Standard Loans - now available up to 95% of the purchase price of the property. A minimum of 5% deposit is usually required (conditions apply). There are many variants of the Standard Loan whether it be a Basic Home Loan (with limited features), or a Professional Loan Package.
Refinance Loans - now available with most mainstream lenders up to 90% of the value of the security offered (some lenders may still consider 95%). Mortgage Insurance can be capitalised (conditions apply) in excess of the 90-95% borrowed.
Generally to refinance any loan with lender loans to be refinanced need to be maintained in a satisfactory manner for at least the six months prior to refinance taking place with a 90% loan-to-value ratio considered maximum in most cases.
Line of Credit (LOC) - basically an Overdraft at Housing rates. Can be used as an effective way to repay your mortgage quicker by placing all income to the LOC and using a credit card for all your monthly expenditure (cleared from the LOC each month).
Care needs to be exercised that income is well in excess of expenses (you need to cover interest and some principal reduction), so unless you can stick to a very good budget it is not recommended to use this product.
However, they are excellent for the investor who has equity in their home, who may be trading properties, shares, managed funds or similar.
LOC's are now generally available to 90% of valuation, rates are often a little higher than standard housing rates.
Lo Doc Loans - generally for self-employed applicants who do not have tax returns/financial statements available to verify their income. With most lenders 2 years minimum in business is required with ABN & GST registration, and an income declaration is required to be completed by the applicant(s).
Generally loans to 80% of the property valuation are offered at Standard Variable rates. ...but more common place is now a 60% loan to property value.
Many terms and conditions may apply.