Residential Mortgages
Mortgages for residential purposes are the most common type of mortgage available as this is area where the majority of mortgages are provided.
There are a number of options which fall under the residential banner and we have listed some of these for you below:
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Standard Variable Interest Rate Mortgages |
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Fixed Interest Rate Mortgages |
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No Deposit Mortgages |
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Construction Mortgages |
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Low Doc Mortgages |
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Credit Impaired Mortgages |
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Pro Pack Mortgages |
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Line of Credit Mortgages |
As you can see there is a wide variety of mortgages to choose from and the one you choose will depend on your individual needs and circumstances.
Many people are now choosing fixed interest rate mortgages as the market has been fluctuating over recent years and this option provides you with interest rate and therefore mortgage repayment stability.
The most common loan term is 30yrs although there are some lending institutions who allow loan terms up to 40yrs and this helps lower your monthly repayments.
AussieWise Finance Group have access to all the major lending institutions and in total we have over 30 on our lending panel to choose from, so why not contact us and speak to one of our consultants about your options.
Pro Pack Mortgages
Mortgages which are classified as a Pro Pack are a reward from mortgage lenders to clients who fit certain criteria.
The rewards for a pro pack can be things like a discounted interest rate or no fees on the mortgage, along with these rewards there are other rewards which pro pack products can offer and we have highlighted some of these below:
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Mortgage interest rate discounts depending on mortgage amount |
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Waiving of fees on credit cards attached to the mortgage |
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No fee for splitting mortgage amount |
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No mortgage application fee |
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Free financial planning consultations |
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Special term deposit interest rates |
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Insurance premium discounts if you take out a policy with the pro pack mortgage provider |
Now let's take a look at the criteria which some of the lending institutions look for, remember that each lender has different qualification levels for their pro pack mortgages so we have highlighted the most common for your reference below:
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Minimum mortgage amount i.e. 150k |
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Income level of the applicant/s |
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Strong credit history |
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Demonstrated ability to repay debt by way of other loans or an existing mortgage |
As you can see it is not too difficult to qualify for a pro pack so to find out more about the features and benefits of these mortgages simply contact us and a consultant will answer your questions and provide you with the most suitable pro pack mortgage options.
Low Doc Mortgages
Mortgages which are known as low doc are specifically tailored for the self employed applicant who is unable to show income via traditional means.
There has been an expansion in the low doc mortgage market and this has seen some very competitive interest rates and product structures introduced.
The income which is stated in a low doc mortgage is placed in the income declaration section where the applicant states their income; this amount is then used by the lending institution to assess the applicant's ability to repay the proposed debt.
As mentioned there are a number of low doc mortgages which suit different needs, let's take a look at some of the options we have available:
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Low doc mortgages for owner occupied or investment |
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High lend low doc mortgages which can provide up to 90% of the purchase price |
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Credit impaired low doc mortgages |
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Low doc mortgages for construction |
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Low doc mortgages for refinance |
There are a variety of low doc mortgages and we have access to over 30 providers who offer low docs so contact us and speak with one of our consultants to find out which low doc product suits your needs best.
Construction Mortgages
Mortgages for construction come in many shapes and sizes and can cater for a variety of clients.
Building your own home is becoming a more popular option for people due to stamp duty savings and the ability to choose your own style of home.
There are different types of mortgages available to suit different types of clients and we have listed them for you below:
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Low Doc construction mortgages |
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Full doc construction mortgages |
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Credit Impaired construction mortgages |
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No deposit construction mortgages |
When it comes to construction mortgages there are generally three main types available and they are:
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Construction Mortgages for Fixed Price Building Contracts |
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Construction Mortgages for House and Land Packages |
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Construction Mortgages for Owner Builders |
To learn more about the above options simply contact us and speak to one of our consultants.
Construction Mortgages for Fixed Price Building Contracts
Mortgages for construction with fixed price building contract are preferred by home lending institutions as there is certainty in the price of the construction.
A fixed price building contract also provides confidence from the lenders point of view as the construction will be undertaken by a licensed builder and will be constructed to a plan and specific timeframes.
Construction Mortgages for House and Land Packages
Mortgages for house and land package deals are also quite common and are a popular way for first home owners to enter the market.
Again this is a preferred type of mortgage as there is certainty in the price of the home and the construction phase has a specific date for completion.
Why not contact us and have a chat to our consultants about which options are available to you for a house and land package.
Construction Mortgages for Owner Builders
Owner builder mortgages are available for those who wish to construct their own home.
You may have some skills in building or know contractors who could perform work for you at a discounted rate so the potential to save thousands is very much a reality.
Traditionally mortgage providers have strict limitations on owner builder applicants as they deem them to be of higher risk as costs may blow out as could the construction timeframe.
Having said that we do have a solution for the owner builder market and can offer mortgages which can extend to 75% of the end value or hard cost whichever is the lesser, so why not contact us to find out more about this great mortgage option for owner builders.
Investment Mortgages
Investment mortgages are now commonplace in the market and are tailored for investors looking to create wealth through property.
These loans are generally interest only as this allows you to maximise your tax benefit and allow capital growth to occur simply through increases in the properties price.
There are a range of investment mortgages available which range from loans of up to 95% LVR right through to investment mortgages which offer up to 100% of the purchase price.
We have found that the 100% investment mortgage is an option which is often chosen as it allows the investor to free up cash flow by minimising the out of pocket expenses.
Let's take a look at some benefits of using an investment mortgage to generate wealth in the long term, some of the benefits are:
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Tax effectiveness by claiming the mortgage interest paid |
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Depreciation of fixtures and fittings for 3 years (depending on age of the dwelling) |
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Passive income stream from rental income |
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Capital growth of the asset over time |
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Potential to access equity through the property for other investments |
Investment products are a great vehicle for investors to create wealth through property and there are multitudes of options available so why not contact us and have a chat to a consultant who will help you find the most appropriate solution for your needs.
Regulated Mortgages
A regulated mortgage is simply one which is governed by the UCCC for the life of the loan and is specifically for owner occupied purposes.
The UCCC ensures that borrowers for mortgages which are for personal purposes are provided with regular statements and documentation with regard interest rate increases and so on.
Unregulated Mortgages
Conversely, unregulated mortgages are for investment purposes.
This applies to any loan where more than 50% of the loan amount will be used for investment or business purposes.
For example a mortgage which is on your owner occupied property and owes 100k on the personal mortgage component but owes 150k on a mortgage split for investment purposes is deemed as unregulated.
Line of Credit Mortgages
A line of credit on your mortgage is a great way to combine all of your finances under the one structure.
What this provides you with are two things, the mortgage can be paid off sooner as all of your interest earned from a savings account attached to your loan offsets the interest repayments and your income also lowers the amount owing on the mortgage leading up to the next repayment.
You are also able to draw on the funds available within the line of credit (up to the nominated limit) to make purchases, invest, renovate or a raft of other options which you see the need for.
There is so much more to a line of credit so why not contact us and have one of our consultants run you through the benefits of a line of credit.
Credit Impaired Mortgages
Having a credit impairment does not mean that you are unable to obtain a mortgage, there are a number of reasons that you may have a blemish on your credit file and traditional lending institutions often turn the other way.
This is where credit impaired mortgages can help you, whether you have a small default with a phone provider or you are a discharged bankrupt.
Some of the purposes which credit impaired mortgages can be used are:
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Purchase of a property |
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Refinance of an existing mortgage |
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Consolidation of debts into a mortgage |
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Purchase of an investment property |
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Repayment of defaults to start afresh |
There are a number of purposes that this type of product can be used for and we have several lenders who offer credit impaired mortgages.
The main reason that lending institutions offer these mortgages is to get the client back on track with their finances with a view to move the facility into mainstream lending once this history is cleared up.
This is where AussieWise stays in touch and ensures you restructure your mortgage as soon as is practicable so you achieve a more competitive interest rate for the long term.
Credit impaired or specialist mortgages are not limited to assisting people with a credit blemish, these products can also offer an opportunity to others who do not quite meet the needs of a mainstream lender.
Who else can specialist mortgages suit?
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People with different employment types such as casual, temporary, block time contract etc |
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People who's sole income is a pension |
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People who have a unique property or a location where traditional mortgage lenders will not lend into |
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Business types i.e. specialised business such as a nursing home |
Credit impaired mortgages can also be used by self employed applicants who require a low doc mortgage so again these products can cater for a variety of needs and circumstances.
Contact us to find out more and a consultant will assist.
No Doc Mortgages
Mortgages which are known as no doc mortgages differ from low doc in the respect that a no doc does not require asset and liability information and also relies on a declaration of affordability versus and income declaration.
Generally no doc mortgages extend up to 75% of the purchase price and in some cases up to 80% of the purchase price, these limitations are in place as there in a minimal amount of information that the no doc mortgage provider relies on to assess serviceability.
We have access to a number of no doc products so why not contact us and have a chat to a consultant who can help.
Non-Resident Mortgages
Mortgages for non-residents are available through AussieWise Finance Group and we are experienced at assisting non-residents in obtaining mortgage finance for purchasing a property in Australia.
The FIRB are the governing body who determine the suitability of non-residents application for purchasing property is Australia and also legislates the lending institutions with regard the mortgage parameters which are required to non-residents.
Some of the legislation in place which governs the mortgage parameters for non-residents is that the lending institution will provide up to 80% of the purchase price and no more and there are also lending limits regarding non-resident students who wish to purchase property in Australia.
Some of the other guidelines are that an approval from the FIRB must be sought with all non-resident purchases and all contracts of sale must note a subject to FIRB clause of 30 days as this is the general time it takes to obtain FIRB approval once the application forms are submitted.
There is more information on the FIRB available through this link: and when it comes to non-resident mortgages just contact us and ask our consultant who can help you understand more about non-resident mortgage and the FIRB.
Fixed Rate Mortgages
Fixed interest rates for mortgages are a great way to ensure your repayment stability over a specified time period.
Fixed rates can vary from 1yr through to 15yr terms and the choice of mortgage term is up to you, more recently there have been some interest rate increases and this has meant that more and more people are choosing a fixed rate option.
Even though a fixed rate mortgage provides you with repayment stability there is still some degree of flexibility within the loan structure itself.
What this means is that you are still able to do the below depending on the type of product chosen:
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You are still able to make additional mortgage repayments up to a certain amount |
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Some fixed mortgage providers even allow you to redraw on the mortgage during the fixed mortgage period |
Once the fixed rate mortgage term has lapsed the interest rate reverts to the standard variable rate at the time, this doesn't mean you cannot fix the rate again and it's as simple as re-applying for a fixed rate with the same lender or you can choose another mortgage provider.
Why not contact us and find out what your fixed interest mortgage options are and one of our consultants will be happy to help.
Standard Variable Mortgages
Mortgages which are have a standard variable interest rate are the most common in the mortgage market as there is the widest variety of these products on offer with a broad range of structures and types to suit all needs.
Here are just some of the types of products which can fall under a standard variable interest rate banner:
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Investment Mortgages |
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Pro Pack Mortgages |
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Line of Credit Mortgages |
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Construction Mortgages |
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Low Doc Mortgages |
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No Doc Mortgages |
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Credit Impaired Mortgages |
Standard variable mortgages also offer a great deal of flexibility in a sense that you can have additional features which may not be available on fixed rate products for example, such as:
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Ability to make additional mortgage repayments at any time |
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Ability to split the mortgage at anytime |
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Having a line of credit attached |
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A redraw facility as part of the mortgage |
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A mortgage interest offset account attached |
With so many mortgages on offer why not contact us and speak to one of our consultants who can help guide you towards the most appropriate product for your individual needs.
For more information on other mortgage type please follow the links below:
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Other Useful Links within our site: |
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Useful Sites as a point of reference: |
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