As with all types of properties, you view to purchase, not all home loan products are the same or equal. You will need to find the best appropriate home loan product that suits your current requirements plus be mindful that when your wealth portfolio grows your loan product may need to change as well.
When choosing a loan product, choose the one that suits your requirements now, i.e., you may wish to lock in a low Fixed Rate loan to take advantage of the fixed monthly repayments for the term of the Fixed Rate, or you may just want a very Basic Loan product with no fees since the loan is small in comparison to a larger loan that needs to be heavily discounted under a Professional Pack product that will have an annual fee, which is not warranted for a Basic Loan Product.
Depending on the loan size, your current circumstances and your short to long-term wealth plan goals, a Standard Variable Rate or a Fixed Rate or a combination of both may be required. We will be able to assist and explain the differences in loan products available to you.
One rule of thumb to remember is, Loan Affordability. A quick guide on how to calculate loan affordability should be, the annual loan repayments should not be more that 30% of your After-Tax Income.