Are you one of many Australians who want to own their own home, buy a block of land or build a house, but aren’t sure where to start? Then you’re in good company. There are plenty of people out there who aren’t sure how to meet their financial goals or which lender is the best equipped to suit their needs. That’s where I come in. I can help you understand the ins and outs of the property purchase process and help find the perfect fit for you and your circumstances.

The two main types of residential home loans you will encounter are Variable Loans and Fixed Loans.

Variable Loans
A variable interest loan offers a variable interest rate that changes with the cost of funding market. This means that your repayments change as a result. While this sounds like a bit of a draw back in terms of stability, it offers other benefits. Usually, variable rate loans offer more flexible repayments which can save you interest and help you pay off the loan faster. Often, variable rate loans also allow for offset accounts to save on interest and redraw facilities on any extra you’ve paid into the loan.

Fixed Loans
A fixed rate loan means that the loan’s interest rate is fixed for a set term (usually 1, 3 or 5 years). Once this term is finished, the loan will usually revert to the standard variable rate offered by the lender. This option has a few upsides. Firstly, you’ll always know what your payments are as they never fluctuate, which is great for budgeting. Additionally, if you fix your rate at a market low, you will be happy when rates rise as you have locked in a good deal.

If you’re interested in learning more about either a fixed rate or variable home loan, getting started is simple. Call today or fill out our enquiry form and I will get back to you as soon as possible.


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