A home loan is the money lent by an institution necessary to secure ownership of a property until the total debt has been fully repaid.

Home loans are based on the equity value of the home, the applicants income, and their debts. There are generally two types of home loans available: fixed or variable.

Fixed home loans are those that are set at a pre-determine amount and remain at that value for the course of the loan repayments.

In contrast, variable home loans are those that fluctuate with the market and economy and so may potentially rise or conversely when the Federal Bank decides to raise or lower rates.

Home loan lenders in Australia include (please note that the following listing does not imply support for the lenders; you should ask for a statement with full disclosure of the requirements of any home loan agreement and see that it meets your financial needs before signing any contract) : -

• One Financial
• Wizard Home Loans
• Aussie
• Mortgage World Australia
• Peach Home Loans
• Mortgages by Design
• Home Loan Connection
• St George Bank
• Commonwealth Bank
• ANZ Bank
• Westpac Bank
• Most credit unions

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