New Zealand Home Loans
In New Zealand home mortgage loans are very simple and straightforward. Here is a guide listing the various types of loans that New Zealand Mortgage Solutions can help you obtain. Each one can be personalized and hand-tailored to the client’s needs.
Loans New Zealand Mortgage Solutions Offers:
- Fixed Rate Loan - This is a loan which has a interest rate that is fixed and unchanging for the length of the designated term. Note that a term does not refer to the entire length of time in which a loan is repaid; it may only be a portion. This term is specified at the time the loan is applied for; the client may choose any length of time between 6 months and 5 years. When the term is complete simply contact New Zealand Mortgage Solutions to designate another term with a fixed rate of interest.
- Revolving Credit Mortgage - This is also known as “line of credit”. It’s a very flexible home loan program for a client who keeps a well balanced budget and watches their cash flow. Essentially it combines your savings and chequeing, allowing you to make loan payments above the minimum requirement, pay your bills, and deposit your income all in the same account.
- Split Facility Loan - This loan combines a fixed rate and a revolving credit mortgage into one plan. It allows you to make payments above the required minimum to more quickly pay off your loan while maintaining greater financial stability.
- Interest Only Mortgage - In this mortgage you will only pay off the interest on the loan, not the principal balance. This means you will pay less money for each term, but have more terms than an Interest and Principle loan.
- Reducing Loan - This loan requires you pay both Principle and Interest from the beginning of the term. This is a good choice for clients who will have sufficient funds to pay the loan back shortly after receiving the loan.
- Floating Loan - This loan has a variable interest rate which changes daily which is determined by the Reserve Bank. This can make the payments more flexible.
- Table Mortgage - This is the traditional loan where you spread your payments over a regular agreed upon term ranging from 10 to 30 years. Payments are regular and consistent throughout the loan, having the option of paying the Interest or the Interest and Principle.