Illawarra Home Loans Between Homes Loan

Benefits of the Between Homes Loan

Upgrading to your next home can often be an expensive and stressful process. Illawarra Home Loans Between Homes Loan is an excellent option for borrowers looking to free up some finances while looking for their next home. The Between Homes Loan enables home buyers to make a down payment with the proceeds from their previously owned home by letting them retrieve the equity from their current home so that it can be used on their next purchase. Borrowers are given more financial freedom so that they can spend more time looking for their dream home.

With the Between Homes Loan home buyers are able to borrow 100% of new property as long as the LVR does not exceed 85% (80% for low doc borrowers) of the total value of the two properties. This loan also offers no annual fee and a range of excellent features keep your repayments flexible including free redraw facility and the ability to make extra repayments.Compare this Home Loan with other Illawarra Home Loans.

Who is the Between Homes Loan Suited Towards?

The Between Homes Loan is an excellent option for home owners looking to upgrade to their next home and sell their current home at the best possible price. Borrowers are able to borrow between $10,000 and $2,000,000 of the total value of the property and repay the loan for up to 30 years.

This loan is available to low doc borrowers and can be used for investment properties.

Features of the Between Homes Loan

• High LVR. Home Buyers are able to borrow up to 100% of the property. LVR must not exceed 85% of the combined value of the two properties.
• Interest Only Repayments. Repay only the interest charged on the loan for a certain period.
• Fixed Rate Option. Fix the loan for a period of up to 5 years once the previous property sells.
• 24 Hour Access. Telephone and Internet access.
• Line of Credit Available. Line of Credit option available for 25-30 years. Line of credit interest only option is 15 years.
• Redraw Facility. Redraw funds from the loan when needed.
• Repayment Frequency. Weekly, fortnightly or monthly repayments.
• Additional repayments. Make additional repayments and pay off your loan faster.
• Split Loan Facility. Split your loan into separate accounts and secure the best rate possible.
• 100% Offset Account. Consolidate your finances with a linked offset account.
• Debit Card. Access your funds with a your own loan access card.

Between Homes Loan Fees

• Application Fee-$330
• Valuation Fee-$330
• Lenders Legals-$275
• Loan Processing Fee-$150+$55 per split facility

Applying for the Between Homes Loan

You can apply for the Between Homes Loan by filling out a secure online application form on the Illawarra Home Loans website. An Illawarra Home Loans mortgage expert will get back to you within the next 24 hours via phone, Skype or email.