Home loan types
Are you confused about the sheer number of home loan types available? You’ve probably stumbled across way too much mortgage jargon which complicates what should be a simple decision!
By dealing with Solution Home Loans brokers, all of this jargon can be simplified and we can compare and contrast the many different home loan products from our panel of lenders to find the best loan type for you.
What home loan types are available?
Every lender has their own name for each of their home loans. There’s no need to be daunted though because in reality there are only a handful of different loan types.
SHL has made it easy to understand the different types of loans, as per below listing.
- Basic Home Loan
- Professional Package
- 100% Offset Home Loan / Offset Account
- Equity Loans
- Line of Credit
- Fixed Rate Loan
- Low Doc Loan
Speak to an SHL brokers today to discuss which loan best meets your needs.
Which loan type is right for me?
When selecting the type of loan to apply for, you should firstly work out what features you need and which you do not.
The more features your loan has, the higher the interest rate.
This is particularly true for low doc loans, fixed rate loans and line of credit loans (LOCs).
The main needs you things you need to consider are:
- Do I need to be able to make extra repayments?
- Do I need to be able to redraw any extra repayments I have made?
- Do I need easy access to my funds via an offset account or ATM access to my loan?
- Can I prove my income?
- Would I like the security of knowing exactly what my repayments are each month?
- Would I like to be protected from interest rate fluctuations?
- Is my loan large enough to negotiate a professional discount? (Generally $250,000+)
Taking the next step
At Solution Home Loans we have sophisticated software and deep knowledge to help you choose the most suitable home loan.
Why waste your time researching online when you can speak to an SHL broker today and let us do the hard work for you!
Contact Solution Home Loans today, for a free financial health check with one of our Mortgage Broker.