Buying a home
Home loans
explained
Each type of home loan is designed to suit different situations and goals.
When it comes to choosing a mortgage, there are three main areas to think about. First, there's the type of interest – fixed or floating. Then there's the type of loan: table loans, reducing balance loan, tailored loan, interest-only loan or revolving credit loan. And finally, you can decide whether to collect rewards.
Did you know?
You can split the amount you borrow between more than one type of mortgage. For example, some people choose an offsetting floating mortgage (so they can use cheque and savings accounts to help reduce the interest on their mortgage) and a table loan with a fixed interest rate for the certainty of fixed mortgage repayments).
