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Date Published : Thursday, April 10, 2008
In the current testing financial climate, having to change home loan providers can be confusing. The mortgage products on offer tend to change weekly and many consumers are concerned over whether or not they are getting a good deal.
Despite this, there are a number of constants in the home loan market. The types of loans on offer rarely vary between lenders.
According to X Inc, in Australia, the most popular type of mortgage is the standard variable home loan. The interest rate on this loan moves up and down in line with official interest rate fluctuations. Different lenders offer different features and rates on these products, generally according to the amount you are borrowing.
Echoice states that "this type of loan is particularly suitable if you want to make extra repayments without penalty, split your loan or access a line of credit".
On fixed rate mortgages, the home loan interest rate is fixed for a particular term - usually between one and five years - and homeowners make repayments at that set rate for that period of time. Consumers then have the option to continue with a new fixed rate period, change to a variable rate loan, or split the loan between fixed and variable rates.
Meanwhile, a number of other mortgage products exist on the Australian market. Bridging loans, which are used to cover the period in between buying and selling houses, are popular among homeowners, while credit impaired home loans are designed for people who have a previous payment default recorded against their name.
Find and apply online for the best loan deals.
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