APPLY NOW CONTACT US
Loan Types
Tailored Loan
With this option you pay a little more than the minimum required payment each month (or fortnight). Then, on each anniversary of your loan, the payment amount is increased. The result is you pay your home loan off much faster, potentially saving you a heap of interest!
Table Loan
Every payment includes a combination of interest and principal. At first your payments are mostly interest, but as you pay off more interest they become mostly principal. This is the most common kind of home loan.
Interest-only Loan
Perfect when you need a home loan but don’t need to pay off the principal. Your payments just cover the interest on your loan which means they will be far lower; however, the overall amount of your loan doesn’t reduce over time.
Reducing balance Loan
With this option your initial payments are higher because you pay off a bigger chunk of your balance with each payment, but as your balance drops, and the interest costs drop too; your payments could reduce over time. This can be a good choice if your income is likely to reduce during the term of the loan (e.g. you’re nearing retirement).
|