ChoiceLend is an online provider of home loans offering products exclusively through mortgage brokers who have an affiliation with Choice Aggregation Services, one of the largest mortgage broker groups in Australia.
ChoiceLend provides its customers with different kinds of home loan alternatives, which include fixed rate loans, variable rate loans, combo rate loans and lines of credit. Self-employed individuals have the option to apply using the Low Doc process. This Low Doc process applies on all loans except the line of credit. If you wish to build a home, you can also apply for a construction loan.
Home loans provided by ChoiceLend
Fixed rate loans
The ChoiceLend fixed rate loan gives you the option to take advantage of a fixed rate of interest for one to five years. You can qualify for a discounted interest rate depending on your circumstances, and you have the option of making interest-only or principal and interest payments.
You can choose between weekly, fortnightly, or monthly repayments. The loan can be split up to four times, and an interest in advance option enables you to get more value. This loan does not attract any monthly account-keeping fees.
Variable rate loans
The variable rate loan from ChoiceLend allows you to benefit from rate decreases during the entire course of your loan, and it also offers more flexibility than the fixed rate alternative. It offers the same repayment options as the fixed rate loan and carries no monthly fees. You can split your loan up to four times, and you stand to receive an interest rate discount depending on your circumstances.
In addition, you can make additional repayments without penalty, and this loan also offers a redraw facility that allows you to withdraw extra payments via a debit card.
A ChoiceLend combo rate loan allows you to split the loan between a variable and fixed rate. This loan also gives you the option to fix up to 50% of the loan amount to qualify for an interest rate discount.
This loan does not attract monthly fees. Repayments remain the same during the fixed rate period. You can make additional repayments without penalty, and this loan also offers a redraw facility.
Line of credit
The line of credit option offered by ChoiceLend attracts a variable interest rate and you have the flexibility to withdraw available funds in accordance with daily limits at any time. You can access your funds using a debit card that you can use at ATMs and EFTPOS merchants. Interest is only due on the amount you withdraw, and if you decide to move, you can take the line of credit with you.
This line of credit does not attract monthly fees and you can make additional repayments at no extra cost. You get flexible repayment options, and while you can split this offering up to four times there is a minimum requirement of $20,000 per split. If required, you can combine this line of credit with other ChoiceLend home loans.
How to apply for ChoiceLend home loans
If you wish to apply for a ChoiceLend home loan, you'll have to get in touch with a Choice Home Loans mortgage broker. Your broker will forward your application to ChoiceLend for review. To qualify for a ChoiceLend home you have to meet a few basic eligibility criteria, which include the following:
- You must be aged 18 years or older
- You must be an Australian resident
As part of the application process, you'll need to provide the following information:
- Details of all income sources
- Details about all your liabilities and assets
- Number of dependants