Home Loan Comparisons by Provider
If you are one of many Australians looking to finance a new home, then you are familiar with all the options you’ll have to face. There are many legitimate home mortgage companies, so when it comes to choosing the right one it can be difficult. In addition, there are several types of home loans that make for even more decisions you have to make. To help make your life a little easier, today we will compare some popular home loan companies to see what each has to offer.
National Australia Bank Group (NAB)
This financial service organization is well respected in the Australian market, having assisted over 12 million customers and doing business in countries such as Australia, the United States, the United Kingdom, New Zealand, and Asia. NAB primarily focuses on offering four main home loan types, which are:
• NAB Base Variable Rate home loan: This is a simple type of home loan that offers no monthly fees and low rates. It features a variable interest rate and is great for those who are self-employed.
• NAB Flexiplus Mortgage: This type of loan is great at helping with wealth creation, as it is a flexible line of credit that can be used for personal reasons.
• NAB Tailored home loan: This tailored home loan is very flexible, as it can feature either a fixed or variable interest rate. It is also known as a fully featured home loan.
• NAB Portfolio Facility: This loan type offers a line of credit that is flexible and allows up to 5 sub-accounts.
Citibank is a name that is known all around the world. They have helped countless people from all over obtain loans for various reasons. So there should be no surprise that they make a great choice for those seeking home loans. Here’s a look at their loan options:
• Basic Mortgage: The basic mortgage offers low variable rates and allows you to make extra repayments for free.
• Standard Mortgage: The standard mortgage is a common choice because you get to choose the terms, as far as having a fixed rate, a variable rate, or a mix of both.
• Fixed Mortgage: The fixed mortgage gives people peace of mind because they feature fixed rates, so you will always know how much the monthly payment will be.
• Mortgage Power: Mortgage power is a line of credit that is revolving. In other words, it is a combination of a transaction account and loan. It works to give you the financial power needed to access equity from your home.
• Standard Offset Mortgage: The standard offset mortgage is great for those looking to pay less interest on their home loan. It works because it offsets each dollar you keep in a savings account against the daily balance of the home loan.
• Mortgage Plus: The mortgage plus is a package deal that allows you to choose the home loan you want, but also gives you the benefits of a Platinum credit card from Citibank that is fee-free.
Bluebay Home Loans
For those looking for a smaller alternative, Bluebay may be just what you’re looking for! They are independently owned and promise to provide a better experience for anyone looking for loans. Here’s a look at the home loans they have to offer:
• Fixed Rate: A great choice for those who love to budget. This loan features the same monthly payment and is not affected by increases in interest rates.
• Split Home Loans: With a split home loan you are able to choose exactly how much of the interest rate you want fixed and the amount you want to be variable.
• Variable Rate: The interest rate will decrease and rise constantly with a variable rate home loan. The benefit is you could end up paying less interest in the long run. However, at the same time the drawback is that you can’t budget for a monthly payment because they will vary.
• Line of Credit Home Loans: A line of credit home loan allows you to access the equity in your home to allow for remodels, holiday vacations, and more.
• Low-doc Home Loans: If you are looking for a fast loan process that doesn’t involve a great deal of paperwork then the low-doc home loan may be perfect for you.
• Construction Loans: Construction loans are perfect for those who are looking to buy land to build a new home on. The value of the loan will start with the land only and increase as the home is built.
• Parent Assist Home Loans: The parent assist home loan is for parents looking to help children place a deposit on a house, without having to risk losing their own home.
• Home to Home Loans: This is similar to a bridging loan, in that it works by allowing you funds to build or buy a new home before you sell your current home. The best part is you don’t have to pay two mortgages.
Australian Unity is a financial services, retirement living, and national healthcare organization. Their company has a 173-year history and serves over half a million Australians. They have fewer options than other providers, but still offer the basics. Principally they offer two types of home loans, a professional package home loan or a variable home loan. However, each loan type is broken down into either a home value of $200k – $499k or $500k+. They offer competitive rates and have been awarded 5 stars for service by Canstar.
AFG was created as an aggregator in 1994. They provide you with mortgage brokers that can help you find the support and products you need. This company is highly respected in their industry and has won many awards to prove it. If you are looking for a loan they will ask you many questions to determine which loan fits your situation best. They will want to know information such as are you a first home buyer, looking to refinance, consolidating debt, doing home renovations, purchasing an investment property, or simply buying your next home? Depending on your answers and current financial situation they will match borrowers with the perfect loan.
Smart Line Personal Mortgage Advisers
Smart Line opened in 1999 as a home mortgage company that focuses on allowing people, not banks to control their home loans. Since their beginning they have helped over 250,000 clients and settle over $5 billion in loans every year. They offer many home loan types. Some examples of loans they offer are: fixed loans, variable loans, split loans, low-doc loans, professional packages, lines of credit, basic home loans, and family guarantees. They also offer some specialized loans such as:
• Introductory rate loans: These loans offer discounted interest rates that can last through the first 12 months of your loan. This kind of loan is great because it protects you from rate hikes during that period and also helps pay the loan off faster.
• Redraw Facility: If you are able to pay more than your minimum monthly payment each month, one of these loans may be perfect for you. With this loan type you can deposit additional money into your mortgage as you wish. The best part is you can withdraw the extra money in the event that you need it.
Homeloans was opened in 1985 as an alternative to big banks. They specialize in many home loan types and offer products that meet the needs of all customers, regardless if they are investors or purchasing their first home. They have been listed on the Australian Securities Exchange since 2001 and have shareholders that include Macquarie Bank and National Australia Bank. You can obtain loans such as basic home loans, first time home buyer loans, construction and land loans, investor loans, bridging loans, and more.
HSBC Bank Australia
HSBC is one of the world’s largest financial services and banking organizations. They proudly serve 51 million customers around the world, and can be a great option for those looking for a large bank. They offer services that range much further than home loans. For example they offer services that include personal banking, financial planning, credit cards, foreign exchange, and much more. They offer several types of home loans that include home value loans, fixed rate loans, variable rate loans, lines of credit, and market linked loans. Market linked loans are loans created for investors with income that is from a different currency. They feature fixed interest rates that reset every three months, and are a type of investment loan.
RAMS Financial Group Pty Ltd, or simply RAMS, has been in business since 1995. They offer a wide range of financial services to help Australians realize their goal of owning a new home. When it comes to loans, RAMS knows that one loan doesn’t work for everyone. Hence, they’ve created a range of features and loans to suit a variety of people, such as those that are self-employed, first home buyers, refinancing, or even investors. They offer many flexible options such as bridging loans, deposit bonds, and offset accounts.
According to their website, Mortgage Choice writes a new loan every 15 minutes through their network of hundreds of franchises. The company began in 1992 and has gained great recognition through Australia. They currently offer over a hundred home loan services and a wide variety of home loan types. This is a great option for those looking for a smaller lender with many loan options. They offer loans types that include fixed rate loans, introductory loans, interest-only loans, low-doc loans, variable loans, split loans, line of credit loans, and more.
In the end, there are many options for home loan lenders in Australia. From world-renowned large banks to smaller lenders, we have outlined 10 lenders above. Each are legitimate and can be great places to start when it comes to obtaining a home loan.