What is an Interest-Only Loan?

by | May 17, 2022 | Types of Loans

What is an Interest-Only Loan or Mortgage? An interest-only loan is structured so that you only pay the interest component on your loan. For these loans, the principal of the loan is not repaid during this repayment period. There is usually a specified, short-term...

What is a Split Mortgage?

by | May 17, 2022 | Types of Loans

What is a Split Loan or Mortgage? A split loan is a complex structured mortgage that folds in the features of multiple types of loan products, eg, fixed interest rate and variable interest rate. The primary reason this is considered is to incorporate the security of a...

What is Contents Insurance?

by | May 16, 2022 | Types of Insurance

What is Building Contents Insurance? Content insurance covers the contents of your home in the event they are destroyed, damaged or stolen. It is separate from property insurance. It may or may not cover items that are not always housed in your home, eg, a...

What is a fixed rate loan?

by | May 12, 2022 | Types of Loans

What is a fixed-interest rate loan? These loans are set at a fixed interest rate for a specified period (usually one to five years). The advantage of this type of loan is that it allows you to organise your finances and repayments without the risk of rising interest...

What is a variable loan?

by | May 12, 2022 | Types of Loans

What is a variable or variable-interest rate loan? These loans are the most common type available for mortgages or real estate purchases. The variable rate refers to the interest rate applied to repayments, which is not locked in at a set rate, but varies with the...