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There are many aspects to analyse before deciding on a home loan. To help you get rolling, here are some different methods you can use to compare.
Lenders propose two interest rate options: variable and fixed.
The interest rate on your mortgage will remain the same for the fixed period of up to five years. Subsequently, your loan will return to a variable interest rate.
The interest rate on your mortgage may fall or rise, generally in line with the cash rate change; however, lenders may make amendments independently.
To enjoy the varied loan features, you should choose one of the following loans:
This loan gives more flexibility than a basic loan. For instance, you can switch to fixed rate, redraw any additional money you have paid, or split the loan into variable and fixed parts.
This is a low-interest loan with limited features and added features comes with certain restrictions.
It is a standard loan with an interest rate reduction of up to 1.2 per cent based on your loan amount, which is generally affordable than many basic loans.
You may use the bridging loan to manage the transition between selling and buying properties.
In this loan, the credit limit is fixed and does not decrease as you repay the loan. Therefore, you can always draw up to that original limit. It suits better someone who is a careful budgeter and disciplined with irregular income.
If you are constructing a new house, you may want to apply for a construction loan. With this type of mortgage, you can withdraw the amount in stages as you receive invoices from suppliers and tradespeople. Moreover, you will pay interest on the amount you have used.
Following features may seem helpful, but they come with a cost. Hence, you must think carefully about which loan feature(s) you need.
There are two primary loan repayment options.
Your repayment sum will only cover the interest of your mortgage. The principal amount you borrowed will not decrease unless you choose to make additional repayments.
You make regular repayments against the borrowed sum (principal), including the interest. This loan is intended to be repaid in full over its term.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”