Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Interest rate structure
$5k - $5m
Principal & interest
Loan term range
1 - 30 years
Allows split interest
Investors, Line of Credit
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Pacific Mortgage Group was founded in 2000 and has rapidly grown to become one of Australia’s leading online lenders. Being an online-only lender means Pacific Mortgage Group doesn’t have as many overheads as other big banks and can pass the savings onto its customers through lower rates and fees. The company offer its customers a varied range of financial products and services including home loans, lines of credit, construction loans and a low doc loan option.
Pacific Mortgage Group Home Loan Calculator
Interested in an Pacific Mortgage Group home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Pacific Mortgage Group compares to its competitors. Simply plug in your borrowing amount below.
A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.
If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.
Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.
That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.
Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.
Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.
This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.