Full Doc Home Loans
Standard Variable Full Doc Home Loans
Standard Variable Home Loans are considered the most popular home loans in Australia becuase they are flexible with the added benefit of extra home loan features.
Basic Variable Rate Home Loans
Sometimes referred to as 'no frills' loans and tend to offer a lower interest rate than Standard Variable Home Loans. However, Basic Variable Home Loans offer fewer features and less flexibility than standard variables.
Fixed Rate Home Loans
The security of having set loan repayments irrespective of interest rate fluctuations is why many Australians opt for Fixed Rate Home Loans. Fixed Rate Home Loans are based on a fixed rate for a set term, usually between six months and 10 years.
Combination or Split Home Loans
Combination or Split home loans offer security from potential rate rises by allowing borrowers to take part of their loan as a variable rate and the other as a fixed rate.
Introductory or Honeymoon Rate Home Loans
Introductory or Honeymoon rate home loans offer a low interest rate for an introductory period, usually for the first year. An introductory rate may be as much as one percentage point below the standard home loan rate and could be fixed or variable.
All-In-One Home Loans
If you are looking to decrease your interest charges by combining all your banking transactions with your home loan, then you should consider an All-In-One Home Loan. These Loans are essentially a transaction account and a home loan combined.
Line of Credit/Equity Home Loans
Line of Credit (LOC), also known as Equity Lines or Revolving Credit, works more like a credit card and provides increased flexibility. The lender assigns you a credit limit secured against your property, and when you need cash you draw against that limit, usually by writing a cheque or using a special debit card.
Professional Package Product
If you are borrowing more than $150,000 you might be able to get a discounted interest rate with a Professional Package. The amount of the discount will usually be dependant on the loan amount - the bigger the loan amount, the bigger the discount.
Construction Home Loans
A Construction Loan will usually help you purchase land and build a home, or construct a home on land already owned. Construction loans may also be taken out to effect extensive structural renovations on existing properties. The loan is drawn down in instalments to pay the builder, and during construction the repayments are interest only, payable on the amount of loan that has been drawn down.
