+ Over 500 mortgage products.
+ They could accept borrowers with a lower credit score (depending on situation).
+ They offer a range of low and high doc options.
x They do not offer large loan amounts.
x Many products have discharge fees.
x Limited extra repayment options
Holding an Australian Credit Licence and members of the Mortgage & Finance Association of Australia (MFAA) and the Australian Financial Complaints Authority, emoney sources their funds from funding warehouses. These warehouses are backed by large Australian and international lending institutions. emoney pride themselves on assessing each applicant on a case-by-case basis and will consider first home buyers, self-employed and people with adverse credit.
For the home buyer looking for extra home loan features, this loan is suited to owner-occupiers, and usually have a maximum LVR 90%. Additional features typically include offset and redraw facilities.
With a maximum LVR 90%, this home loan is designed for homebuyers looking to lock in their interest rate or a set period. Some emoney fixed rate loan products offer extra features such as the availability of redraw facilities, an offset account or the ability to make extra repayments.
Typically interest only, emoney bridging loans are suitable for those who are still waiting for their current property to sell but ready to purchase their next property. These loans usually attract a short loan period as they provide the finance to bridge’ the gap in funds until the current property is sold.
Designed for property investors, emoney offers fixed or variable rate investment loan options. These loans typically have a maximum LVR of 90%, with offset and redraw facilities available.
With progressive release of funds designed to coincide with the various stages of construction, these products are ideal for those refinancing for extensive home renovations or for the construction of a new home.
emoney assists borrowers with poor credit, find suitable home loans and consider applicants with defaults, loan arrears and discharged bankrupts. Though it is important to note credit history does impact the interest rate you’re eligible for.
They will also consider applicants with no genuine savings for loans up to 95% of the purchase price (including LMI).
The application process requires you to provide some documentation to support your application. This includes:
There is a range of benefits to refinancing your home loan. It can allow you to take advantage of a better home loan deal, unlock equity in your home, reduce the fees you pay, simplify your repayments (especially if you’re consolidating multiple debts) and even shorten the term of your mortgage therefore reducing your interest payments.
Some common costs of refinancing include application fees, valuation fees, registration fees and discharge of mortgage fees.
The first place to start with refinancing is to assess your current financial situation to ensure it’s the right choice for you. Then, you generally start by contacting your existing lender to see whether they could improve your current home loan deal. If they are unable to provide an alternative, you would then work with a broker to compare other home loans on the market. If you find a better option, you would apply for your new mortgage and exit your old one.
There are a few risks involved in refinancing your home. One of these is that if you apply for a fixed rate loan, sometimes this rate could actually fluctuate in the period between approval and settlement. This would mean you may not have actually locked in a better rate which is why it’s important to check you’re getting a home loan with a rate lock feature. Other risks involve getting locked into a longer mortgage term (therefore increasing your interest repayments) and being tricked by tempting introductory variable or honeymoon’ rates.