How to find the right speciality home loan

Bad credit home loan card imageSpecialty loans can help borrowers who have unique circumstances.

The home loan market in Australia can appear fairly homogenous. While products can vary significantly in the interest rates and features they offer, standard home loans tend to appear fairly similar.

However, not all borrowers are alike. Each borrower comes to the home loan process with their own unique history and set of circumstances. Specialty home loan products recognise this, and offer help to borrowers with a variety of needs.


Bad credit loans

Banks weigh up your entire financial history when deciding whether or not to lend money to you. They look at your credit file and credit score to determine whether or not you’re a good credit risk. Most mainstream lenders have fairly stringent criteria when it comes to the borrowers they’ll accept, but some lenders specialise in borrowers who sit outside these criteria.

Bad credit loans allow you to secure finance even if you’ve had some negative marks on your credit history. Lenders who deal in these loans typically take a more hands-on approach to assessing your credit file, and take into account the circumstances that led to poor credit history. However, be aware that these loans often carry higher interest rates.

Read our bad credit home loans guide


Low-doc loans

Standard home loans tend to require a very specific set of documents. Borrowers have to provide payslips to prove their income. However, for self-employed borrowers, this is no easy feat. Many borrowers don’t receive PAYG income, and don’t have access to the standard documents used to prove their earnings. Low-doc loans exist to help these borrowers.

Low-doc can be a bit of a misnomer, as the documentation requirements for these loans are no lower than for standard loans. The difference lies in the types of documents accepted. Borrowers are able to provide accountants letters, Business Activity Statements (BAS), income declaration forms or other types of documentation to show their earnings.

Find out more about low doc home loans


Self-managed super fund loans

Self-managed superannuation funds (SMSFs) allow investors to take control of their retirement savings and invest them as they see fit. One of the asset classes open to SMSFs is property.

Many lenders offer home loans specifically for SMSF property investment. These loans are structured like normal home loans, though the structuring of the actual SMSF for property investment can be fairly complicated.

Find out more and compare SMSF home loans


Reverse mortgages

For Australians headed into retirement, the family home can often be their most valuable asset. If retiring Australians want to provide themselves income but aren’t ready to sell their home, a reverse mortgage can offer a solution.

Reverse mortgages lend money based on the equity in the borrower’s home. Unlike traditional mortgages, reverse mortgages don’t have to be repaid on a regular basis. They are typically repaid when the borrower either sells the home or moves into an aged care facility.

Read more and compare reverse mortgages

Getting expert help

Many specialty lending solutions can be more complex than traditional home loans. The products can carry higher interest rates than mainstream mortgages, and a limited number of lenders offer these products. Seeking expert advice can help you navigate specialty finance solutions. You may benefit from contacting a mortgage broker.


Short-term finance

Short-term finance can refer to a variety of different loan structures, but they all share one feature in common: they provide a home loan solution to bridge the gap between more traditional home finance options.

Short-term loans could come in the form of second mortgages, bridging loans or caveat loans. They are repaid quickly, with some lasting as short as 60 days and others running as long as a year. Short-term lenders provide fast approval and quick access to funds when time is of the essence.

Read our bridging loans guide

Frequently asked questions about speciality home loans

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Rates last updated October 21st, 2019
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Loan purpose
Offset account
Loan type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
2.84%
2.80%
$0
$0 p.a.
80%
Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.
2.99%
3.45%
$0
$10 monthly ($120 p.a.)
90%
Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
2.84%
2.84%
$0
$0 p.a.
80%
This rate will drop to 2.84% p.a on 29 October 2019 for new and existing customers. Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.02%
3.04%
$0
$0 p.a.
90%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
3.31%
3.37%
$449
$0 p.a.
90%
NSW and ACT customers only. Get a special discount for a limited time when you open an IMB Transaction Account.
2.94%
2.97%
$600
$10 monthly ($120 p.a.)
80%
A competitive variable rate for home buyers with a 20% deposit. This product has a 100% offset account.
2.99%
3.42%
$0
$10 monthly ($120 p.a.)
90%
A competitive fixed rate mortgage available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
2.88%
3.80%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
2.79%
3.82%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
3.12%
3.32%
$599
$10 monthly ($120 p.a.)
80%
This is a competitive, flexible variable rate suitable for borrowers with a good credit history. Borrow up to 80%.
2.99%
3.73%
$0
$375 p.a.
90%
Get a very competitive 3 year fixed rate with low fees and only a 10% deposit. Refinance to this loan and receive a $2,000 cashback when borrowing $250,000 or more.
3.33%
3.47%
$0
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a redraw facility. Eligible borrowers can earn Velocity Frequent Flyer Points, plus extra bonus points for a limited time.
3.24%
3.20%
$0
$0 p.a.
80%
Athena offers one of the lowest rates in the market for investors looking to refinance their mortgage. No ongoing fees and no application fee. Principal and interest repayments. Refinancers only.
3.34%
3.78%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.14%
3.99%
$0
$0 p.a.
95%
Get a competitive 2-year variable introductory rate from BankVic and pay no application fee for a limited time. This loan is only available for eligible Victoria police, emergency services and health employees.
3.24%
3.24%
$0
$0 p.a.
80%
This rate will drop to 3.24% p.a on 29 October 2019 for new and existing customers. Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
2.84%
2.97%
$600
$10 monthly ($120 p.a.)
70%
A very low variable interest rate for home buyers with a 30% deposit. This product has a 100% offset account.
2.84%
3.53%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 2 years fixed interest terms and free access to redraw facility online.
2.74%
3.61%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
2.88%
4.11%
$0
$375 p.a.
95%
$2,000 cashback for eligible refinancers. Get a very low fixed interest rate for two years plus package discounts. Available with a 5% deposit.
3.32%
3.36%
$595
$0 p.a.
90%
A discounted variable rate with low ongoing fees and redraw facility. Low deposit option available.
3.34%
2.99%
$0
$0 p.a.
80%
Owner occupiers can refinance to one of the most competitive interest-only rates in the market. No application fee and no ongoing fees. Refinancers only.
3.18%
3.83%
$0
$395 p.a.
80%
Get a low 3 year fixed rate with a 100% offset account and package discounts.
3.24%
3.24%
$0
$0 p.a.
95%
$2,000 cashback for eligible refinancers. This flexible, basic home loan offers a very low rate and you only need a 5% deposit.
3.49%
4.06%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. A 3 years fixed rate investor which allows extra repayments to be made.
3.32%
3.71%
$0
$395 p.a.
90%
New borrowers or refinancers can get a discounted rate with this package loan.
2.69%
3.37%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.57%
3.59%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.94%
3.93%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees and the opportunity to earn Velocity points.
3.69%
3.45%
$375
$15 monthly ($180 p.a.)
80%
Home buyers with a 20% deposit can get this low interest-only rate. It also comes with a 100% offset account.
2.84%
3.77%
$395
$0 p.a.
80%
Pay no ongoing fees on this investment loan fixed for 3 years.

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Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers (*now 3.09%, drops to 2.84% on 29 Oct), P&I $200K+
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers (*now 3.09%, drops to 2.84% on 29 Oct), P&I $200K+

Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.

Logo for Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)

Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.

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6 Responses

  1. Default Gravatar
    DavidApril 1, 2018

    Do any lenders in Australia provide home loans to temporary residents? We have lived here since 2006 on a 410 (retirement) visa, which is a ten year renewable visa giving full working rights. None of the conventional banks will consider us.
    Thanks.

    • Default Gravatar
      JoelApril 1, 2018

      Hi David,

      Thanks for leaving a question on finder.

      Yes you can get a home loan as a non resident in Australia. Australia aims to promote growth by offering migrants easy options for home ownership, and as such, does not penalise permanent or temporary residents with things such as higher monthly payments. As a temporary or permanent resident, all the same terms, interest rates, and features (including offset accounts and the option to delay your mortgage payments under certain circumstances) that are offered to Australian citizens will be available to you. As such, the same eligibility criteria also applies. This includes;

      -Ongoing regular employment – you must be employed and be able to afford repayments on the loan with your income
      -Evidence of existing assets (liabilities, savings, equity)
      -A good credit history in Australia (if available)
      -Proficient funds to cover fees associated with purchasing property
      -Loan security (i.e. the value and saleability of your property)
      -Sufficient identification
      -Age (you must be over 18 to apply for a loan).

      Hope it helps.

      Cheers,
      Joel

  2. Default Gravatar
    JenMarch 18, 2018

    I live in an over 50’s retirement village, a one bed unit which is situated in the best location in the village with expansive views of gardens and lake and quite private. I paid 98K for this in 2016 (other units at the time were 80K) and I think it is now worth between 110-115K according to RE.com.au. I want to use my equity in this unit and also rent it out and use the profit from rental which will be $8000 pa to fund all my expenses at the new unit and the figures I have worked out show this is possible. I would be no worse off financially at all and could comfortably pay a mortgage up to $450 per fortnight and still live comfortably. The new unit is 2-3 bed, on the beach with garage and courtyard and is a much better investment. I plan to offer $290k. How much equity would I get as a deposit? What is this type of loan called? I am on a pension but I can prove that I can afford this according to all the expenses details that I have typed up. I have no other debts. I know its difficult for pensioners to get a loan but I plan to try every avenue. Are some lenders better than others to approach? I will of course go to my own credit union that I have been with for the past 10 years or so and hope they will help me. Thank you for any information.

    • Default Gravatar
      Ash MunozMarch 28, 2018

      Hi Jen,

      Thank you for visiting finder.

      A Line of Credit is a kind of loan wherein you may use your equity for any purpose that you may need it. If your current home loan does not have this feature, you may need to refinance through the Lenders listed on this page. With this kind of home loan, you are using your property as a security and can access the equity at a lower interest rate.

      For the Deposit of the new property, you may need to provide at least 20% of the amount to avoid getting a Loan Mortgage Insurance (LMI) as the Loan to Value Ratio (LVR) of most Lenders is at 80%. You may look at this page – https://www.finder.com.au/home-loans-for-pensioners for more information regarding the Home Loans offered to Pensioners. The Lenders will look into your financial capability for the approval of your home loan.

      Moreover, you may consult the Mortgage Brokers listed on this page to help you find the suitable home loan for you.

      I hope this helps.

      Let us know if there is anything else that we may assist you with. Enjoy the rest of your day!

      Cheers,
      Ash

  3. Default Gravatar
    neilJuly 30, 2017

    I’ve currently a specialty home loan and are looking to refinance for a better deal most top banks won’t look at us and brokers haven’t been able to help. Where to next?

    • Default Gravatar
      LiezlJuly 31, 2017

      Hi Niel,

      Thanks for reaching out.

      While I’m unable to give you financial advise, you may refer to our home loan finder on this page and select the home loan category from the drop down box. This will generate the available loan options under that category. You’ll find refinancing in the list.

      I hope this will help.

      Cheers,
      Liezl

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