Choosing an investment loan can be a daunting experience. There are endless options and mountains of information out there, so how can you be sure that you’re getting the best deal for your situation?
Let’s have a quick look at the options.
Fixed loans
Your interest rate remains the same over the life of your loan
Budgeting is made easy as your outgoing costs are the same each month
Fixed loans don’t offer the breadth of features variable rates do, and you won’t be able to make extra repayments to decrease your loan balance when times are good.
Variable loans
Your interest rate changes as the Reserve Bank adjusts to economic conditions.
Variable rates are useful if you’re not worried about fluctuating repayments and want to take advantage of lulls in the economy.
There’s plenty of add-ons and benefits of a home loan that you can use to your advantage, including:
Interest only repayment...
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