What you need to know!
Acquiring finance to purchase a property can sometimes be a complex process, depending
on your financial situation and existing commitments. With that in mind, we have compiled
a list of the key things that you need to be aware of when considering a home loan.
Home Loan Types
Principal and Interest Loan
This is the most common type of home loan and includes a combination of both principal and interest components in the monthly repayment.
Popular with property investors, this type of loan means that you will only
pay off the interest that is incurred on your loan for a period of time, and
not make any repayments to the principal of your loan, which reduces your
monthly commitment. Once the interest only period ends, the loan will generally revert to a principal and interest loan.
Line of credit
This loan is a credit facility which uses your existing property as security. You can withdraw funds at any time and will only be charged interest on the credit you use, rather than the total credit limit.
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