The many options available to borrowers can make choosing A loan a daunting task

The Right Loan

The consequences of choosing the wrong loan can last decades and cost you thousands of dollars a year. For this reason, increasing numbers of borrowers are engaging experienced mortgage brokers to help them find the most appropriate loan for their situation.

TLC will work with you to find an appropriate loan for your family and financial circumstances.

Learn a little about different types of loans available:

Introductory or Honeymoon Loans

A loan with lower rates/repayments for a set time. After the time he rate then becomes a standard variable loan and the rates/repayments will increase. You could also be faced with a fee at the end of the honeymoon period to switch to another loan product.

Basic or "no Frills' Loans

A variable rate loan with lower rates. The low rates could mean you pay off the loan faster but there are no added options usually available on this loan type. You do need to check hat the loan conditions suit your requirements.

Standard Variable

These loans are very common and offer more features than the basic loan for example these loans offer the option of splitting between fixed and variable.

Fixed Rate Loans

These are set at a fixed rate and are usually between 1 to 5 years. Fixed rates can give you an advantage of allowing you to organise your finances and not run the risk of rising interest rates but then also give you a disadvantage of not benefiting from falling interest rates.

Equity line of credit loans

This is a way to use the equity in your home for personal purchases. You have the advantage of being able to make unlimited repayments as the repayments are not set. You need to check the conditions of the loan usually these loans are more expensive.

Bridging Loans

A bridging loan may be necessary to cover a financial gap between buying a property and one being sold. Usually these loans are short term and are utilising the equity in your existing property.

Professional home Loan Packages

These are an all-in –one home loan package. They are a package that gives you lower interest rates, fee savings on your home loan, credit card and transaction accounts. This package has an annual fee which ranges from $120 to $395.

Construction Loans

These loans are usually for the purchase of house and land and have progress payments at different stages and are usually interest only until the loan has been fully drawn.