Why Choose Greenline Home Loans for your Home Loan?
Whether you are upgrading to your next home, are a seasoned investor or are simply wanting to refinance your home loan, here at Greenline Home Loans, we are committed to providing you with the right home loan to suit your needs. You can rely on us with the lowest home loan rates and customer service that you will value for the life of your loan.
From the loan application all the way to post-settlement, Greenline Home Loans will guide you through the entire home loan process and provide you with any financial advice you need for your future. We place our clients at the heart of everything we do. It’s what sets us apart from most!
When it comes to selecting the perfect home loan for your needs, there are numerous factors to consider on top of interest rates. Having the right resources can save you loads of time, effort and money in the long run, so it is very much worth having a deeper understanding of what is available on the market and the benefits provided by various home loan features.
Mortgage Offset Account
This offset account works jointly with your home loan account. It functions similarly to a savings account, with an interest rate equal to that charged into your loan account. With a mortgage offset account, there is an instance where you may possibly receive no interest income from cumulated savings. Instead, the amount is offset against the loan balance.
When it comes to home loans, many let you decide whether you want to make your repayments weekly, fortnightly or monthly. You can opt for a repayment schedule that best matches how often you get paid.
Split Rate Option
When taking out a home loan, you can choose between a fixed rate, which is locked in for a set period of up to five years, or a variable rate, which fluctuates over time. A split rate loan allows you to fix a portion of your home loan, allowing you to take advantage of features such as offset accounts or redraw facilities. Split rate loans provide security in the case of rates rising whilst keeping the remaining portion variable.
Line of Credit Facility
This feature allows you to access funds through your loan up to an approved limit whenever needed. The amount you will be able to borrow using a line of credit is based on the amount of equity you have built up in your home. You are generally charged higher interest rates and fees to use a line of credit. However, you will be able to use it to fund just about anything, and you will only be paying interest on the amount you decide to borrow.
Get a Better Rate
than the Big Banks.
Begin your finance journey with
Greenline Home Loans today!
Residential Home Loans
Residential home loans are mortgages where banks hold security in the form of a residential property. Here at Greenline Home Loans, we ensure that your residential home loan has the lowest home loan rates, the lowest fees and the flexibility you require. Along with years of experience in the finance industry, our home loan professionals have in-depth knowledge of Australian residential home loan markets.
Residential Investment Property Loans
If you are planning on purchasing your first investment property or are a seasoned investor ready to expand on the market, Greenline Home Loans has you covered. With a number of low-interest rate home loan options, our friendly team are here to help you settle in quickly and make your experience as hassle-free as possible.
Home Loan Refinancing
We provide quick, easy and obligation-free home loan refinancing services which allow you to compare your current home loan against hundreds available on the market. Greenline Home Loans have a simple refinancing process so that you can begin saving on your home loan repayments sooner.
When looking to upgrade your home, timing the purchase of your new home while selling your existing property can be tricky. Bridging loans can provide a solution that allows you to avoid the stress of having to sell your home first and find temporary accommodation whilst you search for your next home.
Construction loans are designed to support those who are building their home, as opposed to purchasing an established property. Greenline Home Loans can provide you with a loan that is progressively drawn down as required to pay for each stage of the construction, allowing you to manage your cash flow more efficiently during the building stages.
Cash Out – Equity Release
Sometimes you might need to borrow money in order to achieve some personal goals like renovating your home, buying a new car or even travelling overseas. While taking out a personal loan is an option, releasing equity from your property can result in a more favourable outcome with lower interest rates applicable to the loan as a result of the nature of the loan and the security against it.
Frequently Asked Questions.
How Can I Use Equity in My Home to Support Me in Purchasing an Investment Property?
There are different strategies available to help you utilise the equity that has built in your home in order to help fund an investment property purchase. Provided that there is enough equity in your home, you can consider a loan refinance and a cash out strategy which can be used as a deposit for your next property purchase, or even consider cross collateralisation of your home.
To find the most appropriate strategy which may apply to your specific circumstances, contact us today!
What is the Difference Between an ‘Owner-Occupier Home Loan’ and an ‘Investment Loan’?
An owner-occupier loan is designed to provide finance for those looking to purchase their home. An investment loan is designed to provide finance for those looking to purchase an investment property.
While both loans are backed by property as a security, the lenders tend to view the investment loan as a higher risk lending and as a result the applicable interest rates tend to be a bit higher.
What Kind of Repayments Should I Choose - Weekly, Fortnightly, Or Monthly?
As interest is calculated daily by the lenders, as a rule of thumb it is beneficial to make weekly repayments or fortnightly repayments over monthly repayment. However, cash flow is always a consideration as most people are dependent on their salary to meet their loan repayments.
With that said, the offset account structure can provide you with a loan structure that provides you with the same benefits as weekly repayments, while structuring your loan on monthly repayments.
To find out how to best structure your home loan to enable accelerated repayments and reduce interest on your loan repayments, contact us today!
What is the Difference Between a Home Loan and a Mortgage?
The term ‘home loan’ refers to the money that an individual borrows from the bank in order to purchase a property. On the other hand, the term ‘mortgage’ refers to an agreement between a borrower and a lender, in which a property is used as security for a loan.
Mortgages exist to protect lenders from default. If the borrower falls behind in their home loan repayments, their lender has the right and obligation to sell the property on which the loan is secured in order to recover the balance of the loan.
Why Should I Refinance My Home Loan?
In the chance that you have had your current home loan for multiple years, it is very likely that your needs and circumstances have changed, or that your loan may not have had flexible features that have since become available.
There are a number of reasons as to why you should refinance your home loan, such as:
- To consolidate your debts so that it is easier to manage your finances
- To get a more suitable interest rate, or new features such as flexible repayments or an offset account
- To access funds to finance a long overdue holiday or investment opportunity
- To release equity from your property to carry out renovations to your current existing home
Is a Guarantor Required for a Home Loan?
Requiring a guarantor for your home loan depends on the overall strength of your financial position. You will need to take your income, expenses, assets, liabilities, and size of your deposit all into consideration. A guarantor provides added security to the lender, although a guarantor should be aware of the personal risk should you default on loan repayments, they will be held liable to pay back the amount owed to the lender.
Speak to our professionals here at Greenline Home Loans to find out if a guarantor is best suited to your circumstances.
What Documents Do I Need for a Home Loan?
When applying for a home loan you will need the following documents:
- Identification - driver’s licence, passport or photo ID
- Proof of income - payslips, bank statements, income verification from your employer
- Financial assets, liabilities and expenses - list of your expenditure and savings, outstanding loans or debts, and assets
How Much Should I Borrow for a Home Loan?
To figure out how much you should borrow for a home loan you should consider borrowing an amount that you are comfortable enough to repay. You should also take into account the upfront and ongoing costs such as stamp duty, moving expenses and legal fees. Other factors include how much the lender is willing to lend you, your personal circumstances and your financial goals over short term and long term periods. It is also worth taking into consideration that if you plan on borrowing more than 80 per cent of the total value of your home loan, you will be required to pay lenders mortgage insurance.
What is LMI?
LMI refers to Lenders Mortgage Insurance. LMI is insurance taken out by a lender that offers the lender protection in the case that the borrower is not able to repay the loan. Lenders Mortgage Insurance is usually required for loans with a loan to value ratio greater than 80 per cent. It is the borrowers that cover the cost of Lenders Mortgage Insurance.
How Much Deposit Do I Need for a Home Loan?
For a home loan you are required to supply a minimum of five per cent of the property’s value for your deposit. However, this will vary between lenders. It is important to note that you will have to factor in the minimum deposit amount on top of costs such as lenders fees, legal fees, registration fees and stamp duty. With that being said, you will also need to factor in Lenders Mortgage Insurance if you borrow more than 80% of the value of your property. While it can be quite frustrating to take the extra time to build a larger deposit, the less you borrow, the lower your repayments will be.
Can I Get a Home Loan With No Deposit?
You may be permitted to acquire a home loan with no deposit under exceptional circumstances, however, it is extremely rare. Without a deposit, you would be relying on grants that are available, that would technically make up a portion of your deposit. It is important to note that although some lenders will allow you to borrow without a deposit, they will generally capitalise on the added level of risk in regard to another aspect of the loan such as higher interest rates.
How Can I Pay Off a Home Loan Early?
Depending on your type of home loan, you may be able to pay it off faster by taking advantage of these tips:
- Update your repayment cycle: Set up your repayments in more regular instalments rather than committing to a monthly repayment cycle. Shortening the life of your loan can allow you to pay less interest over the life of your loan. For example, you can make 26 fortnightly payments compared to 12 monthly repayments in a year.
- Make extra repayments: Additional repayments will decrease the amount of money you owe and will also lower the interest paid over the life of your loan. Start small and increase the repayments in line with your budget.
Use an offset account: Offset accounts can reduce the amount of interest charged on your loan.
How Can I Find The Best Home Loan Rates?
Greenline home loans have a team of experts who are always ready to help you with your loan needs. We offer a wide range of products and services that are designed to suit your specific needs. The team is available round the clock and will help you find the best home loan rates for your requirements.
Greenline loans offer a wide range of products and services, including variable rate, fixed-rate, interest only, redraw facilities, offset accounts and more!
Where Can I Get The Lowest Home Loan Rates?
Greenline Home Loans is a company that helps people get the lowest home loan rates. We make sure you are getting the best deal for your home loan.
Get in touch with us today to start your home loan journey.
Are you ready to apply?
Get started on your home loan journey with Greenline Home Loans. We’re here to help! Speak to one of our professional lenders today.