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Cutting through the Jargon: Home Loans

Home loans – for many of us they’re the gateway to realising the great Australian dream. A necessary evil of sorts because who has a million dollars stashed away under their mattress to buy a house? So many of us have a mortgage. It could be just a basic, standard loan or you could have loaded up on all the bells and whistles. So, do you know your home loan jargon? We’ll give you the lowdown right here. Interest rate The interest rate is used to calculate how much interest you need to pay on your loan. It’s one of the costs of borrowing money. Your rate can be fixed or variable and you can even split your mortgage into parts so that one part is paying a fixed rate and the other a variable rate. Research commissioned by UBank has revealed that only 16 per cent of Australians know…