What is a Residential Home Loan?
A residential home loan is simply a home loan which is used to purchase a residential property for owner occupied purposes as compared to an investment property.
There are a number of residential home loans which cover a wide range of loan types such as full doc, credit impaired, no deposit, low doc and construction to name a few.
There are literally hundreds of these loan types you can choose from and an even greater number of features and benefits that lending institution can provide.
As there are so many choices we have highlighted some of these for you below and provided a brief explanation on each of these home loan types.
Alternatively you can simply contact us and one of our consultants can help you find the most suitable options for you needs.
Full Doc Residential Home Loans
A residential home loan which is a full doc is specifically for those people who can provide proof of income. Full doc products provide the greatest range of choice and competitive interest rates along with a broad range of features and benefits.
Full doc products can also cater for the self employed and this can be done if you are able to provide proof of income for the business so full doc products are not limited to people on a wage or salary.
Full doc home loans also provide the greatest level of flexibility when it comes to lending limits and these can extend up to 100% of the purchase price.
Lo Doc Residential Home Loans
As compared to full doc products, lo doc products are tailored for the self employed person who is unable to provide proof of income.
Instead of providing proof of income for the applicant needs to sign a declaration of income and this is how the lo doc lender determines your ability to service the home loan.
There are a number of lending institutions who offer a range of lo doc options with competitive interest rates and even the ability to provide up to 90% of the purchase price.
So if you thought being self employed would be a hurdle in purchasing your home then think again and contact AussieWise Finance Group for your home loan needs.
No Deposit Residential Home Loans
The introduction of no deposit home loans has allowed thousands of home buyers to enter the property market.
This type of product offers you the ability to purchase a property without the need for a deposit as compared to traditional home loans which may only go to 95% of the purchase price.
Even though this type of product provides the full purchase price the interest rates are very competitive and the variety of features and benefits available for no deposit home loans is also extensive.
AussieWise Finance Group also provides a deposit gap loan which provides up to 5% of the purchase price which effectively provides you with 105% of the purchase price. By combining a no deposit home loan and a deposit gap loan the chances are that the out of pocket expenses are minimal and in some cases are completely covered.
So why not contact one of our consultants to find out more about the deposit gap loan and our range of home loan options.
Which Residential Home Loan is right for me?
There are so many home loans available and the right one for you will depend on many factors, some of which we have touched on throughout this section.
Whether you need a full doc, a lo doc or a no deposit home loan you can count on AussieWise Finance Group to provide you with the options you need.
Why not contact us so we can help you find the right product for your needs.
What do I do next to get my residential home loan?
What you can do to obtain the right home loan for you is to simply contact AussieWise Finance Group and one of our consultants will help you through the maze of available options to find you what you need.
Contact AussieWise and allow us to help you with your needs.
 |
Other Useful Links within our site: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Useful Sites as a point of reference: |
| | | | | | | |
 |
| 
