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FAQ
A fixed-rate home loan has an interest rate that stays the same for an agreed period (i.e. 1-year, 2-year, 5 -year etc.), giving you certainty over repayments.
A variable-rate home loan has an interest rate that can change over time, usually in line with the Reserve Bank of Australia (RBA) changes.
LVR is the percentage of the property’s value that you borrow. For example, a $500,000 home with a $400,000 loan has an LVR of 80%.
LMI is a type of insurance that protects the lender if a borrower is unable to repay their home loan. LMI is usually required when the deposit is less than 20% of the property’s value. It allows you to buy a home sooner with a smaller deposit. The cost is typically a one-time premium, either added to your loan or paid upfront.
Pre-approval is an initial assessment by a lender to show how much you may be able to borrow before you find a property. It is also known as Approval in Principle (AIP). It can be fully assessed or, not fully assessed depending on lender.
A principal and interest loan means your repayments go towards both reducing the loan amount (principal) and paying the interest.
With an interest-only loan, you pay only the interest for a set period, which can reduce your repayments temporarily but doesn’t reduce the loan amount.
A mortgage offset account is a savings or transaction account linked to your loan. The balance on offset account reduces the interest charged on your mortgage and help repay your loan faster.
A redraw facility lets you access on extra repayments you’ve made on your mortgage, giving flexibility in managing your finances.
Extra repayments are any additional payments you make on top of your regular mortgage instalments. It helps pay off loan faster and interest costs over time.
Instead of paying your mortgage monthly, you can make payments weekly (every week) or fortnightly. It helps to reduce interest, pay off your loan faster, and budget more easily.
Refinancing means replacing your current loan with a new one, often to get a better interest rate, different terms, or access equity.