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  • Insights, Loan basics
What type of mortgage is right for me?

Oktay Sengoz

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26/10/2022

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1 min read

There are many product types that are offered by lenders. Occasionally, it can be confusing to choose the right product for your needs.

We have outlined the different mortgage types below and who they would be beneficial for

Variable loan

The most common loan type. Most people will have a variable loan with the interest rate subject to any movements in interest rates. — Suitable for anyone that would like flexibility in their loan and can pay more into the loan without penalties.

Fixed rate loans

This loan type has become more and more popular over recent years, as the fixed rates have been lower than the variable rate. — Suitable for anyone that would like to know their repayments without much movement. Fixed rate loans limit how much you can pay into your loan over the term and don’t come with an offset account.

Interest only loan

These loans allow you to only make interest only repayments. Investors are big fans of interest only loans as they can maximise their negative gearing benefits.

Lo doc loans

Lo doc loans are suited for anyone who's self-employed, as you can apply for a loan without having to provide all your business financial documents. This loan is not available to anyone who's not self-employed.

Bridging loans

Selling and Buying a property can be a stressful transaction. Occasionally, you need to buy a property, before you can sell your existing property. A bridging loan allows you to do that so that you can settle into your new home and then sell your existing property.

Line of credit

Imagine you had a credit card linked to your property, and you could spend up to your limit and pay it back as you pleased. If you preferred not to make a repayment, you didn't have to (as long as you were under your limit).

Talk to us today to see which loan suits your needs.

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