Home loans
If you have a deposit of 20% of the loan then it might suit you to apply for a low doc home loan. A low doc loan is the same as any other home loan and the same facilities, offset account options and redraw terms apply.
If you have a deposit of 20% of the loan then it might suit you to apply for a low doc home loan. A low doc loan is the same as any other home loan and the same facilities, offset account options and redraw terms apply.
Home loans can be taken out as a variable rate or a fixed rate for up to 5 years. If your income is stable but unlikely to grow and you have a tight budget it might be worth considering a fixed rate loan to lock in your repayments.
A standard of term of 30 years or less can be arranged for the home loan. If you are over 60 years of age the bank may demand a shorter term of 20 years. Alternatively, you will need an exit strategy such as the sale of an investment home after 5 or 10 years to repay the loan in full.
You can choose monthly weekly or fortnightly repayment options. The most common repayment option for a home loan is monthly. A shorter term will result in lower interest costs over the long term. It is often best to align the repayments with the frequency of your salary payments.
