When you buy a home, you make some of the biggest financial decisions of your life. Sage Loan Services will give you all the tools and information to help you find the right home loan. There are literally thousands of different products and features, so let us do the legwork for you to find the right loan that suits your needs. We also have a duty of care to ensure that you can afford your repayments. If required, we are happy to work with your accountant to maximise tax effectiveness and ensure affordability.
There is no “best” home loan – if there were, we would all have this one! But there is at least one that will be relevant to you, and Sage Loan Services will help you find it. There are many different home loans all designed to cater for different needs, including:
Basic Home Loan
A simple variable rate home loan which can usually be ‘principle and interest’ or ‘interest only’. Most do provide the option of making extra repayments and accessing them through redraw. A simple ‘set and forget’ format with no constant need to reassess your payments. Typically with low or no ongoing fees.
- First home buyers, where getting used to making mortgage repayments may be a priority.
- People who want no added extras.
Fixed Rate Loan
- A facility which has a fixed interest rate for a specified period – typically 1-5 years.
- There may be limitations on making extra repayments.
- If you break your fixed contract, you may need to pay a break cost fee.
- You can also lock or secure the fixed rate by paying a rate lock fee.
- People who want the security of knowing what their repayments will be for a given time, even if interest rates rise.
- People who like to budget.
- People who like to have peace of mind, assurance, and stability.
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Standard Variable Rate
A flexible loan which may vary according to the Reserve Bank cash rates. The standard variable rate is often used in conjunction with a professional package in order to get a more competitive interest rate. No penalties for extra repayments.
- People who want to take advantage of different features and benefits such as offset accounts, repayment holidays, and construction facilities.
- People who can pay a lump sum.
Line of Credit or Equity Loan
- An ongoing interest only facility which has a maximum approved limit.
- A line of credit often has a higher rate due to its unique terms and high flexibility. It is generally a part of a larger structure, such as a loan strategy next to a home loan, investment loan.
- If you need to draw down the funds for any purpose you require. You will only pay interest on the balance you have used.
Investors. People who need a high-level debt consolidation strategies.
This offers the flexibility of having more than one loan type under the same facility. Typically part fixed and part variable, A split loan may be most economical when linked with a package.
Offering peace of mind by having some of your repayments remaining stable whilst you can make unlimited extra repayments on your variable loan portion.
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