Jumbo Mortgage
Jumbo Loans or 7 Figure Finance
Often standard mortgage products do not adequately accommodate purchasers borrowing over $1,000,000. At Drexel we will negotiate Jumbo Loans that are market leaders in rate, loan size and LVR (lending to value ratio).
Jumbo Loans are suited to those who:
Line of Credit
A Line of Credit is a great way to access the equity in your home and use it for things like home renovations, investments or other personal purchases. These loans have become increasingly popular due to their flexibility and features.
A line of credit allows you to make the bulk of your purchases or payments through a credit card or cheque book. Some products allow you to use a credit card for purchases allowing you to leave the bulk of your wage in the loan account until your credit card account is payable. This reduces the balance of the home loan debt for part of the month and therefore reduces the interest payable. This type of saving is characteristic of offset savings.
Another important feature of a line of credit is that while the balance is less than the approved limit, interest payments do not have to be physically made. The lender just adds the interest payment to the loan balance.
A line of credit can be used to purchase most types of property, from the family home to an investment property and the benefits are far-reaching:
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Easy access to funds, with most line of credit facilities offering cheque books, cards, Internet and phone banking
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Withdraw up to your credit limit without having to gain pre-approval
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Interest rates are generally lower than credit cards
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Interest on the credit facility can be minimised by directing all your income into your home loan account
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Consolidate your debts by transferring other debts such as personal and car loans into your mortgage |
