Home loan types

home loan typeAre you confused about how to choose the right home loan to take because of the sheer number of loan types available? You’ve probably stumbled across way too much mortgage jargon which complicates what should be a simple decision!

By dealing with one of our mortgage brokers all this jargon can be simplified, they can compare and contrast the many different home loan products from the lenders on our panel to find out which type of home loan would be the best suited to you.

What home loan types are available?

Every lender has their own name for each of their home loans, however in all there are only a handful of different types of loans.

Which one is right for me?

When selecting the type of loan to apply for you should firstly work out what features you need and which you do not. The more features your loan has then the higher the interest rate. In particular this is true of low doc loans, fixed rate loans and line of credit loans (LOCs).

The main needs you need to consider are:

  • Do I need to be able to make extra repayments?
  • Do I need to be able to redraw any extra repayments I have made?
  • Do I need easy access to my funds via an offset account or ATM access to my loan?
  • Can I prove my income?
  • Would I like the security of knowing exactly what my repayments are each month?
  • Would I like to be protected from interest rate fluctuations?
  • Is my loan large enough to negotiate a professional discount? (Generally $250,000+)

Find out more

Our mortgage brokers have sophisticated software to help you choose the most suitable home loan. Why waste your time researching online when you can contact us and let us do the hard work for you!