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home loans guide
let stellar finance group summarise the type of home loans available to you
variable
A Variable Rate Loan has an interest rate that fluctuates with the market, primarily driven by changes made by the Reserve Bank of Australia. This flexibility can be beneficial if interest rates decrease, as it allows you to potentially reduce your loan balance faster with extra repayments without penalty. However, it also means that your repayment amounts could vary, requiring financial readiness for potential rate increases. This loan type is ideal for borrowers seeking flexibility and willing to manage the unpredictability of payment amounts.
fixed
A Fixed Rate Loan locks in your interest rate at settlement, giving you consistent repayments and shielding you from market fluctuations for up to 5 years, despite the longer loan term of 25 to 30 years. This stability aids in budgeting and financial planning, offering protection against rising rates. However, the trade-off is missing out on potential savings from rate decreases, making this loan best for those prioritizing budget certainty over flexibility.
offset or redraw?
offset
An offset account can reduce the interest you pay on your home loan by linking to your mortgage and functioning like a transaction account. You can deposit and withdraw funds anytime. The money in the offset account effectively reduces the loan balance for interest calculation purposes. For instance, if your loan balance is $300,000 and your offset has $50,000, you only pay interest on $250,000. The more you keep in your offset, the less interest you pay, making it a smart way to save on your home loan costs.
redraw
A redraw facility, distinct from an offset account, offers another way to save on your home loan. It allows you to access any extra payments you have made beyond your required minimum repayments. For those paying weekly or fortnightly via direct debit, only the surplus amounts above these minimums are available for redraw. Over the term of your loan, the amount available in your redraw may decrease, ensuring that by the end of the loan term, both your loan balance and the redraw amount reach zero.
building and upsizing
these structures are for those building a home or moving into their next one before they sell
construction loan
A Construction Loan is specifically designed for building a home, providing funds in stages according to construction milestones, rather than in one lump sum. This method ensures you only pay interest on the money you’ve actually used, aligning your cash flow with the progress of the build. Key features include incremental fund releases that match construction phases and interest charges applied only to drawn amounts, significantly cutting costs during the build. Ideal for new home construction, this loan type offers a flexible payment schedule tailored to the unique timeline of your project.
bridging loan
A Bridging Loan offers short-term financing to support you in buying a new property while still selling your existing one. It provides up to 6 months to sell your current home, ensuring you have the necessary funds to secure your next one without rush. This loan helps maintain cash flow for your new purchase and smooths the financial transition between selling and buying, reducing stress and providing breathing space. Ideal for those needing to move swiftly without sacrificing the sale price of their current property, a Bridging Loan is a strategic financial tool for managing property transitions efficiently.
hear from our clients
Lisa has a fantastic way of tuning into needs and ensuring we have confidence in our important decisions, through being well informed and not rushed. Lisa really made us feel assured and helped to break down any knowledge barriers, making us feel in control of our decisions. Thank you Lisa for your ongoing support and helping to build a positive future for our family!
Wayne Jones
From the moment you first meet, Lisa will be here to inform you, guide you and along with you, make your financial dreams come true. Sam Asadollahi recent experienced this when he asked Lisa to help him with purchasing his first property.
Sam Asadollahi
Got a dream? Lisa and her team can help you make it happen. I can’t think of a better person to have on my team to achieve my goals. Her hard work and determination bring results and she always has plan B and C (at least!) to make sure she can make things happen for you. Her team are excellent, keeping you well informed in the progress of negotiations and very responsive. I can’t recommend Lisa and her team enough!
Jennifer Hsu
Lisa was awesome in the way she carried out her services. She was fully engaged from the very first meeting in understanding our needs to then take us through options in the market and eventually help us choose the right product. The whole process was well defined and managed by Lisa and her team all the way till we settled. If you are on the lookout for a professional who knows the mortgage industry well, spends time to understand your needs and maintains a proactive communication at every step of the process, then Lisa should be your choice for a broker. I highly recommend the services of Lisa Bridgett and thank her for the efforts.
Babu Narayanan
It was an absolute pleasure working with Lisa on our loan financing. Lisa is extremely professional, dedicated and knowledgeable. We were very impressed with how responsive Lisa always was (and still is) to all our questions and we valued the fact that we could communicate with her outside of the normal working hours. We would recommend Lisa highly to anyone in need of mortgage financing.
Magda Louw
Lisa Bridgett is all about making her clients’ life easier! From the moment you first meet, Lisa is there to inform you, guide you and along with you, to make your financial dreams come true. Hear what her client Renee Vella has to say.
