| Overview |
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flagFounded: 2001 |
businessOwned by: Privatelty Owned |
account_balanceLender type: Non-bank lender |
Paramount Mortgages is not an available lender on our panel. This is a review only.
Specialist private lender Paramount Mortgages was founded by Managing Director Sean White in October 2001. It caters to a variety of niches, such as incomplete construction, second mortgages and unusual property types.
It also does commercial development loans with no pre-sales. It is popular for its ‘No Loan, No Fee’ policy.How does Paramount Home Loans Compare?
Pros
- Simple home loans
- Extremely competitive interest rates available
- Redraw facility without charging any fees
- Can make extra repayments on variable rate loans
- Provides interest-only home loans
- No ongoing or upfront fees except for government fees
Cons
- Delayed customer service
- LVR(loan to value ratio) exceeding 80% is not accepted
- The borrower requires a 20% deposit plus purchasing costs
- Investment loans are at a much higher rate than owner-occupied loans
- Rejects Non-residents and Australian expats
- Temporary residents are not accepted
- Rejects Foreign income
- Bad credit history is not accepted; does not look at files for people who were bankrupt in the last seven years
- Doesn’t do construction loans
- They don’t do vacant land or off the plan 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
- Does not work with mortgage brokers
- Are strictly 100% online and do not entertain any clients in their office
- No branch access
