Loan types

Connolly Finance has access to over 500 financial products from more than 30 lenders covering a myriad of requirements – from home loans for repeat and first home buyers to first time and astute investors – we are perfectly placed to help guide you through the available options by listening to your needs, undertaking a comprehensive review of your current financial position and then providing a clear, detailed and comprehensive investment strategy for you to put in place.

Basic variable rate home loan

Basic variable loans typically offer lower interest rates and fewer features than the standard variable loans. You often have the option to pay for any additional feature required. Interest rates and repayments will vary throughout the loan term.

Bridging loan

If you’d like to buy a new property before you sell your existing one, Bridging Finance could provide the funds you need to secure your new home. This loan is designed for customers who have sold their existing property (but not yet settled) and require finance for the deposit on a new property.

Construction loan

If you are building your own home or investment property, a construction loan may be suitable for you. This loan requires a fixed price building contract from a registered builder.

Fixed rate home loan

Under a fixed rate loan, the interest rate is fixed for a specified period, usually between one and five years. This loan gives you the certainty of knowing exactly what your monthly repayments will be and peace of mind knowing the repayments won’t rise. However you won’t benefit if rates go down during the fixed term.

Introductory rate loan

An introductory rate loan generally offers a guaranteed low rate for an initial period of time (usually 12 months) after which most will revert to the standard variable rate. The rate can be fixed or variable.

Line of Credit

A line of credit loan provides you with access to the equity in your home or investment properties up to a pre-approved limit. You access the funds as you need to. The interest rate on a line of credit loan is usually a variable rate and repayments are interest only.

Offset

A 100% offset loan is very similar to an all-in-one loan. Rather than putting all your salary and other income into your loan, it goes into an offset account that is directly linked to your home loan.

Split

Combining the security of a fixed rate home loan and the benefits of a variable loan, the Split Loan option allows you the freedom to choose how much money you assign to each loan type. Common split loan ratios are 50:50, 70:30 or 60:40 over a two-way fixed and variable rate.

Standard variable rate home loan

Standard variable loans are Australia’s most popular type of home loan. The interest rate varies throughout the loan term. These loans generally offer excellent flexibility, low fees and often offer great features such as an offset facility, redraw facility, no limits on additional repayments and in most cases, no early pay-out penalties.

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