BMC is a specialist mortgage provider that deals with both home loans and commercial mortgages
BMC Home Loans
March 9th, 2010
BMC is a specialist mortgage provider that deals with both home loans and commercial mortgages. It was founded in 1979.
They mainly deal through mortgage brokers, but they also deal directly with customers. They guarantee that they will not charge administrative fees through the mortgage. They aim to be a customer focussed provider providing simple loans.
As a borrower could expect with a specialist mortgage provider, BMC offers a number of advanced options that BMC provides to its customers. These include split variable rate and fixed rate loans, the ability to redraw over payments and salary reductions.
One particular feature that BMC offers is to allow the borrower to set the loan term over whatever period they like. There is an upper limit of thirty years. They also offer the ability to pay back repayments either monthly or fortnightly, and in some home loans there is an option to repay the loan in weekly instalments.
The loans are partially flexible in that overpayments are allowed without penalty and they have the ability to be withdrawn by a redraw facility, although there is a fee attached to the redraw facility. As the accounts all have daily interest calculated then any over payments are credited to the account and reduce interest.
There are a number of home loans that BMC offers including home loans, investment loans, construction loans, low doc loans and lines of credit.
The homeowners’ loan is aimed for people who will be living in the property that they are buying. The home loan has a maximum loan to value ratio of 80%, which means that the loan needs a minimum deposit of 20%. There is an interest only option or the ability to pay interest and principle back. All the homeowners’ loan is only available as a variable rate and there is no fixed rate option. There is a penalty for the early redemption of the loan, although this tapers out and it does not apply after the fifth year. Principal reductions are allowed at any time in the loan and don’t attract any penalty.
An investment loan is aimed at residential land lords. It is slightly more expensive than the homeowners’ loan. Like the homeowners’ loan it has the option to pay interest only and also has the ability to pay down the principal.
There are also more specialist loans such as construction loans for self-builders and low doc loans for self-employed home buyers.
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