Mortgage Types

When buying a house, it's important to check out different mortgage types in order for you to determine which one will suit your situation best. These mortgage types offer different features that you should definitely take into consideration.

• 1. Standard Mortgage Home Loans
  Among all the mortgage types, standard mortgage home loans remain to be one of the most popular. This is due to the fact that standard mortgage home loans offer repayment flexibility and various features such as redraw facility and line of credit facility.
• 2. Low-Doc Mortgage Home Loans
  Perfect for self-employed individuals, low-doc mortgage home loans won't require you to submit as many documents to prove your assets, liabilities, and income. Compared to other mortgage types, low-doc mortgage loans will charge you with higher interest rates.
• 3. Introductory Rate Mortgage Home Loans
  What sets introductory rate loans apart from other mortgage types is the fact that you can enjoy a lower interest rate during the first few months of the term of the loan.
• 4. Home Equity Mortgage Home Loans
  Home equity mortgage home loans are different from other mortgage types because these home equity loans are only applicable to those who already have existing residential property. The amount of loan you can get will be dependent upon the equity of your house.
• 5. Variable Rate Mortgage Home Loans
  Variable rate mortgage home loans have interest rates which change according to the Reserve Bank of Australia's official cash rate. This means that the amount of repayment may vary over time.
• 6. Fixed Rate Mortgage Home Loans
  Unlike variable rate mortgage loans, fixed rate mortgage home loans will provide you with an unchanging interest rate for a set period of time. This type of loan would be great if you yearn for certainty and stability.