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Gekko's Guide to Mortgages

 Standard Variable Loan - Very popular as this type of loan offers flexibility and comparatively low rates.

• Follows official fixed rates and is often below fixed rates
• Make extra payments
• Offset and Line of Credit Facilities
• Refinance and Consolidation
• High Lend (L.V.R.) Upto 106% with clear credit and proof of income
• Suitable for all types of borrowers - 1st home owners and Investors
• BUT is susceptible to interest rate rises!

Fixed Rate -  Great for budgeting home owners or the more cautious investor as you "lock" in rate and repayments for a fixed period.

• Rate locked in for upto five years
• Protected form increases in Interest Rates
• A variety of attractive low rate deals are usually available
• BUT extra payments may be limited or not allowed
• Early repayment costs may apply
• No benefit if interest rates decrease

Gekko Tip: Did you know you can split your loan by fixing part of your loan at a fixed rate and have the other part at a variable rate?

Lo Doc AND No Doc Home Loan - These types of loans were originally designed for the Self Employed who held an ABN for two years or more and limited or no financials or those who seek maximum privacy.

• Low verification or proof of income - No Tax Returns required
• Ideal for the Self Employed, Contract or Seasonal Worker
• Line of Credit and Fixed Rates available
• BUT a lower L.V.R.
• A higher rate may apply

Call the team at Gekko to ask if these Lo or No Doc Loans apply to you!