Home Loan Comparison – Types of Home Loans
Home loan comparison in a loan market with literally thousands of home loan products with varying features requires assistance. You can use our home loan comparison table or home loan comparison calculator to assess your current home loan or to secure a competitive deal.
For a detailed comparison, your Loan Market mortgage broker will help you gain a good understanding of the types of loans available, the home loan process and what the banks require you to provide in order to approve your loan.
When you are choosing a home loan it’s important to make sure you use a mortgage broker with access to a wide range of banks and secure mortgage lenders, so you can be sure the home loan you choose is competitive.
Secure a Good Home Loan Deal
Once you choose a home loan and lender, use your power as a client to negotiate a better home loan deal with your bank and make huge savings on interest rates, fees and loan structure.
Home Loan Comparison Categories:
- Standard Variable Rate Home Loans
- Fixed Rate Home Loans
- Introductory Rate Home Loans
- No Deposit/Low Deposit Home Loans
With over 800 home loan products each with different fees, features and repayment options, it’s important to compare home loans to ensure you are getting a good deal. The home loan comparison table below is a good guide to help you compare home loans at a glance.
Home Loan Comparison Table
|Basic Variable Home Loan||Fixed Rate Home Loan||Professional Package Home Loan||Line of Credit Home Loan||Standard Variable Home Loan||Low Doc Home Loan|
|Home Loan Description||Basic variable comes with several features however a slightly higher rate compared to other loans.||Lock in your interest rates and monthly repayments for a specific period of time.||These are discounted variable or fixed loans offered for loans over $150,000.||This loan offers flexibility and access to your funds.||Benchmark product used by major banks at the construction stage of the loan.||Designed specifically for self- employed borrowers with irregular cash-flow.|
|Interest Rates Description||Low||Competitive (subject to fixed term)||Lower (subject to loan size)||Lower (subject to loan size)||High – Medium||High – Medium|
|General Fees (Monthly)|
|Credit Card Facilities|
*This is a general guide only and is based on popular lender products. There are some lenders who offer offset accounts on their basic loans and some who offer a redraw facility .
When you compare home loans you will see that the home loan with the lower interest rate may end up being more costly when you add up all the fees and charges.
You can use our home loan comparison calculator to compare loan pricing in terms of fees and interest over the life of the loan.
With so many loan products available the answer is to talk to an expert mortgage broker who will help you compare home loans to find the most competitive loan for your finance needs.