Home loans are available in many different variations. There are introductory, fixed and variable rates offered by lenders, with interest-only or principal & interest (P&I) repayment methods. The fees and features offered by each lender differ and there are a multitude of variations available to suit your needs.
First-time buyers need to have the right knowledge when looking to buy, from what repayments and loan options they require to suite their circumstances. They should also know how to compare loans and where to look to get an overview of the market.
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Standard variable loans are Australia’s most popular type of home loan. The interest rate varies throughout the loan term. These loans generally offer excellent flexibility, low fees and often offer great features such as an offset facility, redraw facility, no limits on additional repayments and in most cases, no early pay-out penalties.