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Select Financial has a wide range of solutions to assist you with your financial and personal needs. We offer Services from home and investment loans and general insurance products. Below are examples of the range of options available to you.
Each link will provide a brief overview. |
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| Standard Variable Rate Home Loan |
| Standard variable loans typically offer you maximum flexibility and great features, including the option to fix or split your loan, the ability to make additional repayments when you can afford to, and the option to redraw these funds for any purpose when you need to. |
| Basic Variable Rate Home Loan |
| Basic Variable Rate loans offer a lower interest rate, but fewer features. However, you usually have the option to pay for additional flexibility and features when you need them. |
| Fixed Rate Home Loan |
| Fixed Rate loans protect you against interest rate changes for an agreed time, so you have peace of mind knowing your repayments won't increase. However, you won't benefit if rates go down during the fixed term. |
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| Introductory or Honeymoon Rate Home Loans |
| Introductory or Honeymoon Rate Home Loan is attractive as it offers lower interest rates than the standard fixed or variable rates for the initial (honeymoon) period of the loan (i.e. six to 12 months) before rolling over to the standard rates. The length of the honeymoon depends on the lender, as too does the rate you pay once the honeymoon is over. |
| Professional Package Home Loans |
| Despite its name, a professional package is not just for "professionals" - it is available to all borrowers assuming they meet eligibility requirements (typically a minimum loan balance of $150,000) and depending on the loan size can offer great interest rate discounts as well as benefits on other products such as credit cards and transactional accounts. |
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| Reverse Mortgage Home Loan |
A reverse mortgage works in the following manner: The lender calculates the equity in a family home and will lend up to 30% of the property value. For example, of a property is worth $300,000.00, up to $90,000.00 of the equity may be used, less any amounts currently owing.
The lender will lend funds with no set minimum monthly repayments required. Interest is simply capitalised to a set limit and the lender will recoup the outstanding funds on either the death of the borrower/s or if the security property is sold.
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| Consolidation Loan |
| A consolidation loan is not an actual loan product, but refers to the purpose for which a loan may be used. Where a borrower has available equity in their property, they may be able to extend their mortgage loan in order to pay out other debts that they have. Other debts could include credit cards, personal loans and car loans. |
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| Non-Conforming Home Loan |
| Non Conforming Loans have been designed especially to help borrowers who do not meet 'standard' lending criteria, including those who have an impaired credit history, are unable to provide the required documentation in support of their loan application, or wish to borrow more than 100% of the property value. |
| Line of Credit |
| Line of Credit loans are interest only variable rate loans that allow you to borrow against the equity in a home with the added flexibility of a transaction account built into the home loan. |
| LoDoc Home Loan (Low Documentation) |
| Lo Documentation products provide a range of fully featured home loans for anyone wishing to obtain a mortgage without the requirements for traditional proof of income. Lo Doc loans do not require the support of pay slips, tax returns, etc. and may be suitable for self-employed and PAYG borrowers. |
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| Interest-Only home loans |
| You repay only the interest on the principal during the term of the loan; therefore, repayments are lower than with a standard principal and interest loan. At the end of the interest only period - usually one to five years - you must start making Principal and Interest Repayments over the remaining term of the loan. |
| Construction Loans |
To commence with a construction loan you will need to provide a contract for the purchase of the vacant land, a fixed price contract for the construction and also council approved plans to determine the full cost to complete your home. The lender will then look to approve your home loan based on the 'on completion' value
of your home.
During the time you are building, the lender will inspect the site prior to making payments to the builder on your behalf. You will only pay interest on the loan amount drawn upon and paid to the builder at each step of construction. On the completion of construction, you will then revert to your standard monthly payments. |
| Combination or Split Rate loans |
| Combination or Split Rate loans combine the flexibility of a variable rate and the certainty of a fixed rate, so you benefit when rates drop, and are protected when they increase. |
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| Bridging Home Loan |
| Bridging finance allows a borrower to obtain finance to 'bridge' the gap between paying for the new property and receiving the sale proceeds from the existing. In this instance the lender will normally take security over both properties until the sale of the existing property is complete. |
| Income Protection |
| Income Protection Insurance will provide you with an income while you are unable to work due to injury or illness. You receive a monthly benefit until you recover, or until the end of an agreed benefit period. |
| Life Insurance |
| Term life, also know as life insurance, covers your life and pays a lump sum on your death or terminal illness. |
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| Trauma |
| Trauma insurance pays a lump sum on diagnosis of a range of serious illnesses, including heart attack, stroke and malignant cancer. |
| Total & Permanent Disablement |
| With a TPD policy a lump sum will be paid in the event that you are unable to work due to injury or illness. |
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