Loansite

About Loan Site

Understanding Loans

Loansite

Questions

Why use Loan Site? We have had a close look at the home loan options in the market place and have selected those that we think are the most competetive. Whatever your situation or needs, you will be choosing from a great selection of loans. Using our sophisticated loan qualifying and comparing software our Lending Managers will have compared the different loans on our panel and matched your requirements with the most suitable loans for you. You will then know how much you can borrow,full loan costings, how much your repayments will be and great ways you can save.
Why is it free? Our Lending Managers will complete all of the paperwork for the loan you select and process your application with the lender on your behalf. We then monitor the progress of the application including valuation and mortgage insurance approval (if required) to ensure everything runs smoothly. As part of this service, we receive payment from the lending institution.
Fixed or Variable? Fixing your interest rate has the advantage of surety. You know exactly what your repayments will be for the term. This is helpful for budgeting and it gives you the peace of mind that you will not be affected by interest rate increases. However, fixed rate products lack flexibility - these generally do not allow you to make extra repayments. They may also have high exit costs. It is now possible to have the advantages of both. That is the security offered by a fixed loan with the flexibility of a variable loan. This is called a 'split home loan' ; part fixed, part variable. This allows you to hedge your bets so that if interest rates rise, only a portion of the loan is affected. On the other hand, if you wish to make reductions from the principal then the reductions can be taken off the variable portion of the loan. Many people see this as the best of both worlds.
Can I consolidate my loans? Significant savings are available by consolidating all your finances. The days of having a home loan, a personal loan or overdraft, a car loan, a savings account, a cheque account and owing money on credit cards are over. Financially, it is far more effective to consolidate all your loans. As home loan rates are significantly lower than those for personal loans, overdrafts and credit cards, but significantly higher than savings and cheque account rates, it makes sense to consolidate everything into your home loan account.
Am I eligible for the First Home Owners Grant? First home buyers may also be able to take advantage of the Federal Government's First Home Owners Grant. If you are eligible for this, you will receive $7,000 towards your first home. The eligibility assessment, under the First Home Owner Grant Act 2000, varies between each State and Territory. To find out whether you are eligible to take advantage of this $7,000 grant, see our links to the various State Government authorities, or contact us.