It is very important to understand the terms and conditions of each kind of loan, so that you can choose one that best suits your needs.
- Fixed Rate: Includes a specific loan repayment amount. This type of loan protects you from any interest rate rises.
- Variable Rate: Gives you the flexibility of being able to make extra payments if you wish.
- Introductory Rate: Generally, for the first 12 months your interest rates are discounted.
- Bridging Loan: This loan helps you purchase a home if you are currently in the process of selling your current home, but have not yet finalized the transaction.
- Interest Only Loan: In this type of loan, you are only making monthly payments on the interest.
- Principal & Interest Loan: You will be paying off the interest and actual principal owed on a monthly basis.
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