This is where you ‘lock in’ your rate for a defined period so that you avoid possible future interest rate rises. Although you have the security of knowing your monthly repayments will not increase, you do not enjoy interest rate reductions that occur during your fixed period.

With a split rate loan, you can get the best of both worlds, because you can choose to allocate a percentage of your loan amount for variable interest rate, and another for fixed rate.

A debt consolidation home loan will allow you to roll your existing loans into one, so you can lower down interest rates, stop payment of excess fees, or stop making several monthly repayments. This loan can also help you regain control of your finances.

Self-employed loans are designed for people who are self-employed and cannot usually comply with regular loan requirements to verify finances. These loans are often ideal for entrepreneurs, business owners, salespeople and other individuals with variable monthly income

First Home Buyer Loans cater the need of individuals who are looking for financing arrangements to buy their first homes. This is often added on top or incorporated on the First Home Owner Grant (FHOG), which is a tax-free financial assistance offered to Australian citizens or permanent residents who are buying their first home.

As the name implies, the proceeds of this home loan is reserved for renovating or upgrading your current home. This is an ideal strategy if you already have accumulated enough equity in your own home. Renovating is also beneficial for your asset portfolio as it can increase the value of your property.

No Deposit Loans (or Low Deposit Loans) are normally recommended for individuals who are interested to buy their own homes but they don’t have the ready funds to pay the 20% deposit. Some variations of this loan also decreases the required deposit substantially so you can afford the upfront fees.

Otherwise known as a ‘family guarantee loan’ this type of home loan is extended to you with the help of a family member who is willing to help you purchase your home by providing additional security or ‘equity’ in support of the loan. The person who will help you is referred to as the guarantor, which is different from a co-signer or co-applicant. The guarantor loan is then usually secured to two or more properties, and it’s often possible to release the guarantee early even if the loan is not yet fully repaid.

Low Documentation loans, more commonly known as ‘Lo Doc’, are designed for self-employed people who may struggle to obtain all the normal documentation required to verify income. Because these loans have less stringent approval criteria, they typically attract a slightly higher interest rate.

You can still get a home loan even if you have a bad credit history. There are many non-conforming lenders who are willing to extend help to those who are not qualified for a bank home loan. The downside of this loan is that it often carries higher interest rates and extra charges.

An Offset loan is where aneveryday transaction account is linked to the loan account. Any funds held in the transaction account are automatically offset against the loan balance, thereby saving interest. The more in your account, the greater the saving.