There is no such thing as a best mortgage as what's perfect for one person is different to the next. It's crucial to consider what factors are most important to you whether it's fixed or variable rate, maybe you need a construction loan or it's purely for an investment property. The mortgage market can be competitive so it is essential to shop around and compare online. There are various different types of home loans available depending on your needs, including:
- Basic Home Loan. This type of loan is a 'no frills' loan that generally offers lower interest rates than other standard home loans but tends to have less features.
- Fixed Rate Home Loan. With this type of loan the interest rate is fixed for an agreed term, usually from 1 to 5 years
- Variable Rate Home Loan. This is the most common loan type due to its flexibility and features.
- Low-Doc Home Loan. Suitable for people who are self-employed and who can't provide the usual amount of paperwork required to prove income.
- Interest Only Home Loan. Can be used for owners living in the property but is more suitable for investment property. The borrower only has to pay the interest on the balance.
- No Deposit Home Loan. Applicant borrows the full purchasing price of a property without any initial deposit, therefore the loan-to-value ratio for a no deposit home loan is 100%.
Take a look at the products listed below and hopefully you'll find the best mortgage that matches your needs.
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Monthly repayments are based on advertised rate, loan amount and selected payment frequency over 25 years.
The comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING: The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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