Glossary

Loan Types Explained

Standard Variable

• Take advantage of Interest Rate movements
• Principle and Interest or Interest only
• Direct Salary Credits
• Free Re-Draw available
• Split Loans available
• Construction
• Unlimited Extra Payments

Low Start Loan

• Have a low introductory rate for up to 2 years while you are establishing your new home
• Make extra payments if you wish
• Redraw available
• Choose variable or fixed rates during honeymoon period and then elect to go fixed or variable at the end

Fixed Rate Loan

• Higher premium or interest rate in return for a stable rate.
• Restrictions on extra repayments
• Penalty or break cost if loan discharged before it has expired