Home Loans

Buying your first home, upgrading, building or renovating?

The best home loan for you may not just be the lowest interest rate. We look at your long term plans and ensure you get a loan that can accommodate your future.

With a large panel of lenders to choose from, Summit can find a loan to suit your needs. Whether you’re an employee, own your own business, a contractor or even have a bad credit rating, our experienced loan advisers at Summit Financial Strategies can help.

Home Purchases

When buying a new home it can be exciting and daunting all at the same time. So you want your mortgage broker to help and take into account your needs and ensure you get prompt finance approval. Our great service will take some of the stress out of buying a home.
With so many home loans available and new products emerging all the time, as an experienced mortgage broker we can help you find a loan that suits your particular needs, help you complete the paperwork, professionally package it with your supporting documents and submit it to your chosen lender for prompt approval.

Refinances

The right home loan refinance could help you pay off your mortgage faster and for less, clear unhealthy debt or help you upgrade and add value your home, all of which are steps in the right direction.

Your situation may have changed since you first took out your loan. Perhaps you’ve changed jobs? Or there’s a new addition to the family? Maybe you would just like a better rate? Maybe it’s the advent of school fees, or perhaps the kids have flown the coop? Or maybe that leaking shower or tired kitchen has just reached the end of its life.

We can help you unlock the equity in your home for a variety of needs such as consolidating debts, home improvements or renovations, business capital, personal investment and for many other purposes.

We are experienced and offer a professional service when considering a refinance of your home loan.

First Home Buyers

Taking the first step towards owning your own home is both exciting and a little overwhelming. But the rewards of owning your first Home are outstanding.

We will start by working out your borrowing limit – this helps you to narrow down your affordability and property search and gives you a picture of the house that you can afford.

And we can arrange a loan pre-approval, so you can be more confident of your purchase limit and that you really are able to buy.

Construction

When it comes to construction loans Australian home owners have plenty of choice – but it′s worth knowing what they are and what to look for.

When making the decision to build your dream property, you are also making the decision to opt for a different loan structure. A construction loan most commonly has a progressive drawn-down. That is, you draw down the loan (or increase your borrowing) as needed to pay for the construction progress payments.

Once a construction loan has been approved and the construction of the property is underway, lenders will make progress payments throughout the stages of construction. Generally, the payments will be made at upon completion of five stages:

(1) Slab down/base,
(2) Frame stage,
(3) Lockup,
(4) Fitout/fixing and
(5) Completion.

A construction loan will usually be interest-only over the first 12 months and then revert to a standard principal and interest loan when the house has been completed. The amount you can borrow will be in part based on the value of the property upon completion of the construction. As the loan is being progressively drawn down interest and repayments will only be charged/calculated on the funds used. For example, if by the third progressive payment only $150,000 has been drawn down on a $300,000 loan, interest would only be charged on $150,000.

Building a home is not without its headaches – financial and otherwise. Getting the right loan structure in place, though, will help to reduce the severity.

Summit Financial Strategies can take the stress out of the process with our expert advice and knowledgeable support.