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Variable Home Loans

Prime home loans for full doc borrowers with a good credit history.

With variable home loans your interest rates will go up and down over the life of the loan, generally in line with the official cash rate. Direct Credit offers many variable loan products, each with a range of flexible features. We help you in selecting the most beneficial for you..

Frequently asked questions on Variable Rate Loans

What Deposit or equity do I need?

With a standard loan, you would require at least 5% deposit + your costs to purchase a property.
For a refinance, the maximum loan to value ratio we can extend to is 90%.
We have Low deposit Home Loans availiable with as little as 3% deposit See – Direct Credit Low Deposit Loans

Can I split my loan into multiple accounts?

One loan allows up to four loan accounts and comprises a mix of loan products. Very useful for borrowers wanting to distinguish between loan purposes and receive assistance with income tax preparation.

What loan size can I take out?

$100,000 up to $3Million. Multiple securities may apply over one million dollars.

What can I use this loan for?

Any worthwhile purpose. (All loans real estate secured)

Can I have an Offset Account?

Yes Offset acccounts are availiable with most Direct Credit Loans

Can I use this loan for an investment property?

Investment Property Loans have a maximum 90% LVR (Loan to Value Ratio) including Lenders Mortgage Insurance.

What are the terms for variable loans?

10, 15, 20, 25 or 30 years.

What variable products do you offer?

  • Direct Variable Loans
  • Loan amount must be over $100,000 and loan to value ratio must not exceed 80% LVR.
  • Higher LVR Variable Loans Minimum loan amount $100,000, and LVR available up to 98% maximum for Owner Occupied or 90% for Investment. Mortgage insurance can be added above 95% to a maximum of 98%.
  • (Interest rate loading apply on all loans above 80% Lvr (Example – See Direct Prime 98% Lvr)

What are my options for making repayments?

Principal and Interest up to 30 Yrs or
Interest Only for 1 to 5 Years
Interest Only up to 10 years for Investment loans

Can I choose the frequency of my repayments?

Installments can be made weekly, fortnightly or monthly. Extra payments on variable rate loans can be made at any time.

How do I pay my loan?

  • Direct debit: Pay your loan by direct debit monthly fortnightly or weekly. (Principle and Interest loans – Interest only must be monthly)
  • Direct Salary Crediting: Have your income directly paid into your home loan account and use your re-draw facility over the phone or via the internet to access your money when needed.
  • B-Pay: You can B-Pay to your loan. Please call the office to obtain your B-Pay details

Are there any monthly or annual fees?

  • No monthly administration fees (Annual fee may apply depending on your loan)
  • No fees charged on redraw (Accept manual Redraw)

What is the Loan to Value Ratio (LVR)?

Loan Amount                       Max LVR
$100,000 – $1150,000         98% – See Direct Credit Low Deposit Loans
$1000,001 – $3,000,000     80%

Can I substitute a new property as security on the loan?

The security property can be substituted if required. Note there may be restrictions if loan size needs to be altered.

How will I receive my statements?

Free six monthly statements and free interim statements (issued upon request).

Can I convert my variable loan to a fixed rate loan?

All or part of the loan can be converted to a fixed rate loan (Call Direct Credit for Fixed rates – Excluding Low doc and specialist loans)

Can I make internal transfers between my split accounts?

Transfer funds to your other loans or to other accounts within the same loan.

Can I redraw on this loan?

Available as required ($50 min.), accessed over the phone or via the internet (variable rate only).

Can I reduce the principal?

Yes no limit, however ‘manual’ reamortisation requests apply.

 

Applicable loans

PRIME FULL DOC LOAN

Interest rate

from 6.69%

Comparison rate

6.72%

Loan type

Variable

Max LVR

95%

Application fee

$880

  • 6.69% Interest rate displayed Prime Full Doc loan : 70% LVR on principle & interest repayments with  loan amount over $100,000 and under $2,000,000
  • Maximum Loan to Value Ratio is 80%.
  • Min loan size is $100,000. Max Loan Size 2 Mill (70% Lvr) 1.5 Mill (80% Lvr)
  • Sound credit history required
  • Loans for Investment – may attract an interest rate loading
  • Interest only add 0.30%

*The Comparison Rate is calculated on the basis of a loan of $300,000 over a term of thirty years, including application, valuation, lenders legal / settlement / risk fees, excluding searches, registration and government charges. Valuation fees based on metro home valued at or under $500,000 at $385.00 per valuation. Securities valued at over $500,000 and excluding metro areas POA.

Warning: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

DIRECT PRIME ALT DOC

Interest rate

from 7.24%

Comparison rate

7.27%

Loan type

Variable

Max LVR

up to 80%

Monthly fees

$0

Application fee

$880

  • From 7.24 % Interest rate displayed : Under 80% LVR  on P&I repayments with  loan amount over $100,000.
  • ABN Required 2 Yr Min.
  • Accountants declaration or BAS acceptable to evidence income
  • Maximum Loan to Value Ratio is 80%
  • Regional areas considered
  • Lenders Risk Fee may apply
  • Minimum loan size is $100,000.
  • Maximum loan size $2,500,000 (Lvr restrictions apply)
  • Debt consolidation including ATO debt acceptable
  • Credit impairments OK
  • Vacant land availiable in Cat 1 locations
  • Construction not availiable
  • Interest-only Loans available for Investment

*The Comparison Rate is calculated on the basis of a loan of $300,000 over a term of thirty years, including application, valuation, lenders legal / settlement / risk fees, excluding searches, registration and government charges. Valuation fees based on metro home valued at or under $500,000 at $385.00 per valuation. Securities valued at over $500,000 and excluding metro areas POA.

Warning: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

DIRECT COMMERCIAL LOW DOC

Interest rate

from 8.65%

Loan type

Variable

Max LVR

75%

Monthly fees

Annual loan fee 0.10%

Application fee

$1.50% of loan amount

  • 8.65 % Interest rate displayed : 60% LVR on principle & interest repayments with  loan amount over $100,000 and under $3,000,000.
  • ABN Required 1 Yr Min – Gst registration where required.
  • Accountants declaration or BAS acceptable to evidence income
  • Maximum Loan to Value Ratio is 75% (Cat 1 locations only)
  • Regional areas considered
  • No Annual Reviews – Loan terms to 30 years
  • Lenders Risk Fee may apply
  • Minimum loan size is $100,000.
  • Maximum loan size $3,000,000
  • Debt consolidation including ATO debt acceptable
  • Credit impairments OK
  • Vacant land or construction not availiable
  • Interest-only Loans available for Investment

*The Comparison Rate is calculated on the basis of a loan of $300,000 over a term of thirty years, including application, valuation, lenders legal / settlement / risk fees / Title Insurance, excluding searches, registration and government charges. Valuation fees at Cost and will be quoted at conditional approval.

Warning: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

Steps to your Variable Home Loans

1. Am I eligible for a loan?

If you are a PAYG earner or self-employed with full financials, have a sound credit history and have at least 5% deposit for a purchase or equity in existing property – you may qualify.

2. Know your loan capacity

See how much you can borrow using our simple borrowing power calculator, or call one of our friendly team to get a detailed borrowing capacity over the phone today

3. Book a consultation or apply online

Call us on Freecall 1800 000 800 for a no obligation chat or, if you’re ready to apply get started now.

Start your application

We are an experienced team of mortgage professionals, providing a full suite of financial services. One call and we can quickly find that solution you’re looking for.

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