Why waste time poring through complex policies that won't meet your lender's standards in the first place? Talk to the team at SmartChoice Mortgage Brokers instead, we are happy to do the hard work for you!

Our brokers have the experience and technology to calculate your borrowing capacity for each individual lender and inform you of the requirements you need to meet each lender's approval standards. Our staff will then provide you with a selection of loans from a variety of major lending institutions that suit your budget. It's simple, it's easy and it's the smart choice.

Ready to take the first step in purchasing your dream home? Receive your FREE written report by contacting us or submitting your application online. Review each loan type below to discover which best suits your needs.

If you have any enquiries, please do not hesitate to contact us for obligation-free advice.

Standard Variable Rate Home Loan

This is one of the most common types of home loans. The standard variable rate home loan is very flexible and can include optional features such as making extra repayments, splitting the loan or redrawing funds. It is usually accompanied with an interest rate discount dependant on the volume of borrowing.

Basic Variable Rate Home Loan

This is generally a 'no frills" version of the standard variable loan.

Fixed Rate Home Loan

The fixed rate home loan offers one key advantage over the variable loan types; the certainty of making a set loan repayment amount each month. Fixed-rate loans are based on a set interest rate for a pre-determined period of time that could run from 1 to 10 years.

This provides a level of security for borrowers against interest rises but restricts the amount of extra payments per year.

Split Loan

The split loan offers a 'best of both worlds' approach between variable and fixed rate loans. If you are concerned about rising interest rates, but wish to maintain flexibility for making additional loan repayments without extra fees, the split loan may be suitable for you.

Introductory / Honeymoon Rate Home Loan

These loans offer a lower interest rate than the standard variable rate for an initial period of time, usually during the first year of the loan. The rate may be fixed or variable and once the introductory period is finished, the interest rate will usually revert to the standard variable rate.

Line of Credit Home Loan

Line of credit loans, also known as equity loans or revolving credit loans, offer high levels of flexibility. Instead of a regular mortgage, your lender assigns you a credit limit that is secured against your property. Incomes are deposited into this account, interest and cost of living withdrawn and the difference between these two reduces the balance.

Interest Only Loan

This type of loan is quite common with investment properties where clients are claiming interest payments as a tax deduction. In most cases, these clients are still paying off their owner-occupied property, on which interest is not tax deductible.

Low DOC Loan

These loans are for those who are self-employed and are unable to provide the conventional documentation necessary to prove their regular income stream. Instead, those choosing the low DOC loans are required to have their accountant sign a declaration stating their current income level and provide the previous 12 months BAS statement. Maximum loan to value ratio is 80%.

Non-Conforming Home Loan

Non-conforming loans are designed for borrowers that do not meet the standard banks criteria due to issues with their credit report. These loans usually attract higher interest rates.

Family Guarantor Loan

Some lenders have products called Family Guarantor or Family Pledge loans, where a borrower's parents use their property as supporting security so their child can borrow 100% of the purchase price plus costs.

Bridging Loan

The bridging loan is a temporary loan that allows the borrower to complete the purchase of a new property prior to selling their existing property. The interest rate charged is in-line with normal bank products.

Reverse Mortgage Loan

A reverse mortgage loan allows borrowers over 65 years of age and retired to borrow an amount of money against the agreed value of their home. No repayments are necessary until such time as the property is sold or the owners pass away and the debt is cleared at the sale by the beneficiary.

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