The last topic took a broad view of the loans market and the loan types, or genres available. In this topic we will look at actual loan products and explain how they work.
The purpose of this topic is to familiarise you with the vast range of potential loan products so that you can better advise your client. Note that this information is for your general knowledge only. If you intend to provide loans advice, the correct licenses must be fist obtained.
By the end of this topic you will be able to:
- Explain the following loan types:
- Standard variable home loan
- Introductory home loan
- Basic home loan
- Professional package
- Fixed rate home loan
- Combination loan
- Line of credit