Term – this is the length of your home loan or mortgage, which could be 25 years, 30 years, or something else. Longer term mortgages usually have a lower monthly payment, but you will pay more interest over the life of the loan.
Fixed interest rates – fixed interest rates (generally) do not change over the life of the loan, so you know what interest rate you will be paying and won’t be hit with surprises!
Adjustable interest rates –adjustable rates, on the other hand, usually start out lower, but will go up when official interest rates do.
Honeymoon rate – some lenders offer a “honeymoon rate” on home loans, which means a lower interest rate for the first part (usually 1-3 years) of the loan.
Loan pre-approval – when the home loan is already approved before the buyer has put an offer on a property. Having this in place can make your offer more appealing to sellers.
Mortgage Stamp Duty – a state based tax which is calculated based on the size of your loan.
Bridging Finance – a short-term loan to cover a gap between the purchase of a new house and the sale of your old house.