When going ahead with a home loan, there are various rate options available. Discover more below.

Standard Variable Rate:

This full-feature loan provides budding homeowners with flexibility,

including the ability to make more repayments, as well as additional redraws and loan-splitting. It’s not uncommon for this rate to rise/fall in line with interest rate changes put into place by the Reserve Bank.

Basic Variable Rate:

Looking for something without any confusing bells and whistles?

This “frills-free” loan offers a much more affordable option for homeowners looking to save. If you’re not interested in cumbersome additional features, this could be the perfect match for you.

Fixed Rate Loans:

This is a great option for anyone looking to avoid undesirable rate fluctuations in the future.

It works by “locking in” your rate for a certain amount of time. It’s a great choice if you wish to enjoy more peace of mind and security knowing that your monthly repayments will always be the same, no matter what. The downside is that, should interest rates ever reduce, you will not be able to enjoy the benefits of this.

Split Rate/Combination Loan:

Sometimes, the mixture of both worlds is a great option.

This is where a split rate (otherwise known as a combination loan) comes in; empowering you with the ability to assign a certain percentage of your loan amount to a variable interest rate, and another percentage for a fixed interest rate.

Still unsure? Don’t worry. We’ve helped countless clients just like you to make the right choice. We would love the opportunity to analyse your unique situation, asking all the right questions to come across the right decision. All you need to do is ask.