Features and types available for Aussies from the bank’s end!

Tips for buying first mortgage house in Australia

Variable rate loan

  • Standard variable rate, this package has additional features but includes maintenance costs and an annual fee of $395.
  • Basic variable rate, this package has no features is cheaper than the standard, and has no minimum Annual fees


In this package, a certain rate is fixed or locked for some time that is for 1 to 5 years, or can be extended up to 10 years. Break fee cost must be paid while ending the fixed rate, usually $350

Loan features

  • Redraw – it is an account linked to your home loan, here you can have extra money from the previous extra payments to clear off the repayment for a month.  this feature can only be used as repayment or for other cash out there will be a cap
  • Offset –  Savings account can be changed into an offset account to use the balance to decrease the loan amount for example
    • Offset – 100,000
    • Loan – 500,000
    • Int – 500,000*3% but due to offset now it will be
    • Int – 500,000 – 100,000 * 3%
  • Full offset – where the whole amount of the client’s savings account will be used as an offset amount. This feature can be usually seen in standards. Variable rate
  • Partial offset – on which a certain amount will be used on the basis of percentage. This feature can usually be the same at a fixed rate.
  • Pricing – The process of negotiating the final interest rate for the clients.
  • A rate lock – The process of Pre-booking a certain interest rate in the future. But this process costs the client fees which is usually $1500.
  • Cross collateralization – the process of using multiple properties for a particular loan. The banks will split the loan.

CEO, Senior Mortgage Broker

Lekha Gurung

Lekha Gurung is an experienced mortgage broker from Sydney who expert in assisting first-home buyers, property investors, refinancing, etc. He has settled more than 300 loans till now. Our Services include First Home Buyers Loans, Investment Loans, Refinancing, Personal Loans, Business Loans, Reverse Mortgage, Credit Default Loan, Low Docs Loan, assistance in property research, and Insurance referral arrangements.

Additionally, Lekha Gurung offers Free Home Loan Consulting and Home Loan Advice. Recognizing the complexities of the mortgage process, these no-cost, personalized consultations are available for free to everyone. Lekha will provide expert guidance tailored to your financial needs, ensuring you make informed decisions in your property financing journey. Simply fill out a form and pick a date to book your Free Session today!

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Active Mortgage and Finance
Suite 3, 2-6 Hercules Street Ashfield NSW 2131
Phone: 02 9797 9069, 0425 848 409