Secure a Prime Home Loan

A Prime Loan is a loan that fits the policy of Prime Lenders such as Banks.

There are a number of different types of Prime Home Loans available that we can process from our full range of Banks and Non-Banks and Building Societies. When combined with the ‘industry speak’ used to describe them they can confuse even the most astute rookie. By dealing with one of our mortgage brokers all this jargon can be simplified, we can compare and contrast the many different mortgage products from the lenders on our panel to find out which type of loan would be the best suite your requirements.

For these loans, you may need to meet the Prime Requirements of the Lender.

The main requirements are:

  • Clean Credit
  • Show Genuine Savings if you have a low deposit under 15%
  • Last 2 Payslips and Latest PAYG Summary or 2 years of lodged returns for Self Employed
  • Be in Stable Employment (6 months for PAYG and 12 months for Casual Employment)
  • Not have too much Unsecured Debt

Types of Prime Loans that we can help you with:
(Click on a heading for more information)

We will compare discounted Home Loans that offer more than basic features. Loans on owner Occupied purchases are available up to 95% LVR + Mortgage Insurance

These kinds of loans are now becoming complicated as to which funder can provide the best outcome for the client. Maximum LVR’s are still available to 95% of property value.

Suitable not only for the construction of new homes, but also for major renovations to an existing home. Whilst a standard home loan necessitates a lump sum payment at agreement signoff, construction loans are usually drawn down in stages

To apply for a Construction Loan you will require:

  1. Council approved Plans
  2. Fixed price quote from Licensed Builder

Maximum of 95% LVR. Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.

Vacant land loans enable customers to borrow in order to purchase land, with the intention of building a home on that land at a later stage. Maximum LVR’s are 90% for most metropolitan and major regional centres (post code specific – please ring or email to check).

General acceptable Security includes:

Zoning of a Residential nature that permits residential usage House or Unit.

If you are paying a high interest rate lets see what is available to refinance them to a lower rate. Maximum LVR’s on both Owner Occ and Investment is 90% of property value.

If you have multiple debts from various sources or institutions such as a home loan, personal loan, credit card or other high interest loans, and are having trouble paying these off, then it could make sense to roll these debts together with their mortgage

The restriction to buy property without borrowing has now been removed on smsf. Small to medium sized Self managed superannuation funds can now borrow money to purchase either residential or commercial property.

What if I do not qualify for a Prime Loan?

If your loan does not fit the policy of Prime Lenders such as Banks we have many Non-Conforming or Sub Prime options

There are a number of different types of Subprime Prime Home Loans or Non-Conforming Loans available that we can process from our full range of Specialist Funders.

These categories of loans are for clients that do not meet prime lending criteria. Many Borrowers have become a victim of Lenders tightening  their credit policies since the GFC to keep the cost of their funding down. A vast majority of these borrowers are more than capable of servicing a loan but for one reason or another they don’t comply with prime lender policies

  • You have a lot of debts to consolidate

  • You have arrears on your loans

  • Your financials are not up to date and you have bad credit

  • You have been declined by other lenders

  • You have a large number of credit enquiries

  • You are discharged from bankruptcy or part 9 or 10

  • You wish to refinance a Private Loan

  • You have a credit report showing defaults or judgements

  • You have tax debts that need to be paid out as part of the refinance

  • You require working capital for your business

  • You may have a low credit score

  • Your Bank does want you as a customer

  • The mortgage insurer will not insure your loan

The diversity of our lenders means there is no one size fits all product. By using our loan service, you benefit from our widespread knowledge of today’s credit options. Your finance quote and approval is simply based on our expertise and your credit standing. Once you have completed the online form we will contact you to discuss your options and then follow the application process through to settlement.

If you wish to proceed, then we will help you to complete all the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your loan application and the on-going communication between all parties until your loan is settled.

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