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Home Loans Tailored For You


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Probably everything you really need to know about Lakeshore

Whether you're looking to buy your first home or invest in propery Lakeshore Finance will ensure your loan application reflects your needs and circumstances appropriately. We can help with refinancing, buying a new home, property investment and assist you to use equity in your home or investment portfolio to finance current investment opportunities. Even if you have experienced some credit problems in the past Lakeshore Finance has access to specialist lenders who can cater to your needs.

With almost as many different types of loans as there are lenders and all designed to fit a great variety of circumstances we can help you find the most suitable product for you – not the bank. From self employed and first home buyers toproperty investors and commercial borrowers – we can arrange new home loans, refinancing, mortgage reductions and debt consolidation.

  • Variable Rate Loans

    Key Features: Interest rates on Variable Rate Loans follow, for the life of the loan, interest rate rises (and falls) set by the Reserve Bank of Australia (RBA). Your hopes rest on interest rates falling or at least staying constant. There are two types of Variable Rate Loans. 1. Standard Rate generally includes extras facilities like portability, redraw and the ability to make additional repayments, and the choice of weekly, fortnightly or monthly repayments options. 2. Basic Rate loans are exactly that... Basic. They generally carry lower interest rates but do not have the same range of features as the Standard Variable Rate loan.

    Pro's: Assuming the RBA decides to reduce interest rates, your loan repayments will in turn reduce. Generally speaking they are also often cheaper than fixed rate loans and if additional payments can be made you stand to make substantial savings in interest.

    Con's: Unfortunately if interest rates rise this will be instantly translated into higher mortgage repayments.

    Suitability: All borrowers who wish to capitalize on low interest rates but can stand to tolerate increases. It is important to factor in an interest rate increase by at least 1% to ensure you could cope with the higher repayments.

  • Introductory Rate Loans

    Key Features: These are characterized by often having the lowest interest rates in the market. However, they're only discounted for the initial months of the loan and this will differ depending on the product and lender. After this period passes the interest rate reverts back to the prevailing variable rate.

    Pro's: Gives you the opportunity to get ahead financially while you take advantage of the lower repayments. You may also have the opportunity to make extra payments to even further these savings with some products.

    Con's: When the 'honeymoon' period ends the interest rate will revert most probably to a much higher rate. As such, it is necessary to make sure this figure is not going to be any higher than the standard variable rate on offer in the market – thus potentially negating any savings. There may also be higher discharge fees from the lender to compensate the low introductory rate.

    Suitability: First Home–buyers who just need to get used to making mortgage repayments. They are also useful for people refinancing and just need a short term financial boost.

  • Construction Loans

    Key Features: These loans are designed for people seeking to build a new home or planning major renovations for their existing home. They carry a variable interest rate and during the construction phase only require you to repay on the interest generated. Once construction is completed the loan will revert back to Principal & Interest.

    Pro's: The loan is drawn down in stages rather than a one–off lump sum payment like normal home loans. This means you only have to make repayments on the amount currently drawn down, not the total loan amount – these repayments are also unlimited during the construction phase and assuming you have the funds, potentially reducing your debt significantly.

    Con's: Because they're variable rate loans, if during the construction phase interest rates rise then you're subject to extra repayments. You cannot select a fixed term during construction phase and you since you're only paying interest on the amount drawn out you're not reducing the debt significantly.

    Suitability: As one would expect, these loans are only applicable to people undertaking construction.

  • Investor Loans

    Key Features: Standard Variable Investor loans are virtually identical to an owner occupier loan with one very important distinction – lenders are more conservative when it comes to investment loans. Generally they won't lend any higher than 90% LVR. However they do offer options that allow potential investors terrific flexibility and choice.

    Pro's: Investor Loans typically feature the same interest rates and fees as standard variable loans but also include handy features like portability and offset facilities. Because it is an investor loan, you can also maximize tax deductions.

    Con's: Because interest rates are on par with standard variable loans, lenders tend to try and recoup costs in more creative ways. Extra features like Lines of Credit, although they may be beneficial, such a feature needs to be weighed up with the extra fees charged.

    Suitability: Anyone looking to fund an investment has 10% or more in cash or equity to reduce the LVR. Several properties can be combined for the serious investor, who may also benefit from salary crediting features like offset.

  • Low-Doc Loans

    Key Features: Designed for self–employed business owners who need to supply far less documentation to prove income, savings history and capacity to repay. Most applications require at least the last 3 months statements of a business trading account to prove income.

    Pro's: Low doc loans have allowed many thousands who would have otherwise been rejected by mainstream lenders, to secure a home loan. If you can supply sufficient information you can probably still borrow at mainstream rates.

    Con's: Low–doc Lenders "rate–for–risk" meaning your interest rate is determined by the perceived risks of lending you the money. If you're considered particularly risky, then you may be better off waiting until your circumstances improve, but it you do it is crucial that you can maintain your regular monthly repayments.

    Suitability: Anyone who is self–employed or experiencing timing delays when preparing their tax returns. Low–doc loans are ideal for these types of people who struggle to verify their income to mainstream lenders. Contract and seasonal workers or people who have just moved to Australia can also benefit from the practicality of low–doc loans.

  • Fixed Rate Loans

    Key Features: Fixed rate loans are priced according to a pre–determined interest rate, which is independent of fluctuations in the official cash rate. You can fix your entire loan for a period between 1–5 years or you can just fix a portion and leave the rest variable. Once the fixed term expires the interest rate will generally revert to the prevailing variable interest rate.

    Pro's: Locking in the interest rate for a period of years is a safety net against rising interest rates and higher monthly repayments. Although there is generally a fee for fixed rate loans, their interest rates are on a par with standard variable loans and you get the added benefit of a fixed monthly repayment.

    Con's: The initial fee for a split loan. Fixed rate loans typically lack flexibility and features. They also attract sometimes significant fees for things like leaving the fixed term before it expires, redrawing and making lump sum repayments. Make sure your final product contains the features you require. You are insulated from interest rate rises, but don't benefit if they fall.

    Suitability: Anyone concerned that interest rates may rise. Considering the current climate, fixing at least part of the loan amount is a sensible strategy.

  • Line of Credit

    Key Features: A Line of Credit (LOC) allows you to access additional funds by drawing on the equity value of your home. When setting up a LOC, you need to fix the amount you want to borrow – generally this is a fixed percentage of your loan amount. You then direct all sources of income into the LOC account and draw down on funds as and when required.

    Pro's: Line of Credit give you greater flexibility when managing the size and timing of your repayments – even enabling you to access additional funds if required. Due to the fact all your income is positioned in the LOC and you only access funds as you need it, you can save considerably on interest.

    Con's: Fees associated with Lines of Credit can tend to be quite high and its highly important what you actually use the available funds for actually pays off financially. If you are nor disciplined with your money then it is probably not best to draw on your home equity.

    Suitability: A Line of Credit is only sensible if you are extremely disciplined in managing your everyday finances. If you are easily tempted to buy spur of the moment purchases then a Line of Credit is probably not appropriate for you.