The best type of loan for you

This page provides a brief description of different loan products available. Different products suit different people depending on their individual circumstances. The Conveyancing Company mortgage brokers will help you work out the best option for YOU!

We have a great choice of products from a variety of lenders and many years experience in the financial service industry.

Revolving Credit

This is like a large overdraft. There will normally be a monthly fee but you only pay interest on the outstanding balance. Excellent for commission based people.

To get the best out of this type of loan you have to be able to work to a budget.

Floating or Variable

This sort of loan is set over 30 years or less and you pay a regular amount weekly, fortnightly or monthly. In New Zealand it is at the highest rate.

You can usually deposit extra amounts onto this loan without penalties.

Fixed Interest

The interest rate is fixed for a certain time from 6 months-5years. At the end of the term you can make a lump sum repayment, re-fix at current rates or move to a different loan type.

The repayment amount remains the same over the term of your loan which is great if you want the security of knowing exactly how much you have to
pay each month.

Reverse Annuity

If you are over 60 and own your own home but find that you are lacking ready cash, you might want to consider freeing up the equity in your property with a reverse annuity mortgage.

This type of loan lets you borrow against your home’s value with no repayments required over the life of the loan.

To fully understand how this arrangement works or for more information contact our brokers.

Home Insurance

If you have a mortgage then you need to have house insurance. It is recommended that you also insure your contents as well.

Life insurance or mortgage protection insurance is definitely also worth considering, and depending on your circumstances we can also discuss trauma, income or other relevant insurances.

Mix It Up

Many clients like to split their home finance over several different types of loan, for example some on floating or revolving and some on fixed, or even use two or three fixed rate loans on different terms.

There are quite a few benefits to splitting your loan, talk to our mortgage brokers to find the right structure for you.