What are Standard Variable Home Loans?
The most common type of home loan offered by all home loan brokers based on the housing market’s variable rate of interest. Just as it is subject to rate rises this loan can also provide you with interest rate decreases. These home loans are the most flexible offering a range of features.
What are Introductory Home Loans?
Also known as ‘Honeymoon’ Loans. These loans are Standard Variable Home Loans that offer a discount period for an introductory period, which is commonly 12 months. The Introductory rate is either guaranteed for the introductory period or a discount off the Standard Variable Rate is offered for the introductory period.
What are Basic Home Loans?
Also known as ‘Discount’ Home Loans. These loans are a no frills version of the Standard Variable Home Loan. Generally they have fewer features than the Standard Variable Home Loan and are less flexible. These loans are only available for new borrowings.
What are Fixed Rate Home Loans?
You can choose fixed rates for periods of 1, 2,3,4,5, 7 or 10 years. They allow you to manage your loan repayments so you can budget for other financial priorities in your life. Fixed rate loans only allow limited additional repayments without penalty.
What are Low Doc Home Loans?
Low doc loans are designed to provide flexible financing solutions when your tax returns do not reflect your true wealth and you have the ability to service your loan.
What are Split Home Loans?
A Split Home Loan allows you to take advantage of a number of different home loan options.
What is the First Home Owners Grant or First Home Owners Grant Scheme?
The First Home Owner Grant Scheme is a joint Commonwealth and NSW Government initiative to help first home buyers. In NSW, the scheme is administered by OSR.
No tax is payable on the First Home Owner Grant. Eligible first home owners can receive the grant regardless of their income, the area they are planning to buy / build or the value of their first home.