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Choosing the right home loan for me

How do I choose the right home loan for me?

Choosing the right home loan depends on what you want to get out of your loan. Below are brief outlines of the main types of loans available. However, unless you have experience, access to various options, an understanding of the conditions and the technology to examine a wide range of products, identifying the right loan could be almost impossible. That’s why home owners and investors use the award-winning Nicheliving Homeloans team to take care of the loan selection and submission process from A to Z.

Fixed Rate Loans

Fixed rate home loans could provide a sense of certainty in an ever-changing market. On the surface, fixed rate home loans appear very straightforward. The interest charged on the home loan is fixed at a set rate for a certain period of time, usually between one and five years. Fixed loans may offer offset and redraw options depending on the lender. Keep in mind break costs might apply.

Variable Rate Loans

Variable home loan interest rates increase and decrease in accordance with fluctuations in the rates set by the Reserve Bank of Australia. If interest rates go up, mortgage repayments increase; if they go down, mortgage payments are reduced. While RBA rates are a guide, lenders are entitled to set their variable rates independently. Variable rate loans can be flexible and may offer a number of attractive features. Some loans may allow borrowers to pay off their loan ahead of time without facing costly fees. Offset features and redraw facilities could be included in the loan depending on the lender.

Investment Loans

Investment loans can be similar to variable rate loans and carry similar interest rates however some loans could also have fixed rates. With most investment loans there are options to make weekly, fortnightly or monthly repayments. Additional payments might be permitted and this feature could help shorten the life of the loan. However, some of these loans might not offer the option of redraw or offset facilities.

Equity Loans

People who have built up some equity in their homes or investment properties could use equity home loans to quickly access large amounts of cash to invest in property or shares, pay for renovations, cover other expenses or even consolidate debt. These loans offer interest rates lower than those for personal or credit card loans and allow borrowers to draw a portion of the equity in their homes.

To find out which loan is best for you and why, give our finance consultants at Nicheliving Homeloans a call or fill in the contact form. We are always available to take you through your options and explain the details of various loans in plain language. We have the know-how and technological support to analyse a range of options before coming up with a recommendation to suit your needs.

Talk to an expert

Our team of experienced home loan specialists aim to find the right loan to suit you and your specific needs. Book your appointment today?

Fixed Home Loans

Fixed rate home loans could provide a sense of certainty in an ever-changing market.

Learn more

Variable Home Loans

Variable home loan interest rates increase and decrease in accordance with fluctuations in the rates set by the Reserve Bank of Australia.

Learn more

Equity Home Loans

These loans offer interest rates lower than those for personal or credit card loans and allow borrowers to draw a portion of the equity in their homes.

Learn more
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