Mortgage Mart of Australia Pty Ltd is a residential home lender that offers financing through its network of more than 1,000 accredited brokers and introducers. It has Full Corporate Membership with the Finance Brokers Association of Australia (FBAA), and is a member of the Credit Ombudsman Service.
A number of advantages of Mortgage Mart include its aggressively priced, fully featured home loan products, as well as its fast loan processing service. The company’s services don’t stop at settlement. Mortgage Mart is also able to manage loans and assist those who require additional financing.
Mortgage Mart of Australia offers a number of products to its clients, which are:
1. Standard variable loan. This is the type of loan wherein the interest rate changes according to the cash rate set by the Reserve Bank. This typically has more flexible features compared to a fixed rate loan, such as a redraw facility, and unlimited number of additional repayments.
2. Discount variable loan. Similar to a variable rate loan, but this one offers a low introductory rate for a set period (usually 12 months), after which the rates would revert to the standard variable rate.
3. Fixed rate loan. As the name would suggest, this is where the borrower chooses to fix their interest rate for a set amount of time, usually up to five years. This option gives them more control over their mortgage repayments.
4. Credit-impaired loans. Just because a borrower has poor credit history doesn’t automatically disqualify them from taking out a loan. This type of loan thus provides an opportunity to credit-impaired individuals to take out a mortgage, although with usually higher interest rates and fees and charges than standard loans.
5. Lo document loans/Easy document loans. This type of loan is ideal for self-employed individuals and small companies wherein financial statements may not be available yet for a number of different reasons.