Getting the right home loan!                                                      John Robertson 02 4625 4222

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There are a number of different home loan structures and products. The structures can vary from Lender to Lender, as well as individual circumstances, loan amounts and loan purposes.

For a free, no obligation enquiry simply complete our mini application form or Contact Us to find out how we can help you.

In the vast majority of cases, we do not charge our client any professional fees for our home loan services.

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Professional Packages - Available to both Owner Occupied & Investment Loans

Professional Packages (Pro Packs) are facilities that often have various additional loan features, and generally offer generous discounts on the interest rate that would apply to a standard facility, however there is a set criteria that is required to be met to qualify for these products.

Do not be misled by the term "professional" however, as this does not mean that you need to be considered a business professional to qualify for the product. As a general rule, the primary qualification for a Pro Pak is that the loan amount be over a certain amount. With some Lenders, that amount is $500,000.00 but with others, a Pro Pack may apply to loans over $250,000.00.

It is available for both owner occupied property loans as well as for investment loans.

There is often an increased annual fee for such facilities, so we would need to look closely at individual circumstances to ensure that the benefit of the reduced interest rate is not outweighed by the increased annual fee - though it is rare that the increased fee outweighs the benefits of the reduced interest rate. Contact Us to learn more about Professional Packages

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Offset Facilities - Use your funds to reduce your interest

An offset facility is effectively a savings or cheque account (a credit account) that is linked to a mortgage loan account.

Under this structure, any funds held in a credit account are offset against the loan account. In other words, the balance of the credit account is deducted from the balance of the loan account on a daily basis, and interest calculated on the difference. For example, if you had a loan balance of $250,000.00 but had $50,000.00 in credit in the offset account, then the interest would be calculated on $200,000.00.

This gives the client easy access to funds, usually without the increased interest rate associated with a Line of Credit facility. Contact Us to learn more about Offset Facilities

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Lo Doc Facilities

Lo Doc facilities are loan facilities that are particularly popular with self employed clients – though they are sometimes available to PAYG clients as well.

They are designed for clients who cannot formally verify their income due to various reasons such as not having tax returns ready, or an unusual occurrence may have happened through the year, which may have impacted negatively on the profitability of a business amongst other reasons. In such circumstances, conventional lending may not be available for these clients.

The burden or providing verification of income or profit is replaced with a declaration made and signed by the borrower/s stating what their income and / or profit is or was for the past year. This income declaration is typically not verified by the Lender.

There is sometimes a small premium added to the interest rate by the Lender to offset the perceived increased credit risk incurred by the Lender.

In saying that, it is crucial that the income declared is genuine & accurate, as should for any reason the application ever be audited by the Australian Taxation Office, you can be held responsible for any discrepancies.

We will always act honorably with our clients, and expect the same respect from our clients – particularly when they are completing a Lo Doc Declaration. Contact Us to learn more about Lo Doc Facilities

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No Doc Facilities

No Doc facilities are an even more simplified version of a Lo Doc facility.

The primary difference is that there is no statement of income either on the loan application or on an income declaration. There is usually not a requirement for the applicant to provide a statement of assets and liabilities either.

Effectively, the borrower signs a declaration that basically states that they are aware of the debt that they are entering into and that they are aware of the approximate monthly repayments, and that they believe that they can meet these repayments without incurring financial hardship on themselves.

Usually the lender will reduce the loan to value ratio (LVR), and will also place a premium on the interest rate to offset the perceived increased credit risk incurred by the Lender. Contact Us to learn more about No Doc facilities

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Credit Impaired

At Comprehensive, we understand that not all in life goes according to plan, and due to poor financial management, a change in financial or personal circumstances, or due to circumstances beyond your control, your credit rating may well have been detrimentally affected.

Credit Impaired facilities are specifically designed for such clients.

Depending on the level of impairment (i.e. the number and severity of the credit defaults), we have access to a number of Lenders who overlook such impairments and will provide loans to clients experiencing such circumstances. These products can also be provided in a Lo Doc or No Doc format.

Please understand that there will always be a premium added to the interest rate with these products in order to offset the increased credit risk perceived by the Lender. Credit impaired - Contact Us to find out how we can help