Fixed loans means that your interest rate does not change for a certain period. So, your repayments remain the same despite interest rate changes.
This loan type combines the concept of fixed and variable loans. It’s called split because you have a portion of the loan under a fixed loan type and the other on a variable loan type.
With an interest only loan, you simply repay just the borrowed amount interest for a period of time before paying the principal monthly repayments. This type of loans usually attract investors who are going to pay the principal once the property is sold, upon achieving capital growth.
With this option, you will have the ability to withdraw from and pay towards the home loan monthly just as long as regular required repayments are maintained. You will also have the option to have your salary paid into the account. This loan type is recommended for people who want flexibility and a quick way to pay off the loan while maximizing their income.
This loan is perfect for anyone looking to loan short-term or through an emergency. This loan helps control the cash flow of businesses and cover unexpected expenses that depletes the working capital. It has the flexibility to work the way you want. Interest charged only on the credit customers used.