The best mortgages in Australia are those that suit the borrower’s existing financial position. Depending on the kind of loan that is available you will need to research your options before making a final decision. Here at Monkey Money we can help make those decisions easier. Everyone dreams of owning his or her home. Today, more and more Australian aspirants are looking for home loans to finance their home.

Before opting for such a loan, it makes sense to find out more about the benefits and advantages of the different kinds of loans that are being offered to Australian homebuyers. It is important to understand the benefits and advantages of these loans, especially regarding how they benefit your unique set of circumstances. Also, there are several different types of loans to choose from, and each has its set of plus and minus points. Here is a look at some common loan types that our company can provide and their main benefits:

Regular variable

These loans are great because they offer maximum flexibility. The nice thing about this kind of loan is that you can change it at any time during the life of the loan to suit your personal finances as well as the economic situation. This loan also suits those who own and occupy their homes. The principal amount along with the interest repayment is perfect for borrowers who plan to occupy their homes. This is because the balance comes down from the very start. Investors are also attracted to this kind of loan because they can claim highest tax deductions on the purchase of the property.

Fixed rate

These loans attract a fixed rate of interest for a specific period. Normally, these loans last for between one and five years. The main benefit to you is that you know the exactly how much you have to repay during a fixed period. However, loans with fixed rate may cost you either more or less than a regular variable loan. Even so, the main benefit to you is that the rate of interest is locked in, and so there is no uncertainty involved.

Loans to build a home

Loans to help you build your home, aimed at people who want to build a new home and who are willing to repay the loan to the builder in stages. After the home is constructed, the loan is converted into a regular variable loan.

Line of Credit

The nice thing about this kind of loan is that you are not required to make any payments until you have fully drawn your line of credit. Interest will, however, be computed on the daily loan balance and as long as this interest and the accrued monthly fees are less than the line of credit, the interest will be added to your loan. The nice thing about this kind of loan is that it is very convenient because you get to enjoy credit access through your debit card. This kind of loan is perfect for the serious investor as they immediately get a line of credit of 25000 dollars and more. This kind of loan also allows you to make the most of those personal investment opportunities that come and go in a jiffy.

Low doc

Low doc loans are perfect for self-employed borrowers. In fact, this loan is only available to those who are self-employed. Though this loan comes with a higher rate of interest, it is still possible to convert the loan to a full-doc home loan at some point in time in the future.


Interest-only loans are another good option because this kind of loan allows the borrower to pay just the interest for the life of the loan. After the interest-only period is over, the loan is converted to a principal and the rest of the life of the loan. This kind of loan offers some benefits including smaller repayments, tax benefits and it enables the borrower to own a home much quicker.


A basic economy is the perfect loan for those who want a no-frill and low-cost loan to buy their home. This loan is very flexible, and it has a low-interest rate, which means that you can repay the mortgage much faster.

Before deciding on a particular kind of credit, you must make sure that it suits your needs, personal finances and which you are confident of paying back on time.

Welcome to Monkey Money, your Australian resource for finding the best loan to suit your needs.

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