Taking out a loan should be simple. At least, that’s how it is when you come to Loan Monster. There are so many lenders out there, all offering a range of loan products. Our brokers will look at all the possible options to figure out which ones will work well for you.

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Principal & Interest

When you take out this type of loan, your mortgage repayments will be made up of two parts. You’ll need to pay off the amount you’ve borrowed (the principal), plus the interest on that amount. Your loan will then be repaid over a set term, which is usually around 25 to 30 years, however this can vary depending on your personal situation.


As you’ve probably guessed, you only need to pay back the interest on this type of loan. An interest only loan gives you the chance to have lower repayments, but only for a certain amount of time. When the interest only term is up, your mortgage will switch to a principal & interest loan.

Variable Rate

Simply put, the interest rate on a variable loan could go up or down. It all depends on what happens in the market and what the Reserve Bank of Australia (RBA) decides to do with the cash rate. Variable loan types can come with extras such as offset and redraw features.

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Fixed Rate

With a fixed loan, your interest rate and your loan repayments will stay the same for a set amount of time. After that, it will likely switch to a variable rate, or your broker can step in and aim to get you another fixed rate deal. There are pros and cons of fixed rate loans, so it’s best to speak to a broker.


You can also split your mortgage and have part of your loan at a variable rate, while the other part is fixed. With a split rate, you’ll be able to enjoy the benefits of both loan types. Some lenders will also give you the flexibility to choose how you split your loan into its variable and fixed parts.


After a while, you may want to replace your mortgage with a new loan in order to get a lower interest rate. You may even want to switch lenders in the process, as banks often provide incentives to encourage you to move. You could refinance to get a better deal or to consolidate your debt.

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We’re here to help you in any way we can. We want you to know all of your options and help you get the right loan for you. Contact us and we’ll see what we can do. We’ll always get back to you within 24 hours, even on the weekends.

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