Home loans in Sydney - Choosing the right one.

Today, there are many home loan options available to you when buying your dream home in Sydney. Choosing the right Sydney home loan option for you can prove a daunting experience as there is a lot you need to know. Here we look at the basics of variable, fixed rate and split home loans.

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Firstly, you will need to consider whether you want a mortgage with a fixed interest rate, a variable interest rate or a combination of the two when buying your Sydney property. A fixed rate home loan, as the name suggests, offers a fixed interest rate on your home loan for a specified period. This period will usually be anywhere between two to five years, although longer terms of up to 10 years are also available.

Fixed rate home loans in Sydney

The obvious advantage of a fixed rate home loan is that you know exactly how much your mortgage repayments will be for a specified period. If official interest rates rise, you will be better off because repayments on your home loan will not increase. If official interest rates fall however, your mortgage repayments will still be calculated at the higher interest rate.

There is one important point you will need to consider with a fixed rate home loan. You will generally not be able to make extra repayments on a fixed interest rate home loan, although some home loans do allow you to pay up to a certain amount extra. So make sure you check with the lender beforehand.

Standard variable interest rates in Sydney

Standard variable interest rate home loans have mortgage repayments that can rise or fall depending on official interest rates. So, when official interest rates rise, your mortgage repayments will also rise. And conversely, when official interest rates fall, your mortgage repayments will fall also. Unlike many fixed rate home loans in Sydney, you will be able to make extra repayments on your variable rate home loan at any time. You may also have the choice of a range of other options on a standard variable interest rate home loan including redraw facility and a line of credit.

Split home loans in Sydney

A popular choice for many Sydney home buyers is the Split home loan. This is a combination of a fixed rate and variable interest rate home loan. This Sydney home loan option allows the borrower to lock in an interest rate on part of their loan while also providing the flexibility to pay extra off the variable portion of the loan.

Sydney Mortgage Brokers

Choosing a mortgage broker in Sydney can be tricky as there are so many to choose from. Take a look at our mortgage broker section for some great tips on making sure you choose the right mortgage broker in Sydney.

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