Choosing a loan that’s right for you
First home buyers can choose from a broad selection of home loans with something to suit just about everyone. Here we put some of the more popular home loan products under the spotlight.
Basic home loan
Often a good choice for first home buyers, a ‘basic’ home loan may have fewer features than a standard loan, but with a lower rate of interest it often represents great value for money.
Standard variable loan
A versatile home loan, the interest rate on a variable loan changes in line with market interest rates and offers lots of features to assist in managing the loan
Fixed rate loan
Offers the security of a fixed interest rate for a given period – usually one, through to five years, some lenders will allow you to fix your loan for up fifteen years. A fixed rate loan makes budgeting easier and is a real plus if rates rise.
Line of credit
This is like having a huge credit card secured by a mortgage on your property. You have a preset limit and money can be used as needed and paid back without structured minimum repayments
Professional loan package
Professional loan packages are for loan amounts over $250,000 and combine a home loan, credit card and transactional account in a single package with a discounted rate