Introductory Home Loan
Introductory or Honeymoon Rate Home Loans usually offer a lower rate of interest during the initial stages of your loan, usually the first 6 - 12 Months, after which these loans revert back to a higher interest rate.
Whilst the initial rate can be quite attractive, the saying “there's no such thing as a free-lunch” can ring particularly true here. meaning that the reduced rate in the early stages of the loan is more than made up for in the later stages, when you are paying the higher interest rate.
Usually, a Basic Home Loan, or a Standard Variable Loan under a Professional Package works out to be much more cost effective.