 | Variable Rate Home Loans |
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An interest rate that can fluctuate over the term of the loan and is not locked in for a specified period |
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| | Intro or Honeymoon Rate Home Loans |
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A low interest rate offered at the start of a loan to get the borrower started. After a set period the rate converts to a standard rate. |
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| | Fixed Rate Home Loans |
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An interest rate that is “locked in” for a specified period which gives security and certainty of payments.
1 year fixed home loan
2 year fixed home loan
3 year fixed home loan
4 year fixed home loan
5+ years fixed home loan |
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| | Professional Package Home Loans |
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Offered to those that are borrowing large amounts of money. They provide a very competitive rate along with features such as offset accounts in exchange for an annual fee. They can also be offered to those who earn above average incomes. |
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| | Basic Home Loans |
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Commonly called ‘No Frills Loans’ with rates that are generally cheaper than the Standard Variable Rate. They have very limited features and less flexibility than a Standard Variable Rate. |
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| | Line of Credit Home Loans |
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A revolving line of credit that is secured against a property. It becomes a fully functional account so if cash is needed the borrower draws against that limit by either a debit card or cheque. The borrower can withdraw funds at any time up to the limit however; they are required to at least cover the interest and fees on the loan when making payments. |
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| | Low Doc Home Loans |
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Low Documentation Loans are usually for self-employed people who when trying to obtain a loan do not meet or have the standard financial statements. |
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| | Non Conforming Home Loans |
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These loans are for borrowers that do not meet 'standard' bank criteria which could include those with a poor credit history, small or no-deposit holders and non-residents. |
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| | Bridging Home Loans |
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A temporary loan that allows a buyer to complete the purchase of a new property before selling their existing property. It also for borrowers who want to finance the building of a new home while still living in the old one. |
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| | Reverse Mortgage Home Loans |
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Allow you to borrow cash against the value of your home. Usually regular repayments are not needed until you leave and move into care, sell your home or die. When the loan ends you, or your estate, must repay what's owing. This is done usually out of the proceeds of the sale of your home. |
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