Finding the best home loan for you There are several different types of loans on offer. These days, home loan lending is a competitive business, so it’s wise to compare products and see who will offer you the best deal. Determining which home loan is right for you, the term of the loan, and how you could apportion your debt are all big decisions - decisions that could potentially save you thousands in interest repayments. So make sure you do your homework: read the newspapers, talk to family and friends, and consult your Mortgage Express mortgage adviser. Types of loan Mortgages typically fall into the following categories: • Fixed: Where you ‘fi x’ or lock the interest rate for a period of six months to fi ve years. At the end of the term your loan reverts to the fl oating rate or you can choose to fi x the rate again for a set period or change to a different loan structure. • Floating: Where your interest rate can increase or decrease as interest rates in the market change. • Split: Where you can divide your loan between fi xed and fl oating rates.
Home Buyers Finance Guide V2
To see the actual publication please follow the link above