Finance advice

Different types of loans and who they suit

By Michelle Hutchison

MichelleHutchison 70x60The home loan market is a confusing place to be in. Features and fees can be difficult to decipher, so finding out what loan may suit you best can be difficult.

BloggerMichelle Hutchison, Finder.com.au

If you see past the jargon and bank-speak you’ll see that most loans offer similar features, but will include one or two unique features which are targeted to different types of borrowers over others.

Here are five common types of home loans and the borrowers we think they are suited to.

Basic home loans
These loans are found in the no-frills aisle of the home loan market. They rarely come with features like 100 percent offset accounts, nor can they generally be used if you’re building a home. They also might not come with options such as the ability to pay interest in advance.

Instead what they generally offer is a lower interest rate and fees compared to full featured loans, which makes them useful if you’re buying your first home, on a tight budget, or if you know you won’t need an offset account. Being a basic loan doesn’t mean they have no features – you should still be able to split interest rates, make additional repayments and redraw funds.

Full featured home loans
Full featured home loans are at the opposite side of the spectrum compared to the basic home loan. They will almost always come paired with a full or partial offset account, can be selected for use in package loan deals, and can come with extra bells and whistles such as discounts on other products offered by the lender.

As a result they’ll more often than not come with higher upfront and ongoing costs such as application fees and monthly fees, and will have higher interest rates.

These loans are more suited to owner occupiers or investors looking to sink a large amount of their funds, including their salaries, into their loan and offset account. This will see you save more on interest.

Low doc loans
The loans above are great if you work for someone else — they require extensive information about your income which your employer can provide — but they suddenly become much harder to apply for if you’re self employed.

Low doc loans allow borrowers to self-verify their income. Because this is slightly more risky to your lender, they’ll charge a higher interest rate and upfront fees but this doesn’t mean they’ll skimp out on the features: offset accounts, split loan options, drawdowns for building and more are available.

Fixed rate loans
Many opt for a variable interest rate, so if the Reserve Bank drops the official cash rate they can enjoy lower repayments because variable rates tend to follow the cash rate. The flipside is that when rates rise they’ll have to find additional money to put towards their loan.

Fixed rate loans lock in a rate for a set amount of time, usually between one and five years. During this time your repayments won’t change, meaning that they’re suited to you if you have a tight budget and want to know exactly how much your loan will cost you each month. They’re also suited to investors – especially when paired with an interest-only repayment scheme – as they can offer tax benefits in the form of deductions. Fixed rate loans often restrict the amount of additional repayments you can make on your loan each year, or not allow it completely, but they do offer a range of features such as offset accounts and redraw facilities.

Line of credit loans
As you pay off your property and its value hopefully increases, you’ll have more equity at your disposal. Line of credit loans, otherwise known as equity loans, give you access to the equity you have in your property. You can use these funds as a deposit for another property, to finance renovations or investments, or even for holidays. Because of this they are suited to retirees looking to fund their lifestyle or established property owners looking to make some investments or improvements to their home.


About Michelle Hutchison
MichelleHutchison 250x250Michelle Hutchison is finder.com.au's resident Money Expert, talking all things finance and helping Australians learn how to save money. Michelle heads up finder.com.au’s PR team and is the company Spokesperson. With more than five years’ experience in the financial services and online comparison industries, Michelle is a big advocate of comparing financial products and has made it her mission to help more Australians find better. Michelle began her career as a journalist and was Editor of Property Australia magazine.

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Melbourne
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Maroubra
Potts Point

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From pirouettes to property investment

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