Residential home loans are home loans that exist for residential purposes as opposed to commercial gain and are available to those who are buying their own home, purchasing a block of land or building a home to live in.
There are two main types of residential home loans available to choose from, depending on your needs:
- Variable residential home loans: This type of loan offers a variable interest rate which generally changes as the Reserve Bank of Australia’s (RBA) cash rate moves.
- Fixed residential home loans: With this type of loan the interest rate is fixed for a certain term, usually up to 10 years.
Residential home loans can also feature a combination of part of the loan fixed and part a variable rate.
To find a home loan that suits your individual needs visit the RateCity home loan comparison page.