If you are looking for a mortgage in Australia you will quickly realize that you have many mortgage options open to you.

There are mortgages tailored to suit every budget, personality and lifestyle.

Whether you want to repay your home loan within ten years or want to stretch it out over the traditional twenty five or thirty there is something available to you.

For regular home loans you can get either a fixed rate or variable rate mortgage. A fixed rate mortgage gives you a fixed rate of interest over the loan period so that your monthly payments never vary. A variable interest rate loan follows market fluctuations and the interest rate will vary accordingly at the adjustment period.

Similar to fixed rate mortgages, capped rate mortgages provided the added feature that if the variable rate drops below the capped rate, your payments will be based on the lower variable rate; but if rates increase then the payments will not rise over the capped rate.

As another mortgage option you can also obtain what is known as a discount rate mortgage.

These mortgages usually have variable rates and offer an added discount on that rate for a specific length of time.

They provide a great way to save on interest during the discount period. However you should watch out for “payment shock” with discount rates that offer up to 4% off, since your payment after the discount period will be significantly higher.

Another interesting type of mortgage available is a current account mortgage where all your holdings are linked together.

For example if you have $150 000 in your mortgage account and $2 000 in your savings account, you will be charged interest for that month on $148 000 – this is a very attractive option for those who like to have all their holdings in one place.

Other features that you should look for in a mortgage include flexibility, cash back or free Conveyancing. Whatever the case may be, with a little research you can find exactly what you want.