Borrowing Guide
Loan Types
There are thousands of different home loans on the market, all with different features, benefits and costs. Aussie makes the choice simple with Mortgage Explorer™ and expert guidance. Here’s a snapshot of the different loans that are available:
Your Aussie Mortgage Adviser will explain which loan type could suit your needs, as well as the different requirements of the various lenders. Book an obligation free appointment today or locate an Aussie Mortgage Adviser near you.
Standard variable rate
Standard Variable Rate loans typically offer you maximum flexibility and great features, including the option to fix or split your loan, make additional repayments when you can afford to, and redraw when you need to.
Basic variable rate
Basic Variable Rate loans offer a lower interest rate, but fewer features. However, you usually have the option to pay for additional flexibility and features when you need them.
Fixed rate
Fixed Rate loans protect you against interest rate increases for an agreed time, so you have the peace of mind of knowing what your repayments will be. However, with a fixed rate loan you won't benefit if rates go down during the fixed term.
Combination or split rate
Combination or Split Rate loans allow you to fix part of your loan for protection from rate rises, while the rest of your loan benefits from the flexibility of a variable rate.
Non-Conforming and Lo-Doc
The less stringent documentation requirements of Non-conforming and Low Doc Loans make them a great option for borrowers who are self-employed, have minimal deposit or savings history, or an impaired credit history.
Home Equity
Home Equity Loans allow you to unlock the equity in your existing property for other opportunities such as renovating your home, investing in shares or managed funds, or financing an investment property.
Line of Credit
Line of Credit loans are Interest Only variable rate loans that use the equity in your home and let you access funds when you need them through a transaction account.
All-in-one
All-In-One Loans feature an everyday transaction account linked to your home loan, usually in an interest offset arrangement. The higher the balance in your transaction account, the less interest you have to pay on your loan.
Let us do the hard work. An Aussie Mortgage Adviser can help you compare hundreds of home loans and find the one that's right for you.
