For most of us, buying a home would be nothing more than a daydream without the help of lenders. If you can’t cover the entire purchase price up front, taking out a home loan is essential. As soon as you kick off your home loan search, you’ll discover the sheer volume of different home loans on offer. Truth be told, there are so many to choose from that deciding which one is best suited to your financial circumstances can be a serious challenge. Simply understanding the difference between the various kinds of home loans and their features can be confusing – And not just for first home buyers!
- Will a fixed rate or variable rate loan be the right fit for you?
- Is it best to split your loan?
- Should you pay a little extra for an offset account or redraw facility?
The questions are endless, but you get the idea. So, to narrow down the right home loan for you, we’ve put together some helpful tips and advice on the most common types.