If you’re in the market for a home loan, you will have four interest rate options to choose from:
- Introductory rate, also known as a “honeymoon rate”
- Fixed rate
- Variable rate; or
- Split loan (a combination of fixed and variable rates)
To help you find the home loan type for your purposes it’s important to clearly understand and identify your needs.
There may be some product features you would like, but they come at an additional cost. The home loan interest rate you choose may permit your from making additional repayments with penalties.
This is the common setback with fixed rate loans so consider the benefits you will receive and how much it will cost you if you plan to pay back your loan early.
By keeping track of interest rates on RateCity.com.au, you will be able to find the best market rates available daily.
Related search: Low rate variable mortgages.