Interest-only
In an interest-only period you just pay back interest on your loan. These loans also offer great tax advantages for investment properties.
Principal and interest loan
Every payment reduces principal and interest. At first, it’s mostly interest, but over time you start taking more off the principal.
Line of credit
This is like a big overdraft that uses your house as security. And you can even withdraw through ATMs! You pay interest on what you use, not the total credit limit, which helps if you’re renovating or investing in property or shares. Because the money is available 24/7 but you don’t pay interest on it until you use it.
It might be worth reading about tax considerations and depreciation and speaking to your adviser or financial planner before you make the final decision
More information:
i can’t believe how difficult it is to find a listing of your home loan rates schedule…. Not an easy site to use….. Sorry… but you’ve lost me as a prospectice customer just due to this. oh… by the way, i have 6 investment loans…. NAB’s lost. Cheers.
Hi! Our home loan interest rates are all on our website – I do want to help from here. If you like, let’s chat via email (social.media@nab.com.au) and I’ll have our team follow up, thanks! ^AB