Services – Home Loans

HOME LOANS

Home loans can be divided into two broad types, “Basic” home loans and “Professional Package” home loans.

A basic home loan

is a low-cost option with no ongoing fee’s that doesn’t have an offset account, but it does allow you to pay extra off the loan. Any overpayments can then be redrawn later, should you require the funds.

A professional package home loan

generally has an annual bank package fee of between $199 and $395 and allows you to redraw, have an offset account, free credit card and quite often discounts on interest rates and insurance.

There are several options available with both loans, which include the interest rate choice being either fixed or variable or a combination of both with a split loan. Additionally, you can choose between principal and interest or interest-only repayment types. It is important to carefully consider your personal circumstances before making a decision on the type of loan and options that best suit your needs.

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