When considering a home loan there are several different factors to take into account. If you want to live in the property, or buy it as a future investment, will determine whether you should apply for an owner occupied loan or an investment loan.
Generally speaking most banks offer fixed rate home loans over 1,2,3,4 and 5 years. Some lenders offer 7,10 and 15 year fixed rate home loans. With a fixed rate home loan, generally after the fixed rate period ends, your home loan will revert to the standard variable. You can re fix your home loan again, at that stage, but the bank or lender may charge a loan modification fee.

  • You have a secure rate for the amount of the mounted rate term.
  • You may be able to manage your budget higher knowing your repayments for the mounted rate home equity credit term.
  • With most banks, mounted rate home loans is packaged below a banks skilled package, saving you fees, and a few banks supply a less expensive mounted rate below their skilled package.
  • With most fixed rate home loans you’re restricted what proportion further you’ll pay off your loan throughout the mounted rate amount.
  • fixed rate home equity credits are often pricey if you disburse your home loan throughout the mounted rate term (eg. Sell your home)
  • Most fixed rate home loans haven’t got the power to own an offset account.
  • Home loan terms from five to forty years (Depending on the bank or lenders credit policy)
  • Principle and interest repayments area unit out there
  • Interest solely repayments could also be out there.