Re-finance or Debt Consolidation

• Standard Variable - full optioned loan that allows you to do just about anything, extra payments, redraw, weekly payments etc. These are also the the most expensive interest rate wise of the variable rate loans but they may also be the most suitable for your particular situation. When loan sizes reach $150,000 you are eligible for a "Package Loan" rate discount of up to 0.7% off the Standard Variable Rate. Most lenders will charge an annual fee for the package ranging from $300. Under the package you are mostly eligible for a free transaction account with 100% offset available, no monthly fees on your Loan Accounts, no annual fee credit card and discounts on banks insurance products plus many more offers which vary between the banks. All lenders are different so best to discuss your requirements with JBA Finance to get the best product for your requirements. These are available for new loans and for refinancing up to 97% of the value of your property.
• Basic Variable or No Frills - a lower interest rate than the Standard Variable Rate loan  however you may pay for some features, such as redraw. These are becoming very popular as not everyone needs "the bells & whistles" of a standard loan. The interest rate is usually similiar to the Packaged Loan" mentioned above with a 0.7% rate discount from the Standard Variable rate loan.
• Honeymoon - this is where you get an initial cheap rate which reverts to the standard variable rate. The initial term can be anything from 3 to 12 months with a couple of lenders offering a discounted 24 month term. Often there are penalties for repaying one of these loans within the first few years so you just can't look at the initial term. Also when they come of the initial disocunted rate they sometimes revert to teh Bank's Standard  Variable Rate loan without discounts. Remember, not everything is what it seems.
• Fixed Rate - terms are generally 1 to 5 years however there are 7 , 10 and even 15 year terms are available. These loans give you a fixed rate of interest and therefore a fixed montly repayment, most  are somewhat restrictive. Extra repayments are limited in most cases and all will have penalties if you repay early. These loans are most popular with families or nvestors wishing to fix their repayment cost to guard against rate increases.
• Line of Credit - this is an all in one account that acts like a giant credit card. You have a limit to which you can draw up to at anytime. Repayments are made by putting in all your income and only drawing out normal expenses or you can simply pay teh interest only or let the interest accumulate and make payments into teh account when funds become available. These are excellent accounts for those who budget however they can be very dangerous for those who do not. Very popular loan with investors as it allows them to access the equity in their home when and how they like to make investments.

• Re finance or debt consolidation - with a loan structure that can save you money and reduce your monthly repayments. Sometimes you have taken out the wrong loan or circumstances have changed. Consolidate all of your debts into one loan and reduce your monthly commitments may be the answer.
  E.G.
  

  Home Loan repayment	$2,500pm	$250,000 loan
  Personal Loan	$500pm	$20,000 loan
  Credit Cards	$500pm	$17,000 Credit Cards
  Total Monthly payments	$3,500pm	$287,000 Total Loans
  New Monthly repayment	$2,300pm	$287,000 Total Loans
  Savings  per month		$1,200pm

• Lo Doc - not everyone fits the square and these loans evolved to meet that need. Whilst there are many lenders offering them and they differ greatly, here are the general requirements. Equity or deposit of 10%  but to get teh best rates 20% equity or deposit required. Residential or Lifestyle Rural up to 50 hectares security is acceptable. Usually self employed persons who have been in business a minimum of 2 years and must have a registered ABN. Low Doc loans are also availabel for PAYE workers whose income varies due to commissions, bonuses and overtime or who are just on a casual employment agreement. There are several lenders now offering these types of loans to PAYE people or people who work shift work with irregulat hours of work.
• No Doc Loans are available up to 70% of teh value of teh security, residential or rural residential properties only up to 5 acres . No evidence of income required. Must have ABN registered at least 1 day with no declaration of income required.