Which is the Best Mortgage Plan for you?
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To help you understand which type of mortgage will benefit you most, we have detailed the most common loan types below with brief explanations of each. When we meet with you to discuss your individual needs, we may advise you to consider one or more loan types, and you are not limited to only one option.

Fixed Rate Loans
When you have a fixed rate mortgage your interest rate is set for a period of time, often ranging from six months to five years. A fixed rate mortgage provides you with a guaranteed interest rate for the duration of the loan period and is an excellent option when rates are rising, or you need certainty of what your payments are going to be. The bank where we secure your mortgage may allow you to pay more than the minimum off a fixed rate loan. We can help you find out how you can use this to your benefit, saving yourself thousands of dollars over the life of your loan.

Variable or Floating Rate Loans
With this type of loan, the interest rate you pay, rises and falls in accordance with current market conditions. Variable rate mortgages can be somewhat volatile, and there are no limits on how much an interest rate may increase. You should only consider a variable rate loan if you are confident you can manage the risk of an interest rate increase. We will have some idea of what interest rates are expected to do over the short, medium and long term, so we will be able to help you make the choice best suited to your needs.

Capped Loans
A capped loan has a ceiling limit set on how high the interest rate can rise. If the interest rate again falls below your "cap", your interest rate will go down with the variable rate.

Flexible Loans
This type of mortgage works somewhat like an overdraft facility. You can draw on your loan and repay it as you can, provided that you make minimum monthly payments. The interest rate is usually the same as the variable rate. While this type of loan is not suited to everyone, a flexible loan can help you save a considerable sum over the term of the mortgage.

Interest Only Loans
With an interest only mortgage loan you only pay the interest and no principal, so the loan balance will remain the same.

Which Loan Type is Best for Me?
We believe it is vital that you get independent, qualified and professional advice on the right loan for you and our team of experienced mortgage brokers will guide you in the direction we believe best suits your circumstances. Contact us and we'll help you find the type of mortgage that best suits you.