Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). 

The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

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How to buy a car using your mortgage: By way of example, we compared the monthly repayments for a $10,000 car loan, repayable in 12 months, at the prevailing interest rates:
Average personal/car loan rate 13% = $1826 per month
Average home loan rate 6% = $1739 per month
Using your mortgage as car finance: 
An Example
The table below shows a simple comparison of a car loan (plus the costs of an existing mortgage) with mortgage redraw. This was done using a Loan Repayment Calculator.
 Redraw A: After funds have been redrawn to buy a car only the minimum repayments are made on the home loan. The extra cost of the car, which is not offset by any extra repayments, results in an extra $11,500 in total interest on the home loan over the remaining 20 years of the loan.

 Redraw B: By increasing home loan repayments after redrawing funds for the car, paying higher total interest over the life of the home loan is avoided.

Mortgage House: Home ownership is an “American Dream”. A home is a financial asset and more: it’s a place to live and raise children; it’s a plan for the future; it’s an investment in your community. Knowledge is said to open doors. This is literally true when it comes to buying a home.

Your personal situation will determine the best kind of loan for you, and we will help you with all the options.  By asking a few questions, your loan officer can help narrow your search among the many options available and determine which loan suits you best.
The links provided on this page provide information to help make the loan process easier. Or, browse through our local branch and contact one of our loan officers directly to further help you along.

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