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Our standard home loans come in a choice of a fixed or a variable interest rate as well as a range of benefits and the flexibility that allows you to select the right loan for your needs. Fixed Loan: fixed rate loan is one where the interest is “locked in” for a specified period within the term of the loan (eg The first three years of a 20 year loan) or for the whole term of the loan. The interest rate is agreed and contracted between the lender and the borrower for an agreed term and cannot be changed without compensation being payable. Standard Variable Loan: Standard Variable Rate loan is one where the Interest Rate fluctuates during the term of the loan. Line Of Credit: Line of credit facilities or Home Equity Loans allow borrowers to gain access to the accumulated equity that they have in their properties. The Line of credit facility limit is normally determined by the value of the security or property that is being offered. A major feature of these facilities is that they allow the borrower to redraw their facility back to the original limit, they even allow the borrow to go between a credit and debit balances. These facilities are known as Revolving line of credit facilities, they are similar in operation to the common overdraft. To find out more, please contact us. |
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