • Extra repayments are allowed at any time.
  • A mortgage reduction programme can be helpful in managing this type of loan. Ask your Approved Home Loans Consultant.

  • Disadvantages
  • Ease of withdrawal means if you are undisciplined this loan can get out of control.
  • The interest rate is usually higher than Traditional Variable Rate and No-Frills Loans.

  • Click here to Contact a Consultant to help me now.

    Choose a Loan

    Traditional or Variable Loans

    Basic Loans

    Bridging Loans

    Fixed Rate Loans

    Split Loans

    Lo Doc Loans

    Non-Conforming Loans

    Professional Packages

    Reverse Mortgages

    Line of Credit
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