Welcome to our Specialised Home Loan information page: This page is designed to assist you in understanding the basics of this type of loan and to give you an understanding of some of the features and downsides.
About Our services:
- Our brokers are experts in obtaining home loan approvals and specifically trained in loan structuring and credit policy, ensuring the best possible outcome for your needs.
- We provide an Australia wide service, at no cost to you.The lenders pay us a commission for the introduction of your business.
- Our website is designed to help borrowers understand the differences between loan types and the importance of having a mortgage broker to assist you in finding the right lender.
About the Specialised Home Loan:
What is a Specialised Home Loan?
The terminology “specialised”, covers a broad range of categories. A specialised home loan, usually means that not every lender will carry this facility and therefore some lenders will have this listed as a “specialised” product.
Usually you will find that a specialised home loan will come under the categories of the following loans:
- Owner builder home loan.
- Reverse honeymoon loan.
- Line of credit or home equity loan.
- Structured loan or split loan.
- Construction loan.
- Bridging loan.
- Self-employed or low doc loan.
- SMSF (self-managed super fund) home loans.
- Unusual security loans.( studio apartments under 50 m² etc).
- Reverse mortgage or Seniors Loan
There are many other loans that will fall into the category of a specialised home loan. It is not only the loan type that will dictate if it is specialised, but also the property type.
Should You Choose a Specialised home Loan?
The lender has the right to look at the security property that you are buying, the reason you are buying, (investment or owner occupied), how you will fund this purchase and if your income is suitable for the amount you need to borrow. This will then determine if the loan will be a specialised loan or not.
- Example: Say you want to purchase a property to live in, and you had not yet sold your existing property and had no cash in the bank to support the new purchase, then there is a chance that you may need a bridging loan. There may be other options as well, but for this exercise will just use the bridging loan scenario.
- The bank has the right to offer you this loan as a solution for you to purchase the new property because it may be the only loan that they have that will suit what you are trying to do. This means that you have no choice but to accept the terms and conditions and the rates and repayments on offer with this loan, because it is the only loan they may offer you, making this loan specialised to your lending needs.
Your individual circumstances will dictate what kind of loan you may need. There are other loan types that you can read about on our site, keeping in mind that you should always speak with an accredited mortgage adviser about your options. This will ensure that you are fully informed about benefits and downsides and that you apply for the right loan the first time.
Because of the broad range of specialised home loans available we encourage you call us here at Illawarra Mortgage Brokers to discuss your needs.
We will be covering the individual loan types and criteria on other pages on our website.
If you can’t see a page that relates to what you are looking for, please feel free to call us at any time and we will be able to assist you in understanding your options.
It is important that you speak with a professional adviser if you are considering obtaining a specialised home loan. Once a needs analysis has been completed in regards to your individual circumstances we will be able to assess the viability of this type of home loan for you.
How can I apply?
These are your simple steps to apply for a loan.
- Contact us on the numbers above to speak to a mortgage broker, or complete our online enquiry form.
- You will speak with a broker who will take into account your needs by discussing not only your requirements, but also any concerns you have, and offer you some possible strategies and ideas that you may not have thought about.
- Once we know what you require, we will draft and email you a proposal– this will usually consist of a few options that are easy to understand.
- Once you have had a chance to look at what options are available, you can contact your broker or the broker will call you, to discuss the proposal.
- You can then decide if you wish to proceed or you may just want to discuss more options.
What are my other options?
There are many options available:
- Whether you are after a variable interest rate, a fixed interest rate, interest only loan, equity loan or any of the other loans available, it is important that you find out what is available to you before applying for a loan.
- The loans listed below are available for most lending purposes. Whether you are refinancing your home loan to a lower rate, or a property investor looking to buy that second or third property, we will have some ideas for you to consider.
- Even if you are a first home buyer purchasing a new home or renovating your existing home, there are some great deals available from the banks and lenders that we are accredited with.
- Please click on a link below to learn more about other loans that are available to you.