Pacific Mortgage Group Home Loans

Looking for a home loan? If so then don’t make a commitment to another loan until you’ve had a chance to review the impressive range of home loan products on offer from award winning online mortgage provider The Pacific Mortgage Group.

Comparison of Pacific Mortgage Group Home Loans

Even during the tough economic climate endured by most of the western world during the last few years the home loans market in Australia has remained fairly strong. Banks and other financial institutions have had to become even more competitive and innovative in terms of what they offer the public, and this has lead to some good deals for those who know where to look.

The mortgage provider who has turned the most heads within both the consumer market and the financial industry itself is The Pacific Mortgage Group. This award-winning provider has one of the most complete range of home loans available anywhere, and all backed up by exceptional service.

In fact if you’re about to buy your first property, invest in a property build, or even just need to refinance your current home I strongly suggest you take a look at some of the home loans offered by this rising financial star.

About The Pacific Mortgage Group

Established at the turn of the millennium, The Pacific Mortgage Group is a relative newcomer to the home loans business.

That said, their infancy has not held them back, and during the last few years they have amassed a huge 20 industry awards for their products. Some of the awards they have to their name are:

• Mortgage of the Year 2009
• Australia’s Cheapest Home Loan (Money Magazine)
• A 5 Star Cannex Rating for “Outstanding Value”

And a host of other industry medals!

So what is it that makes The Pacific Mortgage Group so popular? Well, mainly it’s the sheer range of products available, coupled with exceptional value and top draw service.  Let’s take a closer look at some of their present home loan deals so you can get a taste of what’s on offer.

PMG Standard Variable or Fixed Home Loan

This home loan is one of the more basic products on offer from PMG. That isn’t to say it doesn’t offer exceptional value.

The loan gives you the option of choosing the cheapest rate of possible on a flexible basis, or the security of securing a competitive rate of interest, which is then locked in for a certain period of time. Like any variable loan remember you will benefit in times of interest rate falls, but could find your payments increased if rates were to swing in the opposite direction.

This loan gives you the option of paying the debt back over 5 to 30 years, and gives you a number of payment options meaning you’re in full control.

One of the best features of the deal, and one that’s present in many of PMG products is that there are no fees attached to the loan. You will pay no arrangement fee, no application fee, no settlement fee, and no monthly or annual fees. In fact you even get your valuation done at no extra cost.

You can borrow up to 2 million dollars with this home loan so it’s suitable for those looking to buy on a bigger budget. The highest LTV rate available is 90% so you will still need to stump up at least a 5% deposit.

This isn’t a bad thing though as it leaves you a little more protected against housing crashes than the higher LTV products of the past.

The PMG Standard Low-Doc Home Loan

One of the biggest issues facing the self-employed is finding a suitable home loan. Many companies either flat out refuse the self-employed,  offer products with extortionate fees, or ask for years worth or documents before they’ll even entertain the idea of lending.
This Lo-Doc product from the Pacific Mortgage Group has been designed with the self-employed in mind.

The loan offers most of the same features of the standard home loan with a few minor tweaks. The maximum LTV here is 75% meaning you’ll need a bigger deposit, and the maximum you can borrow is $750,000.

The attraction for the self-employed market is that the need for documentation is minimal. In other words it’s not necessary to provide a huge amount of verification of income. Although this may seem risky from the loan providers point of view remember they still have the security of your home if you don’t keep up repayments.

WARNING! It’s absolutely vital you only apply for this type of loan if you can afford to pay it back. Don’t be tempted to inflate your earnings in a bid to increase your borrowing capacity, as many people have made this mistake and ended up with loans they cannot afford to pay back.

The PMG Line Of Credit Loan

This is a great product for those who like the idea of a continuous line of credit. You can borrow back what you’ve paid off your loan, just in case you ever have a financial emergency or fancy a treat. The great thing is you get free transactions, and there’s no redraw fee to pay.

You can access your money by cheque, ATM, BPAY, and direct debit card meaning you can get to your money whenever you need to.

NOTE – Don’t forget that the more you borrow back the longer it will take you to pay off the debt so it’s wise no to overuse the redraw facility if you can help it.

The LTV is higher with this loan and up to $2,000,000 can be borrowed in some cases, and the interest rate is variable so bear in mind your payments can go up and well as down!

There’s also a variation of this product that comes in the form of the Construction Loan, and this is perfect for those looking to buy an investment property, or a home that needs a fair amount of renovation.

Interest Rates

Bearing in mind some of these products come with a variable rate of interest, below are the current rates available from The Pacific Mortgage Group across the range of products.

• The Standard Variable Loan – 6.16%
• The Line of Credit Loan – 6.44%
• The Lo-Doc Loan – 6.49%
• The Fixed Home Loan 2-3 years – 5.95%

As you can see the rates offered throughout the range of products make The Pacific Mortgage Group one of the most affordable providers in the country, and this doesn’t look like changing anytime soon.

Does The Application Process Take Long?

Buying a property is pretty stressful! With so many things to organize at once the last thing you want to be doing is filling in hundreds of forms, and then having to wait weeks for a reply. Especially if you’ve found the house of your dreams.

PMG makes the process as quick and easy as possible, and you could in fact receive a decision in principal within 24 hours. This doesn’t mean you have the funds and is still subject to a number of checks, but once you reach this stage you should expect an offer within 4 to 5 days in most cases.

The application itself shouldn’t take you too long either. Just be sure to have all the relevant information at hand, as well as any documentation required to substantiate your information. If you’re unsure of what you need in order to apply you can contact them by phone or email and speak to one of their friendly staff members.

The Total Home Loan Package

Taking on a home loan is a huge commitment. It’s important to find a product that provides not just great value in the short term, but one that offers long-term stability. As uncertain as the world’s financial health remains The Pacific Mortgage Group seems to be making all the right noises, and 20 industry awards to their name shows they also have the backing of their colleagues and other notable financial experts.

From what have seen of them our advice is to give The Pacific Mortgage Group your serious consideration if you’re in the early stages of looking for a new home loan.

Related Posts

• PMG Standard Lo-Doc Home Loan
  Pacific Mortgage Group has advanced to become one of the leading online providers of mortgages in Australia. Why is this? Well, they are known for their extraordinary rates and excellent service. In addition, they have also been recognised by media organisations and ratings agencies who have showered them with awards and acknowledgement for their achievements. It has become clear why they have become a leader in online mortgage banking.
• PMG Standard Variable/Fixed Home Loan
  Whether you’re looking for a standard home loan with a fixed or variable rate of interest, or one that allows you to redraw some of what you borrow then The Pacific Mortgage Group probably has a product to suit you. We looked at their variable and fixed rate home loans to see if we could uncover what makes The PMG so popular with consumers and industry experts alike.
• PMG Line of Credit Home Loan
  Having a home loan with a redraw facility gives you peace of mind knowing that there’s money available for you if times get tough. Combine that borrowing facility with a fee free home loan and an award winning mortgage provider and you get the Pacific Mortgage Group Line of Credit Loan.
• PMG Construction Home Loan
  If you’re planning on building your own home, then you’re going to need more than a mortgage to fund your project. The PMG Construction Home Loan is offered with house builders in mind, and could be the financial product that allows many aspiring builders to fulfil their dreams of a self-built property.