| | | | Loan Basics | | | | What are the basic elements of a loan? | | Here we explain a number of the basic terms and definitions used in Home Loans: Principal, interest, term & repayments. |
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| | Should I have Fixed Rate, Variable Rate or Split Rate? | That depends on who 'you' are. |
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| | What rate should I have? | | Fixed Rate Home Loans With the Fixed Rate Home Loan, the interest rate on your Mortgage doesn't change for an agreed period (usually 1-5 years) - no matter what happens to official interest rates. |
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| | Which Home Loan interest rate option is best? | Because it is absolutely predictable, the Fixed Rate Home Loan can give you greater confidence that you can meet your Mortgage repayments regardless of changing economic conditions. The disadvantage is that it generally lacks flexibility. |
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| | How many types of home loans are there? | Hundreds. The key is finding the right one for you. |
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| | Which Home loan is right for you? | These Mortgage options are just the tip of the iceberg. With this vast choice, how do you know which loan is most appropriate for you? By talking to a Mortgage Broker or Lender who is a member of MFAA - they are the Essentials of Borrowing.
All information for loan basics is sourced from the MFAA website.
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