Standard Variable Loans

These are loans where the interest rate can vary throughout the term of the loan, usually rising and falling with the official cash rate set by the Reserve Bank. Often, standard variable loans have lots of features such as redraw and offset accounts.

 Basic Variable Loan

Basic variable loans are loans with lower interest rates, but with fewer features than a standard variable loan. The interest rate once again can, as the name indicates, vary - rise or fall - over the term of the loan. These loans are typically “no frills’ loan products.

Fixed Rate Loans:

These are loans where the borrowers’ interest rate and repayments are fixed for a set period, usually from 1 to 10 years, and sometimes longer. These loans revert to the standard variable rate at the time the fixed rate period has expired, unless “rolled over” for another fixed rate term (at prevailing rates).

Line of Credit/Equity Loans:

These loans allow borrowing up to a specified/approved limit, and provide access to funds when required. Generally the interest portion only is payable monthly with a line of credit, and often this interest can be "capitalised" as long as the balance stays within the approved limit. Some lenders, however, do require that principal reductions begin to be made after a certain period of time.

Non Conforming Loans

Non Conforming Loans have been designed to help borrowers who do not meet standard lending credit guidelines - generally where borrowers have impaired / poor credit history.

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