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Did you know that some of the home loans with the lowest rates on the market are from smaller lenders?
At Menzies Financial Group, we help you find great value home loans with features that suit your needs. We compare thousands of home loans from over 50 leading banks and non-bank lenders to help you find a loan and make the process a smooth and positive experience.
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There is a wide range of home loan options on the market, which means there is sure to be an option that suits your needs – but that it can seem like a daunting task trying to find it. We explain the difference between popular home loan options below.
With a variable rate home loan, your repayments can be affected by your interest rate going up or down when the Reserve Bank changes the cash rate.
Variable home loans suit borrowers who want flexibility such as the ability to make extra repayments and who aren’t concerned by the possibility of their interest rate going up or down over the course of the loan.
A fixed rate means that your repayments are locked in for a fixed term (usually 1 – 5 years). At the end of the fixed term you will get the option to refix your loan at a new market rate or switch to a variable rate.
One of the benefits to a fixed rate home loan is that Budgeting is made easier as you don’t have to worry about your rate or repayments changing for the fixed loan term.
The main downfall of a fixed rate home loan is you won’t benefit from any rate drops while you’re on the fixed term, but the upside is that you’re also protected from rate increases.
Fixed rate home loans can also be less flexible in terms of making extra repayments to pay off your loan quicker.
A split rate home loan is when your lender splits your home loan so that a portion of the borrowed amount is on a variable rate and the remainder is on a fixed rate.
This is a popular loan option as borrowers have the flexibility to make extra repayments and redraw on the variable portion of the loan but are less exposed to rate increases and budgeting uncertainty by having part of the loan fixed.
Whether you are buying your first home, upgrading to a new home or looking to purchase an investment, Menzies Financial Group can help you find and secure a competitive home loan.
Contact our team for more information or to schedule an appointment.