Home Loan Types

VARIABLE

Standard Variable rate loans are the most common type of home loan in Australia. The interest rate on a Variable loan moves up and down with movements in the Reserve Bank cash rate and may be influenced by your banks cost of funding.

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FIXED RATE LOAN

A fixed rate loan has a fixed interest rate which doesn’t change during the term of the fixed rate period. Fixed rate terms vary between 1, 2, 3, 5 and 10 years.

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BASIC HOME LOAN

Basic home loan offer a low ongoing interest rate and often reduce fees (including application fee) at the expense flexibility and convenience.

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SPLIT RATE LOANS

Split rate loans are divided into separate loans, whereby, one part is variable and one part fixed. The borrower decides what portion is variable and fixed.

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INTEREST ONLY LOAN

Interest only loans require only require interest payments on the loan for an agreed period of time. Interest-only periods are usually 5 years although some lenders offer longer interest only terms.

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LINE OF CREDIT

A line of credit (LOC) is a type of loan drawn down using the equity in your home or investment property and repaid as the borrower chooses with interest being charged on the outstanding balance.

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EQUITY LOAN

A home equity loan allows you to borrow against the equity in your home to carry out renovations, pay bills, provide a deposit for a family member to purchase a property, invest in shares or add to your property investments.

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LOW DOC LOANS

Low Doc loans or low documentation loans are a flexible loan option for the self-employed and are typically designed for borrowers who are not in a position to provide tax returns and financial statements as evidence of their income.

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