The different loan types

There are many different loan types available in the Australian market. Below are just a sample of the types of loans offered by Mortgage Selector. One of these might be just right for you. Why not contact one of our experienced Mortgage Managers to arrange a confidential discussion? It could save you valuable time and money.

Standard and Introductory Variable Rate Loans

Variable Rate Loans provide maximum mortgage flexibility. Introductory variable rates provide a discount interest rate usually for the first year of the loan. Variable rate loans allow you to make additional repayments. Depending on how interest rates are moving, you may find your interest rate going up or down if you choose this loan.

Basic Variable Rate Loans

Basic Variable Rate Loans offer a lower interest rate, but fewer features than the standard variable rate loans.

Fixed Rate

Fixed Rate Loans protect you against interest rate increases for an agreed period of time. With these loans, you have the peace of mind of knowing what your monthly repayments will be. With fixed rate loans you are locked in for the period of the fixed rate term so you won't benefit if rates go down during the fixed term. Fixed Rate Loans may not suit you if you wish to make additional repayments to your loan during the fixed term.

A combination of Variable and Fixed Loans

Combination or Split Rate loans allow you to fix part of your loan for protection from rate rises, while the rest of your loan benefits from the flexibility of a variable rate.

Non-Conforming and Lo-Doc Loans

Lo-doc and non-conforming loans are available for refinance and purchase. They are suited for self employed borrowers who don't have current financial information.

Home Equity Loans

Home Equity Loans allow you to unlock the equity in your existing property for other opportunities. This loan is ideal if you want to renovate your home, invest in shares or managed funds or buy an investment property.

Offset Accounts

Offset Accounts feature an everyday transaction account linked to your home loan. The interest you earn in the transaction account is offset against the interest you are charged on your home loan so the higher the balance in your transaction account, the less interest you have to pay on your loan.