Information about loans and finance

It is important that your loan choice is based on the right information. Finance and loans can be a complimated subject. There are many different loan products with different loan features. There is also termanology that is specific to the loan and banking industry. Oak Laurel mortgage brokers explain the different features and terms so that you can understand better. If you can understand better then you can make better informed decisions about your personal or business finance.

I don’t want to bother with all the technical stuff, I just want you to get the best loan for me.

You don’t need to know all of the technical stuff. Just tell us about your situation and objectives, a mortgage broker from Oak Laurel will do all the hard work for you.

What Home loan types are available in Australia?

There are a large range of home loan types available in Australia. Each lender has their own unique range of home loans. Generally the types can be broadly categorised as the following:

Basic loan
Discounted variable rate
Offset loan (100% offset loan or partial offset loan)
Fixed interest rate loan
Variable interest rate loan
Split or combination
Capped interest rate loan
Line of credit / Home equity loan
Home equity loan
Low doc loan
Low start loan
High start loan
Consolidated loan
Equity release loan
Equity finance mortgage
Reverse mortgage

Why are there different home loan types?

The different types of home loans have different purposes and are suited to different people. The different types of home loans are not mutually exclusive, that is some can be combined. For example an offset loan can also be with a discount variable interest rate. Infact some of these home loan types could also be considered as features of a home loan.

Which type of home loan should I get?

The type of home loan that you should get will depend on your situation and objectives. Ask one of our mortgage brokers about which loan meets your needs.

What are loan features?

Loan features are options that the loan comes with or does not come with.

Should I use loan features?

Different features loan features can make a large difference to the cost of the loan, its flexibility and its suitability you and the purpose that you want to use it for. Generally, the more features on a loan the more expensive the interest rate and or fees the loan will have. However, the features can save you money depending on your financial situation (eg. how much cash you have on hand), how you manage your money, and your future plans.

What home loan features are available?

Features that are available with some home loans include:

  • Offset accounts
  • Linked transaction account
  • linked debit card
  • linked credit card
  • linked checkbook
  • linked Bpay
  • Redraw
  • Extra repayments
  • Direct deposit for salary or wages
  • Top up
  • Cash out
  • Interest only payments
  • Principal and Interest payments
  • Variable interest rate
  • Fixed interest rate
  • Loan Splits
  • Switch to fixed option
  • Flexible repayment frequency (weekly, fortnightly, monthly)
  • Interest in advance
  • Repayment holiday
  • Frequent flier points
  • Portability
  • Professional package

See more information about:

Home Loans

Investment property loans

Non-resident loans

Contact a mortgage broker to arrange a no obligation free consultation.

Oak Laurel Mortgage Brokers – Home loans made easy!