Different Types Of Home Loans
There are many types of different of home loans available. They are designed to suit the particular situation and needs of the borrower:
Bridging loan
– Construction loan
– Interest only home loan
- Fixed Rate Home Loans
– Introductory loan
– Home loans on pensions – age & disability
– Line of credit loan
– Non-conforming loan
– Self employed home loans
– Split rate (principal and interest)
These different types of home loans exist to cater to the different needs of borrowers. For example, a bridging loan is designed to help you purchase a new property before you have sold your existing property. A construction loan is designed to help you finance the construction of a new property.
Fixed vs variable home loans offer different benefits. A fixed rate home loan provides certainty and stability as the interest rate is fixed for a set period of time. A variable rate home loan offers flexibility as the interest rate can be adjusted to suit your needs.
Interest only home loans allow you to only pay the interest on the loan for a set period of time. This can be useful if you are looking to reduce your monthly repayments.
