Types of Loans

your guide
to an
affordable home loan

How much can you borrow?
    Up to 96.5% of the purchase price. More if you have another property with useable equity.
    Up to 95% of the purchase price for investors who own more than one property. (More if you have another property with useable equity).
    Up to 91% of the purchase price if this is your first investment property. (More if you have useable equity in your home).

    Affordable Home Loans
    87 Pakington St, Geelong West Vic 3218
    Phone: 03 5222 3900
    Fax: 03 5222 3903
    Email: info@affordablehomeloans.com.au

    Affordable Home Loans & Conveyancing Pty Ltd is a credit representative (Credit Representative Number 397635) of BLSSA Pty Ltd (Australian Credit Licence No. 391237).

  • Affordable Home Loans
    Basic Loans
  • These are variable rate, "no frills" home loans, the interest rate is historically cheaper than the Standard Variable rate home loans.
  • You still have the flexibility of making extra payments without restriction and without penalty.
  • Repayments can be made monthly, fortnightly or weekly.
  • Redraw is available.
  • There may be monthly account fees depending on the bank.

    Standard Variable Rate Loans
    This is the Home Loan most recognised. This product offers options such as redraw, flexible repayments, mortgage offset, credit card/salary credit type accounts, repayment holiday etc and depending on the bank there are no ongoing fees.

    It often comes with a first year discount rate. However, if you take this first year discount, you may pay a higher establishment fee and incur monthly account keeping fees depending on the bank.

    Combination Home Loans
    This allows you to have any part of your loan fixed and the remainder variable and have a mixture of different loan types.

    Interest Only Loans
    Fixed interest rate loans give you the reassurance that your interest rate won't change for the fixed rate period you select, making budgeting easier. Fixed rates are available from one to ten years. At the end of the fixed rate, you choose any of the bank's products, some of which will be available without charge, however fees may be payable for some options.

    You may choose to make interest only repayments to maximise your cash flow for up to five years.

    Line of Credit Facilities

  • Fastest growing section of the market.
  • Same or similar to Standard Variable Home Loan Rate.
  • No fixed repayment schedule.
  • Lifetime loan facility.

    You are free to switch between any loans offered by the bank you choose, however fees and charges may apply - we are able to advise you on what these may be.

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