| Overview |
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flagFounded: 2001 |
businessOwned by: Privately Owned |
account_balanceLender type: Non-bank lender |
Paramount Mortgages is not an available lender on our panel. This is a review only.
How Does Paramount Home Loans Compare?
Pros
- Specialises in hard-to-do loans
- Provides loans for bad-credit borrowers
- Low-doc residential loans
- One-day ABN home loans, which can go to people whose businesses have been in operation for just one day
- Does self-employed expat loans with 100% overseas income considered
- Does second mortgages
- Does off-the-plan property loans
- Client relationships as a core value
- More competitive interest rates than traditional banks
Cons
- Non-resident mortgages not available (Except for Australian expats)
- High application fees
- Loan-to-Value Ratio (LVR) exceeding 80% is not accepted
- Fewer loan product options than traditional banks
- Not as good for temporary employees and casual employment home loans
- Doesn’t provide support to apply for government grants and benefits such as the First Home Owners Grant and the First Home Loan Deposit Scheme
What Home Loan Types Does Paramount Mortgages Offer?
Residential:
- Low doc and full doc
- Vacant land, incomplete construction, owner-builder
- Rural: Working farm, unlimited acreage
- Caveat – Second Mortgage
- Jumbo residential private – up to $10 million and a number of commercial areas as well.
Tips For Applying With Paramount Mortgages
You can lodge your scenario through different templates available on the website. You can also simply send a scenario through Paramount Mortgages’ online form to find out whether you qualify. You can apply with Paramount Mortgages if you:- Are an Australian resident or an Australian expat
- Have a bad credit history
- Are looking for a second mortgage
- Are looking for a home loan with competitive rates
- Have enough knowledge of the property market and home loan process
- Can afford to make a deposit of at least 20% of the property value (80% LVR)
