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We all love the honeymoon phase but will it cost you more than you bargained for?

Introductory home loans, sometimes referred to as “honeymoon loans”, use low interest rates to grab your attention, and gain your business.  Unless your will-power is super human, you will probably find that you are tempted by the low interest rates offered.

There are certainly some major benefits to these loans.  The discounted rates apply for a defined period of time, usually six months to one year.  In the beginning of your home loan, your repayments will be low because the interest rate is low.  So for borrowers on a budget who want lower repayments at the start, such as first home buyers, this type of loan fits the bill.

Interest rates keep falling...

You may have read recently that not all banks are passing on the full interest rate cuts.

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Be aware though, that once the introductory period ends, the rate will revert to a higher rate, usually higher than the standard home loan.  There are usually not many extra features so there may be fees and charges associated for early repayments, therefore any borrowers planning on taking out this type of loan need to consider carefully whether the restrictions placed on the loan, are worth the very low interest rates. It may end up costing you more long term.

However, that said, introductory loans can still prove very useful to some borrowers, and as with any financial decision, the pros and cons are weighted up against each other.  These loans best suit first-home buyers who may want time to adjust to the repayments, as well as people refinancing who require a financial boost.


Want to know more about introductory home loans?  Interested to see which lenders offer great rates and great service?  We already know!  So call us today on or submit your details on line.

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