Mobile Mortgages

Variable home loans have the flexibility to fit with your lifestyle. They give you the option to make lump-sum repayments, or repay the loan completely, without having to worry about early repayment charges. They’re ideal when interest rates are falling. Plus, you can change to a fixed home loan whenever you choose.

The most common mortgage types are ‘Principal and Interest’ and ‘Interest Only.’

Principal and Interest is a loan where you are making payments of the interest for the amount borrowed, plus repaying small amounts of the amount itself (the principal). Therefore the amount of money you owe slowly reduces.

Interest Only is a loan where the only payments you are making are for the interest itself. The amount of money you owe remains unchanged.