Mortgage Loans
Home Loans
Mortgage Loans
Need Help Buying Your Dream Home?
Whether this is your first home or upgrading to meet the family’s growing needs, Monetta Financial Services can help you with financing your home loan requirements.
Monetta Financial Services is a highly experienced and qualified brokerage company who are here to help you get your dream property. We work with over 40 lenders to find your ideal home loan and then guide you through the loan process to settlement and beyond.
How we can help you?
We Work With More Than 40 Lenders So You
Enjoy The Best Home Loan Deal Available
See Some of The Features And Options We Review
To Find The Best Home Loan For You
We ensure we understand your needs and circumstances, so together we select the home loan option that best suits your circumstances, lifestyle and budget. Monetta’s carefully selected partners are from a range of financial providers, so you have more choice of both the type of institution and loan structure or features. Monetta’s suite of preferred lenders includes non-bank lenders such as building societies, credit unions, and we work with local and international banks.
More generally, the number and breadth of lenders have resulted in a highly competitive market, which means you have a more extensive range of home loan options. But it’s essential to assess the options carefully as many factors impact how you select the best loan type and features. Factors to consider include your available deposit, the size of your current home, other loan portfolios, and the type of property you plan to purchase.
It’s a dynamic market. Thankfully the experts at Monetta will help you stay current on the best options. What follows are just some of the existing loan structures and feature options available:
Offset accounts
An offset account is connected to your home loan and is used to reduce the interest on your home loan account. With your offset account, you can deposit your salary and savings, so the balance offsets against the amount owing on your home loan. For example, say you have a home loan of $500,000 and $50,000 in your offset account. The home loan will charge interest on $450,000, even though your principal is $500,000.
An offset account is incredibly convenient for those with a home loan from the same financial institution they bank with and who are paid monthly.
Additional repayments
The additional repayments feature allows you to dedicate any extra cash to lower your principal. Lowering the principal, in turn, reduces the amount of interest paid. In addition, most lenders have a redraw facility that allows you to withdraw any extra repayments made if the need arises. Whether you think you will have access to additional income or not, the capacity to make and have access to additional repayments is a feature worth considering in any home loan.
Loan portability
A Portable loan means transferring an existing loan to another property without refinancing. For example, if you sell house X and buy house Y, you can transfer a portable loan from one to the other without losing time and money on application and legal fees. Note that portability is only available when you use the same lender to finance both.
Redraw facility
As mentioned under additional repayments, the redraw facility gives you access to any ‘additional’ funds available, i.e., from the extra repayments made, without any explanation to the lender. Note that some lenders charge a fee for every redraw and or set a minimum redraw amount.
Repayment holiday
Home loan repayment holidays offered by some lenders allow you to take a break from your mortgage repayments for a period of time. Different lenders offer different periods, terms, and conditions. A repayment holiday may reduce the pressure on borrowers whose finances are stretched through difficult circumstances such as unemployment or maternity.
Direct salary crediting
Salary credit enables you to pay your salary directly into your home loan account, reducing the principal owed. In addition, as interest is calculated daily, the salary credit feature reduces the amount of interest paid. This feature is handy for salaried couples or any home loan with multiple contributors. It is also a convenient way to make loan repayments.
Switching feature
The switching feature allows you to switch from a variable to a fixed interest rate. This feature is worth considering if the economy and interest rates are unstable.
Professional packages
Professional packages are loan 'bundles' offering borrowers discounts on interest rates, ongoing fees, and reduced application and establishment fees, subject to loan size.
Interest only loans
Interest-only loans are short-term loans ranging from one to five years and are often used by investors. On these loans, only the interest portion of the loan is repaid with the principal remaining unchanged during the ‘interest only’ term.
Top up
A loan top-up allows the borrower to increase the limit on their existing loan without acquiring additional finance through other sources.
Construction loans
Certain home loan features may not be available during your property's construction phase. For instance, the redraw facility may be withdrawn, and your repayment frequency may change. However, all the loan features will be enabled after your property is built.
Limited guarantor loans
A limited guarantor loan or an equity guarantee loan allows family members to assist you with your loan by guaranteeing a part of your loan. Family members ‘pledge’ to aid the borrower and act as a guarantor for your loan, providing extra security or assisting with repayments.
Comparison rate
Comparison rates is an interest rate that always accompanies a lender’s advertised interest rate. This is because the comparison rate represents a home loan’s actual cost, which is the ongoing cost of the loan after its regular fees and charges (annual or monthly maintenance fees, package fees, etc.) have been considered.