Q: What are the different types of mortgages available in Australia?
A: In Australia, there are several types of mortgages to choose from, each with its own unique features and benefits. The most common types include:
- Fixed-rate mortgage: With this type of mortgage, the interest rate remains the same throughout the loan term, providing stability and predictability in your monthly repayments.
- Variable-rate mortgage: This type of mortgage offers an interest rate that fluctuates with market conditions. While it may offer lower rates initially, it comes with the risk of rate increases in the future.
- Split-rate mortgage: This option allows you to split your loan into fixed and variable components, giving you the flexibility to manage risk and potentially benefit from lower rates.
Q: What factors affect mortgage rates in Australia?
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