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Capped or Introductory Interest Rate Loan 28 May 2012 | 01:38 pm
Under this type of loan, the interest rate is fixed for the capped period, which is usually six to twelve months. During this period, the interest rate cannot go higher but it may go lower if the lend...
Part variable/Part fixed Interest Rate Loan 28 May 2012 | 01:37 pm
Often referred to as split or combination loans, this loan allows the borrower to pay a fixed interest rate on a portion of the loan while paying interest on the remaining portion at the standard vari...
Fixed Interest Rate Loan 28 May 2012 | 01:36 pm
This type of loan offers a fixed interest rate for a specific period (eg. six months to five years). At the end of the fixed rate period, the loan is renegotiated for a further fixed term or reverts t...
Basic Variable Interest Rate Loan 28 May 2012 | 01:35 pm
This type of loan offers a lower interest rate and repayment than a standard variable interest rate loan but has fewer or none of the features of standard variable loans.
Standard Variable Interest Rate Loan 28 May 2012 | 01:35 pm
This is the usual loan offered by home loan lenders and the most popular type of home loan. The interest rate can go up or down throughout the term of the loan. Repayments, usually monthly, are the sa...
Mortgage Managers 28 May 2012 | 01:30 pm
Mortgage managers organize funding for homebuyers from a variety of funding sources. The owner of the mortgage is not the mortgage manager but the provider of the funds, who operates through a trustee...
Credit Unions 28 May 2012 | 01:30 pm
Most credit unions lend funds for housing to members. Credit unions can be a good source of finance when additional funds are required.
Building Societies 28 May 2012 | 01:29 pm
Building societies are cooperative organizations whose members are shareholders. Building societies are often referred to as mutual societies.Building societies operate in much the same manner as bank...
Banks 28 May 2012 | 01:28 pm
Banks have the primary share of the owner occupied home loan market in Australia. Banks can provide their customers with integrated banking packages (eg. lending products, financial services, transact...
Question To Ask Lenders 28 May 2012 | 01:12 pm
When seeking information from lenders or attending a loan interview, it may be helpful to ask the loans officer the following questions: Q. What fees apply to the loan application? Q. Will any of th...
