Honeymoon Sydney Home Loans
Introductory rate mortgage home loans offer lower interest rates for a set period. This period will in most cases last between six months and three years. Also called "honeymoon rates", introductory home loans allow individuals to make savings off the amount and term of the loan. After the set period, the interest rate on the loan reverts to the lenders standard rate, be it fixed or variable. Be sure to check what the interest rates will be after the intial discount period. There are many good deals, as the mortgage market becomes more competitive, so do the home loans! But the long term rate must be considered.
The reason lenders can offer such low rates on introductory home loans is because they limit the features and options on these home loans. Which results in less flexibility for you. You may not be able to make extra repayments, change the structure of the loan or change much for that matter. Only take out this loan if you are sure your circumstances are not going to change in the near future. The other bit of advice that you should consider, is to check the comparison rate once the intoductory period ends.
Introductory rate mortgage home loans suit first time home buyers as well as borrowers with limited budgets. This kind of home loan is also great for those who want to get a home loan with an initial low interest rate while getting used to regular repayments.
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