Frequently Asked Questions (FAQs)

A home loan, or mortgage, is a loan provided by a lender that enables an individual to purchase a property. The property is used as collateral until the loan is paid off.

In Australia, the main types of home loans include:

  • Variable Rate Loans: The interest rate can change during the term of the loan.
  • Fixed Rate Loans: The interest rate is fixed for a specific period, typically 1-5 years.
  • Interest-Only Loans: You pay only the interest on the loan for a certain period, not reducing the principal.
  • Split Loans: A combination of both fixed and variable rates.

Choosing the right type of loan depends on your financial situation, risk tolerance, and long-term goals. A fixed-rate loan offers stability in repayments, while a variable rate loan might provide more flexibility and features. Consulting with a mortgage broker can help you make an informed decision based on your specific needs.

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