Home Loans

If you’re after a straightforward, no-frills home loan with a low interest rate and minimal fees, a basic home loan is an excellent choice. It helps you pay off your home sooner, without the added extras like linked credit cards or redraw facilities. While these features can be convenient, they also increase the size of your mortgage because they are additional forms of credit. By keeping things simple, your loan balance can only move in one direction – down.

In exchange for lower rates and fees, basic home loans generally come with fewer features and may offer less flexibility than other loan types. Some lenders may allow you to add extra features later if you ever need them. Keep in mind, there may be costs involved if you choose to switch loans or lenders, or if you decide to pay off your loan early.