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Australian Home Loans
Posted July 30th, 2010
and last modified January 27th, 2012
What Australian Home Loans are Available
There a many different ways that you can borrow money to purchase you home. This section will explain what Australian home loans are available. The Australian home loans that are available are:
- Variable rate. One of the most common home loans that are offered are the variable rate home loans. These home loans will give you the money to purchase your home and charge you a variable rate of interest when you are paying back the loan. The variable interest rate is the main feature of the loan and will either go up or down during the course of the loan. If the interest rates rise then so do your payments. The variable rate loans will also come with a variety of additional features.
- Fixed rate. The fixed rate home loans are another home loan type that is offered in Australia. Unlike the variable rate loan, the interest rate that is charged on the fixed rate loans will stay the same over a period of time. This means that even though the interest rates may rise or fall your repayments will stay the same.
- Line of credit. Line of credit loans are a less used home loan type in Australia. They are particularly used by investors. Line of credit loans are much like the variable rate home loans but you will be charged a higher interest rate. However, with this higher interest rate you will receive a loan which is flexible. There are usually no minimum repayments that have to be made onto the loan, you can redraw money at any time for no cist and you can make additional repayments at any time.
- Home equity. The home equity loans are fixed or variable interest rate loans that allow you to borrow against the equity in your current home. By doing this you can often receive a lower interest rate as the amount is secured.
- Split home loans. Split home loans are simply a mixture of the above loans. If you dont want to commit to a single type of loan then you can split the loan so you can take advantage of the features offered with the different loans on separate portions of your debt.
Featured Australian Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au – Dream Catcher |
A low rate home loan with no application fee. Offer valid for limited time. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Illawarra Home Loans Bank Beater Home Loan |
A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Breathe Easy Offset Loan |
A market leading interest rate with no fees. | 6.27% | 6.18% | $0 / $0 | 95% | $150,000 / $1,000,000 |
|
State Custodians Mortgage Company Standard Variable Offset Loan |
One of the lowest standard variable rates on the market. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Australian home loans are the main way people in Australia will be able to afford to buy a house. They are offered by providers who will lend you money so you can buy a home now and pay back the amount you borrow. There are many different types of Australian home loan so you must be sure to choose the right one so the loan suits your lifestyle.
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