Nowadays, home loans are not about signing up for years and making regular loan payments nor it is about trying to pay off the mortgage as soon as possible. There are a number of options available when it comes to home loans in Brisbane.
Have a look at these different types of home loans that you can choose. Basic loans Basic loans are basically a no-frills loan with some features and a low-interest rate. Many basic loans offer to redraw facilities but there can be restrictions and fees, so a basic loan may not suit if you want to make extra repayments and access them later. Standard loan Standard loan offers more flexibility as compared to a basic loan. You can even redraw any extra money you have paid on this loan. You also have the option to switch to a fixed rate or can split the loan between fixed and variable one. In standard loan type, you can also find a loan with a cheaper interest rate and similar features. Home loan package The home loan package is basically a mixture of standard loan and basic loan where you can get an interest rate discount of up to 1.2% depending on your loan amount which is cheaper than most of the basic loans. The package includes a free transaction account and no annual fee credit card. On the other hand, high package fees can go up to $400 a year! Fixed or variable loan It sounds tempting when the interest rates are low but comes with the downside of reduced flexibility. However, high break cost can still apply if you want to repay the loan early or relocate. While some fixed loans allow some extra repayments, there are normally restrictions and some loans don’t allow extra repayments at all which can cost you by resulting in a high amount of interest over time. Do not ever try to beat the bank as it is very hard to predict if you will save with a fixed rate over the next 3-5 years. Instead, ask yourself if you can afford higher rates. If no then fixing a part of the loan could be a good option for you. A split loan is the best option for you as it offers the best of both, allowing you to make extra repayments in the variable portion of the loan and still giving you the security of fixed rates. Conclusion If you want any of the loans from the aforementioned article then contact Brisbane Home Loan right away. It is a one-stop solution for an investment loan, car loan business loan, personal loan, commercial loan, asset loan, and even offers home loan broker in Brisbane and nearby areas.
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