Standard Variable Mortgages Overview
Mortgages which are standard variable are the most common type of in the market today.
There are literally hundreds of mortgages available from a range of providers, these cater for salaried applicants, the self employed and can be used for a number of residential purposes.
In essence the term standard variable means an interest rate which is subject to change based on market conditions, interest rate increases and decreases are generally led by the Reserve Bank of Australia but there are also times that mortgage providers can either increase or decrease their interest rates as well.
As mentioned there are a variety of standard variable mortgages available to you and the choice will depend on what you need, and this is where our experienced consultants can help you.
For your reference we have compiled a more detailed explanation of standard variable products below but if you'd rather chat to one of our consultants please contact us.
Key benefits - Standard Variable Mortgages
Standard variable mortgages as compared to other product types offer benefits and we have tabled below some of the benefits for your reference:
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You are able to make extra repayments on your standard variable mortgage at any time |
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Standard variable mortgages can also have a redraw facility as most fixed rate mortgages do not allow redraw |
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Standard variable mortgages also offer the greatest variety of mortgage options such as lines of credit, redraw, mortgage offset accounts etc |
There are a multitude of options available when choosing a mortgage and as mentioned there are literally hundreds of products to choose from so why not contact us and chat to one of our consultants who can help you make an informed decision about which product is the most suitable.
Full Doc Standard Variable Mortgages
A full doc standard variable mortgage is a product which requires the applicant to provide evidence of income by way of tax returns, pay slips or PAYG summaries and so on.
This type of product provides you with the most competitive interest rates and also the widest choice of structures, this is because the lending institution has proof of your income and is more confident in providing the funding and a higher LVR as compared to low doc product.
To find out more about your options simply contact us and allow one of our consultants to guide you through.
low doc Standard Variable Mortgages
When it comes to low doc mortgages the term low doc itself means low documentation and this is in relation to the income evidence you provide.
The key difference between a full doc and a low doc is that your ability to service the mortgage is based on an income declaration.
A declaration of income is where you sign off on your stated income that you generate from your self employment and this is what the lender uses to determine your ability to service the monthly repayments.
There are different types of low doc mortgages available and the most common provides up to 80% of the purchase price, these generally attract very competitive interest rates and flexibility within the product structure as well.
Other types of low doc mortgages can extend to 90% of the purchase price and as the LVR increases so does the interest rate as it is deemed as a higher risk based on limited income evidence and a higher loan to valuation ratio (LVR).
Whatever type of low doc you need we are sure to have a solution available from our panel of lenders. All you need to do is contact us to find out more.
No Deposit - Standard Variable Mortgages
No deposit mortgages are a great way to get into your home.
What this product provides is the ability to fund the full 100% of the purchase price of your property, in doing so you are able to use your savings or other funds to cover the associated costs of purchase.
No deposit mortgages have proven very popular with first home buyers and investors.
First home owners may also find that the grant covers the entire out of pocket expense.
We are very experienced in providing this type of product so contact us to find out how we can help you obtain the most suitable mortgage for your needs.
Credit Impaired Standard Variable Mortgages
Mortgages which are tailored for people with credit impairment are there to help people who have had a blemish on their credit file get re-established in the property market.
Whether you have a minor default or have been discharged from bankruptcy there is a solution to suit your needs.
Credit impaired mortgages should be viewed as a stepping stone by people who use them with the long term view being to refinance into mainstream lending once the time is right.
This could mean allowing a listing on your credit file to come off or equity to increase in your property where a more cost effective solution can then be sourced.
AussieWise focus' on providing ongoing service and as such we will be in contact regularly to ensure that when the time is right we immediately restructure your credit impaired mortgage into a mainstream lending institution.
Why not contact us to find out about your options and one of our mortgage consultants will be happy to assist.
Which standard variable mortgage is the right one for me?
As you can see there are so many options available and an even greater number of product structures to choose from.
The mortgage you end up choosing will depend on many factors including the affordability of the loan, your unique financial position and your employment status to name a few.
We hope that the information within this page has helped you make a more informed decision about the options that suits you; alternatively you can contact us and speak to one of our consultants.
What do I do next to get my standard variable mortgage?
Your next step in obtaining the right mortgage for your needs is to contact us and speak to one of our consultants.
From there we will be able to provide you with comparisons and more information that each option we present to you offers.
We have hundreds of mortgages to choose from so let us tailor a solution to suit your needs.
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