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The PRO's & Con's of loan products
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BASIC HOME LOANS: PRO, Interest rates are often half to one per cent below the standard variable rate. CON, Limited features, less flexibility and possible penalty fees for early loan repayments. |
LOW DOC HOME LOANS: PRO, Can help you enter the property market if you are self-employed, contract or seasonal worker without regular income or proof of income CON, Typically have higher interest rates; you may also have to pay LMI |
STANDARD VARIABLE, RATE HOME LOAN: PRO, Make regular repayments based on the current interest rate; effective if rates do not rise. CON, Should interest rates increase your regular mortgage repayments will rise as well! |
FIXED RATE HOME LOANS: PRO, Fix your interest rate for a specific period, giving you certainty to regular repayment amounts. CON, Should interest rates fall you'll still need to repay your mortgage at the agreed fixed rate. |
SPILT RATE HOME LOANS: PRO, Fix a portion of your interest rate to give certainty to monthly repayments while also benefit from a variable- rate portion should rates drop. CON, If interest rates do drop you'll be left paying a higher rate for your fixed-rate portion. |
INTEREST, ONLY HOME LOAN: PRO, Pay only the interest component on your mortgage. CON- Repayments do not reduce the principal component of your mortgage |
Want to know more? See our information on:
Investment Loans
Home and Residential Loans
Business Loans
Car & Equipment Loans
If you have any queries regarding any Finance, Mortgage or Insurance or any other matter,
please don't hesitate to contact our professional team at FLR Solutions on:
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