As the name suggests this is the standard product offered by lenders and has a full suite of features attached, such as extra repayments, redraw, repayment holidays and more. The interest rate can vary throughout the life of the loan to reflect the current market rates.

Basic variable loans are variable loans usually at a significantly lower interest rate than standard variable rate but with fewer features. The rate can still variable throughout the life of the loan, but it is usually 0.5% to 0.7% lower than the standard variable rate.

With a fixed rate loan your interest rate and repayments are fixed for a set period, usually between one and five years. The major benefit with fixed rate loans is that you know exactly what the repayments are for that period of time, regardless of what the market does.

Most fixed loans will automatically default to a variable loan at the end of the term, but can rollover to another fixed term at the rate of the day. The rate is usually the interest rate at the time settlement, not at the time of application. A `rate lock' facility is available through most lenders, but this usually attracts a fee.

All-in-One loans are typically variable interest rate loans that allow you to deposit all of your income into the loan and then withdraw money from the loan account for all your day to day purchases and transactions. Most lenders have this type of facility available, but how it is implemented varies from one lender to another.

The interest rate is reduced to attract new borrowers. Introductory loans normally have a period of six months to two years.

Introductory loans can be fixed, variable or capped rates. After the introductory period most introductory loans revert to the standard variable rate.

Whilst these may be initially attractive, unless they are properly managed they can cost more over time.

This is a credit limit which is secured by a mortgage over a residential property. With a line of credit it is possible to draw funds to the set credit limit as and if required. Interest is only paid on the funds drawn.

Used in conjunction with a building contract this loan is similar to a standard variable loan.

Funds are paid to the builder as certain agreed building phases are reached and inspected.

At the end of construction this loan reverts to a standard variable loan. Interest is paid on the funds as they are drawn.

Construction loans are also available to owner builders.

A loan catering particularly for self employed borrowers who may not have all financial documentation such as taxation returns available.

They will typically lend to 80% of the security value although up to 90% is available but the interest rate is generally higher.

There are many types of Lo Doc loans.  Lo Doc loans are also available for PAYG employees under certain circumstances.

Similar to the Lo Doc loan, but the requirement for income proof are relaxed even further.  No assets or liabilities need to be stated.

Typically one cannot borrow over 65% of the property value although 80% is possible with some lenders.

Professional packages tend to be an umbrella product which can cover multiple loans, savings accounts, credit cards and other financial products. All of these products tend to be covered by a single annual fee. Some of the benefits include:

• Discounts on home loan interest rates;
• A fee free or discounted credit card;
• The ability to have multiple loans under the one package;
• No application or valuation fees;
• Fee free transaction accounts;
• Discounts on car loans;
• Higher interest rates on savings accounts;
• Discounts on margin lending;
• Reduced premiums of insurance;

Depending on the services you require, a professional package can offer convenience and substantial savings with other banking products.

100 percent offset is a separate savings account run in parallel with your home loan.

No interest is paid on this account however the balance offsets the balance in the home loan resulting in a lower interest charge.

Offset accounts can be very useful for homeowners who may choose to upgrade their residence at a later date and retain the property as a rental property. Investors also use it to separate their personal monies from investment monies, whilst obtaining the maximum interest savings from both.

Loans for purchasing commercial property are becoming more and more prevalent.  Whilst they are similar in many ways to residential home loans, loans for commercial property are assessed by lenders quite differently.

Interest rates, loan period, terms and conditions vary depending on numerous factors including the property, the use of the property and business operating from the property.  As a result commercial lending may require a detailed analysis of the property and the circumstances relating to the loan.

Business loans are available for a variety of business purposes included business or franchise purchases, working capital and various leasing arrangements. Like commercial loans business loans can vary significantly depending on the circumstances of the loan.