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TYPES OF RESIDENTIAL LOANS
BASIC HOME LOANS
Basic types of residential home loans include standard principal-and-interest loans for established homes as well as construction loans if you want to build a new home. Construction loans are usually interest-only until your home is completed.
HOME LOAN PACKAGE
A home loan package combines your mortgage with other banking services like an everyday transaction account, an offset account and a credit card. You can get a lower home loan interest rate by having all your services with the same lender.
100% OFFSET ACCOUNT
An offset loan allows you to reduce the amount of home loan interest you pay. Any amount you have deposited in your offset account is subtracted from your home loan balance when interest is calculated.
An equity home loan allows you to borrow against (leverage) the amount of equity (ownership) that you build up in your home over time to grow your wealth. You build up your equity by making your loan repayments and your home increasing in value.
LINE OF CREDIT
A line of credit home loan is similar to an equity loan but you don’t borrow your equity funds all at once. Instead, you have an agreed home loan credit limit that you can borrow against any time.
FIXED RATE LOANS
Fixed rate loans have interest rates that stay the same for a set period (usually 1 to 5 years). They are suitable if you need to be certain what your repayments will be. If interest rates rise, your fixed rate (and your repayments) will stay the same.
VARIABLE RATE LOANS
Variable rate loans have interest rates that can go up or down based on market movements. If market interest rates fall, so will your home loan interest rate and your repayments (and vice versa).
LOW DOC LOANS
Low-doc loans are suitable if you’re self-employed and you can’t provide the regular pay slips necessary for standard home loans. ‘Low doc’ is an abbreviation for ‘low documentation’.