Loan Types

There are different types of loans available for your home loan. Knowing the features can help you mix and match the right type of loan to fix your personal situation.

Fixed rate Home Loan

With a fixed rate home loan, you are confidentially knowing the exact interest rates will be and how much your regular repayments during the fixed term will be. This is a certainty.

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Floating rate Home Loan

With a floating rate home loan, you would be a bit of flexibility in life. you can make a lump sum or change the repayment amount without any extra charge. However, your interest rate may go up or down in line with market changes.

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Revolving Home Loan

A revolving home loan is like a big overdraft. If you’re good at managing your money, this option could help you minimise interest charges or repay your home loan sooner while giving you access to overdraft easier when you need it.

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Repayment Options

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Table Loan

Your regular repayments are the same each week, fortnight or month unless your interest rate changes. This is the most popular type of repayment because your regular repayments are the same, which can help you to budget.
Each repayment includes a combination of interest and principal. Initially, payments mostly pay off the interest you owe, but over time, with the principal decreased, more of each payment goes towards paying off the principal.

Reducing Loan

You have to pay back an equal principal amount plus an accrued interest with each instalment.
With a reducing loan, you pay off more at first. As the balance goes down, your repayments also reduce over time.
You may pay less interest overall than with a table loan because early repayments include a higher principal.
Reduce future repayment pressure, and enjoy lower repayment instalments in later life

Interest only loan

You do not repay the principal until an agreed period (usually 1 to 5 years). After that, you can repay the loan in total or may switch to a table loan with a fixed rate or a floating rate.
An interest-only loan will cost you more interest in the long term than a table or reducing loan because you're not paying off any of the principal during the interest-only period.
An interest-only loan is often used for property investment. Because it temporarily decreases the size of the mortgage repayments. This saves on costs and increases immediate cash flow.