Which mortgage type to choose?
The right home loan for you will depend on your situation and your future goals.
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Standard Variable:
Normal P&I owner-occupier home loan, ( the traditional home loan that pays your loan off “slowly” over a 30 year term. Normally the Bank wins by receiving a big interest margin.
“Honey moon” Standard Variable:
First 12 months offer a discount interest rate, (revert to Standard Variable rate from 13th month). The first year is a great discount, but the Bank reverts you back to the Standard Variable rate from year 2 to 30.
Discount Variable:
Similar to Standard Variable, however interest rate offers an ongoing discount. A sensible borrower option, as the interest rate is discounted for the term of the loan, just make sure the features suit your needs.
Line of Credit, (Equity Loan):
An interest only…
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Home Loan Guide 