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Home Loan Types & Features

The rate debate: fixed vs. variable rate home loans

DiceHome loans generally have either a fixed or variable interest rate, or a split rate - a mixture of both. A fixed rate home loan is taken out for a set period with a set interest rate; when this period ends you can fix the rate again, or switch to a variable interest rate which fluctuates with the market.

Honeymoon or introductory rate home loans

Among the many home loan options available, many lenders are now offering home loans with a low introductory interest rate. These have become known as honeymoon rate home loans. Many borrowers find the idea attractive, as the honeymoon rate home loan offers a substantially lower interest rate for a set introductory period of around six to twelve months. After this initial term is completed, the interest rate generally reverts to the standard variable rate offered by that lender.

Interest only home loans

Could an interest only home loan be the right option for you? What do you need to be wary of?

Guide to equity access loans

Also known as reverse mortgages, equity access home loans allow you to borrow using the equity in your existing home, freeing up the cash that was tied up in bricks and mortar to use for other things. In general, lenders will not require you or your estate to make any repayments on the loan until you sell your house, move into care or die, and any interest charged is added to the balance of the loan.

Low doc home loans

Low doc loans are designed to assist people who do not qualify for a traditional home loan to buy a property. Low doc (or low documentation) loans still require the application to be made in writing, however you may not be required to provide much of the paperwork that is necessary with standard home loans, such as proof of income, assets or liabilities.

Online mortgages guide

Online mortgages can seem attractive, often featuring lower interest rates and concessions on other fees, however it is important to consider your options carefully before making a decision.

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