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There are hundreds of different types of home loans to choose from, many of which have different features, benefits and costs. It is important that you consider which loan is right for you.
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 Basic variable rate home loan |
Of all home loan types on the market, the basic variable rate home-loan tends to be the most cost effective. The rate will vary according to official interest rates, and penalties may apply upon early exit. The type of loan you choose should depend on your current circumstances. You may prefer a more flexible loan that offers redraw and offset facilities.
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| Standard variable rate home loan |
This loan varies according to official interest rates. As the name suggests, the interest rate is variable and subject to market fluctuation. Some features of this loan type include:
 The ability to make extra payments;
The ability to take repayment holidays;
Redrawing of amounts overpaid;
A linked offset account that allows you to save interest on that amount;
Retain the same loan should you relocate;
Introductory/honeymoon period means to get a lower interest rate for a period;
The ability to make additional repayments.
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| Fixed rate rate home loan |
This type of loan allows you to fix the interest for a period from 1 to 10 years. In terms of fixing your loan, you should consider that over a period of time, interest rates can fluctuate so you need to bear that in mind when choosing a fixed rate loan. Extra repayments are not always allowed during the fixed rate period and big penalties could apply upon early exit.
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| Line of credit / offset loan / home equity loan |
This loan type permits money to be borrowed against your house using a linked chequebook facility with ATM access. Usually more expensive it does require interest only payments rather than principle and interest, for a period.
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| Lo-doc home loan |
This is a fast growing loan designed for the self-employed. Usually Lo-doc loans are set at a higher interest rate because lenders that issue such loans take on a higher risk.
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| Reverse mortgage |
For seniors from 60 years of age who own their own home, this loan enables you to access the equity in your home without limiting lifestyle. The reverse mortgage loan can be used for home improvements, a new car, medical expenses and holidays or as a supplement to income. During the course of the loan no repayments are due on a reverse mortgage.
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| Split loan |
A split loan means that you can borrow money on both a fixed interest rate and a variable interest rate. This is done by splitting the borrowed amount into two proportions and allows you to choose how much you want to allocate to each loan portion.
Calculate split loan
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| No obligation home loan health check |
Macquarie Private Wealth are offering a no obligation home loan health. Simply fill out the details below and select a time that is suitable for a telephone appointment.
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