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 Home loan finance : |
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Home loan finance : The process of borrowing funds for the purpose of financing a home.
With the advent of more competition in the banking sector in the 1990's the amount of options available to the borrower has grown substantially. The interest rate, relative to the bench mark Reserve bank official overnight rate, has also much more competitive. There are now a wide array of home loans and finance options available.
Fixed or floating rates : The borrower can now choose if a floating rate of interest or a fixed rate of interest is payable for the term of the loan.
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Highly packaged home loans : For the more sophisticated borrower there are now a number of highly packaged features available. These can include one account for all your monetary transactions be tied to your mortgage. This will mean any excess cash will offset the interest payments on the home loan.
Non conforming home loan finance : When it was once compulsory to prove the ability to service the loan as well as have a deposit. Now with low documentation loans it is possible to borrow on the basis of just the deposit.
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