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These loans traditionally offer an Introductory period or Discount Period, normally being the first 12 months of your
loan term, in which the interest rate is reduced. The interest rate can either be a discounted variable rate, fixed or
even capped. Once the introductory period has expired the loan will revert to the standard variable interest rate.
The advantage of having an Introductory Rate is that it offers borrowers a chance to reduce the principal quickly by
making extra repayments. The main disadvantage is that most banks charge penalties if you discharge these types of
mortgages within the first 3-4 years after settlement.
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| Take advantage of our free consultation services. We will come to your place of convenience whether being at home or office. | | | At RN Mortgage Zone, as an appreciation for all the support we received from our valued clients, we would like to take the opportunity to announce our special for this year. Nil application fee for all new home loans in 2007. This offer is available until further notice.
Thank you for your patronage. | | | | |
