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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podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

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:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

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:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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