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17 Dec 19


There are two fundamental types of home loans available, each offering a range of repayment options.

‘Variable Rate’ Home Loans

With a Variable Rate Home Loan the interest rate is described a variable because it may change during the term of the loan, depending on economic conditions.

  • Repayments can usually be made monthly, fortnightly or weekly
  • The maximum term is 30 years, with many lenders
  • Interest is calculated on the daily outstanding balance of your loan and charged to your account monthly, so any additional or increased repayments will benefit you immediately

Unless the loan is paid out in the first five years, there are rarely additional costs for early repayment of the loan, other than government/bank discharge fees.


‘Fixed Rate’ Home Loans

As the name implies, this home loan product has a fixed rate of interest. The term for which the interest is fixed may vary from one to five years. After that, the loan may need to be renegotiated for another fixed rate period or it may simply revert to a variable rate home loan.

  • You may be able to make the choice to repay interest only or principal and interest
  • There may be additional costs if you opt for early repayment of the loan


First National Neilson Partners established our own finance department in May 2000, providing a free service to Neilson Partners clients, and taking the worry out of the home loan process. Our finance consultant Tom Smith is available at your convenience and is always happy to meet with you at a time and location that suits you. Tom will help you find the best, most suitable product and will take the hassle out of arranging finance as well as saving you money and time with the best deal available.

Contact Tom on 9705 4835 or 0412 264 818.


For more buying tips download your free copy of First National’s Home Buyer’s Guide HERE

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