At Nexhome Finance we have a range of loan products to suit many different situations, including debt consolidation loans, lines of credit, low doc loans, family guarantee home loans, redraw facilities and offset accounts.
An offset account is a type of savings account that can reduce the term and cost of a loan. The offset account is an arrangement whereby the borrower has a savings/offset account with the lender and instead of receiving interest on the offset account the interest payments due on the loan are calculated on the net balance (loan amount less balance of offset account).
A home loan with a redraw facility allows you to borrow money you’ve already repaid and is usually offered with a variable interest rate loan. A redraw facility allows you to be flexible with how you repay the loan. If you have spare money in your savings, you can pay this onto the loan.
If you’re struggling to manage your debts consolidating them can seem like the perfect solution. Before jumping into a debt consolidation loan you should consider your options, at Nexhome Finance we can help you determine if a debt consolidation loan is the best way for you to work with your debts. In some cases, refinancing and consolidating existing loans such as a home loan and a credit card into a debt consolidation loan can lower your outgoings considerably, reduce financial pressure and improve lifestyle.
A bad credit home loan is a home loan especially for people with bad credit or bankruptcy on their credit file, people who have had home loan applications declined by a major bank or lender. Some things in life we have little control over like losing a job, getting divorced/separated or becoming ill. When unexpected events like these happen they can disrupt your usual ability to meet your financial obligations and it’s easy for bills and loans to get out of control. When this happens, missing a loan repayment, not paying a bill or credit card payment can leave you with a bad credit mark against your name making it difficult to get back on top of your finances again. Thankfully, there are lenders willing to look at the circumstances surrounding the bad credit and assess the situation on a case by case basis. In these circumstances you may be eligible for a bad credit home loan.
A family guarantee home loan is a home loan where a parent or family member uses their property to make up a shortfall for a home loan deposit. In the current economic climate with many young people struggling to save for a home deposit it’s a way that parents can help their kids get started in the property market.
A low doc loan (low documentation) is a loan that requires fewer documents. This could be due to the borrower being self employed and unable to provide proof of income or people who are full time investors without traditional employment. A low doc loan may be a suitable option for someone who is having difficulty getting the required documentation for a standard loan. Surprisingly, the interest rates available on low doc loans are not necessarily much higher than non low doc loans.
A line of credit (LOC) is a loan arrangement whereby a lender makes available a maximum amount for the borrower to draw down as they require. Interest on a line of credit is usually a little higher than a regular loan. Interest is only charged on the amount that has been drawn down.
Nexhome Finance is a Gold Coast based finance and loan company that services Gold Coast, Brisbane and the surrounding areas. We help local clients with a range of loan products including debt consolidation loans, lines of credit, low doc loans, family guarantee home loans. Offset accounts and redraw facilities.