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Types of home loans

Wondering which home loan? We’ll guide you, giving you the ins and outs of each loan, so you can make a more confident decision. Let’s Resolve it.

Types of home loans

Algorithms and data don’t understand emotions and ambitions. That’s why we put our faith in humans to resolve your home loan situation. So, every application starts with a chat. After all, the better we know you, the better we can Resolve it. When we know what kind of features and benefits you’re looking for, we’ll find a loan that fits your finances, and your life, from a panel of more than 30 lenders.

 

Construction home loans

Designed for people who are building a new home, a construction loan is often an interest only loan that grows to cover each new stage of your building process.  When your home has reached completion, you usually begin repaying the principle (the amount you borrowed) and interest.

Interest only home loans

It’s possible to ease into your home loan by arranging an interest only loan. While you’re in an interest only loan period, you won’t pay back the ‘principal’ which is the sum you borrow – you’ll only pay the interest on that sum. At the end of this period, you’ll begin making repayments on the full loan amount, plus interest.

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Variable rate loan

Variable rate loans mean your repayments can go up or down, based on the Reserve Bank’s official interest rate and your lender’s pricing.

Fixed rate loan

This type of loan locks in an interest rate for a number of years (usually between 1-5). So, even if the Reserve Bank increases the official interest you won’t pay any more for that locked-in period. It does of course mean that if interest rates go down, you won’t pay any less either.

Low doc loan

With a low doc home loan, you don’t have to show all the financial documents (tax returns, financial reports, etc.) normally required to get a loan. This may be the best option for you if you’re self-employed.

Guarantor home loans

Been good to your parents? Good. Because if you ask nicely, they might be inclined to use their property as security for your home loan. This can really reduce the deposit required, as well as the mortgage insurance you’ll need to pay.

Calculators

Getting a home loan is a big deal, but it doesn’t have to be stressful. Whether you’re looking to build your first home, buy and sell, or simply want to know your borrowing power, we’ve made things easy for you.

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Not sure what’s right for you?

These are just a few of the loans available right now. Don’t worry if you’re not sure what’s going to work for you, that’s what we’re here for. Talk to a Resolve Finance mortgage broker, and we’ll Resolve it.

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You can also give us a call on 1300 883 292