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?
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?
Are there any monthly or annual fees?
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.
PRIME FULL DOC LOAN
DIRECT PRIME ALT DOC
up to 80%
DIRECT COMMERCIAL LOW DOC
Annual loan fee 0.10%
$1.50% of loan amount
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.