Basic home loans are an excellent choice for first-time buyers due to their lower interest rates and fewer features. They’re straightforward and often come with minimal fees, making them an attractive option if you’re looking to keep things simple and cost-effective.

Variable rate home loans offer flexibility, with interest rates that can go up or down over time. This type of loan allows for additional repayments and redraws, giving you the freedom to pay off your loan faster without penalty.

Fixed rate home loans provide stability by locking in your interest rate for a set period, usually between one to five years. This means your repayments remain the same during the fixed term, making it easier to budget and plan ahead.

Split home loans let you enjoy the best of both worlds by dividing your loan into fixed and variable portions. This way, you get the stability of fixed repayments and the flexibility to make extra payments on the variable part.

Interest-only home loans are popular among investors. During the interest-only period, your repayments cover only the interest, not the principal, resulting in lower monthly payments. This can be beneficial if you’re looking to manage cash flow or invest in other properties.

Low doc home loans are designed for self-employed individuals or those with irregular income who might find it challenging to provide the usual documentation. These loans require less paperwork and are assessed differently, making them a viable option for many.

At More Than Mortgages, we understand that finding the right home loan can be overwhelming. Our team is here to guide you through the process, ensuring you find the loan that best fits your needs and personal situation. Contact us today to get started on your home loan journey.

Many lenders offer reduced interest rates for a limited time at the beginning of your loan, known as the ‘Honeymoon rate’. This low interest rate typically applies to the first 24 months of the loan.

The advantage is that introductory rate loans (IR loans) can be lower than standard variable rate (SVR) or basic products. However, it’s important to be aware of the catch with IR loans.

After the end of the introductory period, the interest rate usually reverts to a higher than normal variable rate. At this point, it’s a good idea to speak with MTM about switching the loan to another product, such as the SVR or the basic loan, to ensure you’re still getting the best deal.

Typically, a Professional Package will give you the following features:

• Fee-free transaction account (approx. $5 per month)
• Fee-free credit card (if you want it – a platinum-style card which normally costs you ~$250 per annum – you typically also get really good travel insurance with these types of cards)
• Fee-free 100% offset account/s (normally would cost you $5-$14 per month)
• Cheaper insurance (if you want it – home and contents)
• Waives the loan application fee (up to $600 with some lenders)
• You can make post-settlement changes to the loan free of charge (e.g. splitting the loan and/or switching to fixed)
• Redraw facility and loan portability options
• No new charges for any additional loans (e.g. another investment property loan in the future)
• Ability to have multiple loan splits per property (with no monthly charges on each split)
• Interest rate discount off the Standard Variable Rate

A Professional Package is often recommended for property investors due to its comprehensive features and benefits.