This lender specialises in mortgage management and offers its customers an array of home loans along with life insurance solutions. It is a member of the Finance Brokers Association of Australia (FBAA), the Mortgage & Finance Association of Australia (MFAA), and the Credit and Investments Ombudsman Limited.
Awards that Future Financial has earned
- Top Ten Originator Award. Awarded by The Adviser in 2010, 2011, 2012, and 2013.
What is Future Financial?
Future Financial is an online home loan provider that works with customers across Australia. Its experienced staff members are committed to providing high levels of service to customers starting from the application process right through to the final settlement. This business aims to provide the highest levels of integrity and ethics.
Associates at Future Financial, in conjunction with property investment industry professionals, work in providing customers with homes loans to suit different needs. These include homes loans for first-time home buyers, home loans for self-employed individuals, refinancing loans, construction loans, home loans for investment purposes, as well as lines of credit. It also gives you the option to choose from variable rate and fixed rate loans. These loans come full of features and some don't charge any annual fees.
Home loans provided by Future Financial
Variable Plus Home Loan
You can use this home loan to buy a home, construct a home, to refinance an existing loan, for debt consolidation, and for investment purposes. The minimum you can apply for is $200,000 and the maximum you can expect to get is $2,000,000. Maximum LVR is 95%, although if you go beyond the 90% LVR mark you can expect to pay a higher interest rate.
You can make additional repayments without attracting any penalties and you can also withdraw money you've paid in the form of extra payments through a redraw facility. This loan attracts an annual fee of $330 and an establishment fee of $880. You can make interest-only repayments for as long as 10 years.
Variable Home Loan
This home loan allows you to borrow between $30,000 and $3,500,000, and while maximum LVR for owner-occupied homes is 95%, it stands at 90% in all other scenarios. You can apply for this loan to buy a home, build one, for investment purposes, for refinancing, and for debt consolidation. You can make interest-only payments for up to 10 years, additional repayments, and this loan comes with a free offset account. It also offers a redraw facility. This loan attracts an establishment fee of $880 and no annual fees.
Self-Employed Home Loan
This variable rate home loan is ideal for self-employed individuals who can't provide complete financials to get through the normal application process. If, down the line, you manage to provide these details, you can look forward to a reduced interest rate. Maximum LVR stands at 80% and you can borrow between $30,000 and $150,000.
You can apply for this loan for purchase, refinance, construction, refinance, as well as debt consolidation. Make extra repayments as and when you like, and redraw with ease. This loan allows you to make interest-only repayments for up to 10 years, and while it does not charge an ongoing annual fee, you have to pay an establishment fee of $880.
Fixed Rate Home Loan
The maximum LVR for this loan is 95%; you can borrow $30,000 to $3,500,000; and you can choose to keep the interest rate fixed for one, two, three, four, or five years. At the end of this period you can start making extra repayments, and at this point a redraw facility also becomes available.
You can take this loan to buy a home, for refinancing, for construction, for debt consolidation, as well as for investment. You can choose to link an offset account to this loan, and this account does not have a maximum limit even during the fixed rate period. There's no annual account-keeping fee, but expect to pay $880 in the form of establishment fees. Make interest-only repayments for up to 10 years.
Self employed individuals also have the option to apply for a fixed rate loan, although the terms differ slightly. For example, maximum LVR for self-employed individuals is 80%, and the interest rate is comparatively higher.
Line of Credit Home Loan
The Line of Credit Home Loan that Future Financial offers allows you to borrow $20,000 to $3,500,000, and the maximum LVR is 95% for owner-occupied homes. This line of credit gives you the option to enjoy a Visa card with a limit of up to $20,000, and if you choose not to get the Visa card you can access funds in your line of credit through a Cashcard or an optional chequebook.
Interest on the loan calculates only on the outstanding balance, and you can make interest-only repayments for up to 10 years. You can make additional repayments and access these funds through the redraw facility. There is no annual fee but you have to pay an establishment fee of $880.
Pros and cons of Future Financial home loans
- Multiple repayment methods. You can choose to make your repayments in different ways depending on your loan. Your repayment options include direct debits, salary crediting, BPAY, online transfers, and post office payments through offset accounts.
- Account access. Accessing funds in your account is easy as well, and you can access this money from just about anywhere. Proceeds from your loan are accessible via ATM and/or EFTPOS, phone banking, as well as internet banking. Depending on your loan, you can look forward to redraw facility and an offset account.
- Competitive interest rates. Given that Future Financial is not a bank or a physical lender, they can keep operating costs low, which enables them to offer highly competitive interest rates.
- Fees. While an establishment fee of $880 is pretty much the norm for all Future Financial home loans, some attract annual account-keeping fees as well.
How to apply for Future Financial home loans
Applying for a Future Financial home loan is easy, and you can begin the process by speaking to a mortgage broker. To apply, you have to meet certain eligibility criteria, which includes the following:
- You're over 18 years of age
- You're an Australian resident
- You have a steady source of income.
As part of the application process you have to provide certain information that helps Future Financial establish your ability to repay. This information includes the following:
- Personal details like your complete name, phone number, and mailing address
- Your employer's name
- Your gross annual income
- Details about all your assets and liabilities.