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When choosing a home loan it is extremely important that you choose a product that suits your immediate and future needs. When using Mellick Wealth Management as your home loan specialist, we can assist in making sure that you have the right loan package for your needs.

Complimentary Loan Information Pack
To help you get started, we have made our loan information pack available here. Inside your Loan Information Pack you will find:

  • Expense Calculation Chart
  • Loan Application Checklist
  • Home Buyer Calculation Chart
  • Loan Options
  • Purchasing Checklist
  • Refinancing Checklist
  • Increasing Your Loan Checklist

Simply click the download button and you will get all the information you need to know.

‘Basic Type’ Home Loan:
These products are generally offered by most financial institutions and provide a basic line of features with a reduced interest rate. These products are very popular and provide a great alternative to borrowers that don’t require the ‘bells and whistles’ that the ‘standard’ products provide.

‘Standard Variable’ Home Loan:
Most financial institutions offer this product ads their ‘main stream’ home loan. The standard variable home loan offers flexibility and is generally better featured than a basic product. This loan can also be mixed with other types of products to form a combination loan, such as part fixed and part variable. The standard variable portion offers many attractive features such as salary crediting, redraw facilities, off-set accounts, additional payments, top ups, construction loans and fixed rate options.

‘Fixed Rate’ Home Loan:
Fixed rate loans offer security to borrowers in the event of interest rate rises. They can also hold you at a higher rate should interest rates fall. Taking a fixed rate option requires a lot of thought and really does depend on each individual’s circumstances. Some people, due to employment situations, family constraints, or higher level of financial commitment require stability in their loan repayments for the future. Taking a ‘Fixed Rate’ home loan can provide some ‘peace of mind’ to borrowers.

On the downside taking a fixed rate loan can mean that you may be paying a higher rate than the current variable rate. Additional payments to your loan are usually not allowed during the fixed rate term, so this type of loan is very inflexible.

It has become very popular to fix part of your loan and create a ‘combo loan’ with a variable rate product. This gives some security for part of your loan and allows you the flexibility on the variable portion.

‘Line of Credit’ facility:
A Line of Credit is a revolving facility that allows the borrowers to reuse the facility at anytime, once it has been repaid. The borrower can use any repaid funds right up to the original loan amount. The concept is not unlike a credit card, where you may repay and reuse any funds right up to the approved credit limit. This type of loan is very popular for the borrower that may require funds for future use such as investments, home renovations or wealth creation programs.

‘All in One’ Loans:
It has become popular for borrowers to use their home loan as their everyday bank account and have income paid directly into the loan. This type of loan is flexible enough to allow the borrower to withdraw surplus funds as required so that their money is making use of reducing interest charges for the time that is held in the loan account. Again, borrowers opting for with this type of loan need to be comfortable and fully understand this concept to gain the real benefit of this facility.




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"Mark helped us overcome the challenges of acquiring our first home loan. With his expert advice and guidance we have gone on to purchase our second and third property with ease." -Amanda Leahy

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