Thursday, January 13, 2005

Australian Home Loan Information

Home Loan Types in Australia
The following is a list of the main types of home loan available in Australia.

Visit our Home Loan web-site for detailed explanations on the various types of loans, the pro's and con's of each, helpful tips, and recommended mortgage brokers.

Standard Variable Rate
Standard Variable Interest Rate Loans are the most common type of home loan in Australia.

Basic Variable Rate
The lower cost, lower feature alternatives are Basic Variable Rate Loans

Debt Consolidation
For borrowers with multiple loans including mortgage and credit card, Debt Consolidation can ease financial pressure

Split
Conservative borrowers can hedge their borrowings with a combination of Variable and Fixed Rates

Home Equity
Existing homeowners can access the equity that exists in their residence with a Home Equity Loan

Fixed Interest Loan
The best way to protect yourself in a rising interest rate environment is with a Fixed Interest Loan

Low Document
The self employed or those waiting on their current financials can apply for a Low Doc Loan

Line of Credit
Secured against equity, the Line of Credit is best used for assets that appreciate

Interest Only
The Interest Only Finance is often used by property investors to minimise fixed costs and increase profits

Reverse Mortgage
A relatively new product, the Reverse Mortgage allows asset rich but cash poor homeowners to access some of the equity in their residence

Construction Finance
As its name suggests the Construction Loan is designed for those building a new house

Renovation
If you have an existing dwelling with sufficient equity then a Renovation Loan may be what you seek

Non-conforming
The Non-conforming Loan is designed for borrowers who do not fit the profile of the standard Australian borrower