The process of receiving a residential home loan now as opposed to a decade ago is much more in favour of the potential borrower. There is a range of new products offered in the market place and the banks and financial institutions are more prepared to grant competitive rates.

The majority of residential home loans are standard variable interest rate loans. These are also known as Basic variable or standard variable home loans. This is simply a loan where the interest rate will move up and down with the economic factors affecting rates in the general economy. Interest are generally around the 7% range.

Fixed interest rate loans. When a borrower wishes to "lock in" the interest rate for the life of the loan it is now possible to do so. There are a number of reasons to do this, the most usual is it provides certainty of what the monthly repayment amount will be for the life of the loan.

There are also a number of home loans offered now with a number of features. These loans are split loans, all in one loans, interest offset loans. For a full explanation of these and other terms please go here. Home Loan Glossary

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