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Loan Type Benefits Disadvantages
Standard Variable Rate
  • Monthly, fortnightly, or weekly payments.
  • Redraw options possible.
  • Extra repayments are allowed.
  • Cheaper interest rate in the first year is possible.
  • If a loan is paid out before the end of its term, an early repayment may be charged.
Basic Variable Rate
  • Low interest rates.
  • Extra repayments are allowed.
  • Redraw options possible.
  • Off-sets not available.
Off-set
  • Quick access to savings account through cheque, EFTPOS and ATM.
  • Reduced interest payment with savings off-setting the loan amount.
  • Interest rates could be higher compared to the standard variable rate.
  • Savings account will be another account to manage.
  • There is no guarantee that off-sets are hundred percent off-sets.
Line of Credit
  • Quick access through cheque, EFTPOS and ATM up to your approved limit.
  • Reduced interest rate for all income payments made into the account.
  • Can make extra payments any time.
  • Interest rates could be higher compared to the standard variable rate.
  • Requires a disciplinary approach as this is very open for expending.
  • Interest only; no debt reduction if not appropriately managed.
Fixed Rate
  • Loans at variable and fixed rates will give you peace of mind.
  • Variable portions are most of the time manageable.
  • You need an expert’s home loan advice on loan structuring.
  • Short term debt can be set on a longer period.
Combination
  • Loans at variable and fixed rates will give you peace of mind.
  • Variable portions are most of the time manageable.
  • You need an expert’s home loan advice on loan structuring.
  • Short term debt can be set on a longer period.
Bridging
  • Gives you flexible options, for instance while selling your current home you can move or start building a new one.
  • Strong financial standing is required due to larger interest commitment, most particularly if you cannot sell at the price you wanted or cannot sell by the targeted period.
Lo Doc
  • Does not require any proof of income.
  • Does not require any financial history.
  • Usually comes with a 20% equity/deposit.
  • High interest rates.
  • Offers limited options for loan products.
No Doc
  • Does not require any proof of income.
  • Does not require any financial history.
  • Does not require declaration of your assets and liabilities.
  • Usually comes with a 35% equity/deposit.
  • High interest rates.
  • Offers limited options for loan products.
Reverse Mortgages
  • Lets you secure or borrow money against your property even without making regular payments.
  • Interest rates range from 1-2% and higher compared to the standard variable rate.
  • Offers limited options for loan products.

NB: These are general comments. For more details, please consult your Finance Manager.