Loans

LOAN TYPES

Standard Variable Loan
A Standard Variable Rate loan is one where the Interest Rate fluctuates during the term of the loan.

Introductory / Honeymoon Loans
These loans traditionally offer an Introductory Period or Discount Period in which the interest rate will be reduced. The Introductory period can vary from 6 to 12 months.

Fixed Loan
A fixed rate loan is one where the interest is “locked in” for a specified period within the term of the loan (eg. the first three years of a 20 year loan) or for the whole term of the loan.

Line of Credit / Home Equity
Line of Credit facilities or Home Equity Loans allow borrowers to gain access to the accumulated equity that they have in their properties.

Construction Loans
Most lenders will offer loans for the purpose of constructing owner occupied or investment dwellings. Most traditional lenders will lend on a progressive draw down basis as per the fixed building contract or as a single draw down at the completion of the construction.