Loans 2017-08-29T02:27:39+00:00

Types of Loans

Basic Home Loan

A standard loan charged at a standard variable interest rate. These types of loans, generally have little to no fees applicable.

Redraw Facility Home Loan

Allows you to make additional repayments to reduce the amount of interest payable, and have the flexibility to redraw surplus funds.

Intro Rate Home Loan

An intro rate home loan offers a lower than normal starting interest rate for an agreed period of time. After the agreed amount of time, the loan reverts to a standard variable rate.

First Home Buyer’s Loan

A loan for first home buyers only. These types of loans, generally have lower than normal variable interest rates, less fees, and potentially require less of a deposit when applying for them. These loans allow people to have the opportunity to become a home owner sooner!

Offset Account Home Loan

An offset account home loan is similar to a redraw facility home loan, however the funds in your ‘offset’ account are never actually combined with your home loan. An offset account sits side by side with your mortgage and helps to reduce the amount of interest payable.

Investment Loan

An investment loan is a type of loan that someone might use to buy an investment property. It can be a solution for people who want to buy a property and rent it out in order to receive an income.

Construction Loan

A construction loan is specific to borrowers who want to build a new home or renovate an existing home. A construction loan is paid out in increments at specific times when the ‘build’ achieves a certain milestone. Interest rates on this type of loan are charged only on the amount that you have currently borrowed.

Line of Credit Loan

A line of credit is a type of home equity loan. A line of credit, functions in a similar way to a credit card. e.g. You have a pre-approved credit limit and you can borrow as much of this sum as you want, with interest paid on the outstanding balance.

Split Loan

A split loan saves you the worry of whether or not to go with a variable or fixed rate loan by giving you the option of both! This type of loan allows you to allocate a portion of your loan to a variable interest rate, and another portion to attract a fixed rate.

On Trac Mortgage Brokers

164 Raymond St
Sale Vic 3850
Phone: 03 5144 1866
Fax: 03 5144 1899
admin@otmb.com.au

On Trac Mortgage Brokers

164 Raymond St
Sale Vic 3850
Phone: 03 5144 1866
Fax: 03 5144 1899
admin@otmb.com.au