For example, if you are a young couple buying your first home you might wish to pay off more of your loan in the early years when financial circumstances may permit, so a 'high start loan' would suit you. STEP 2 Select the type of loan you require When you have identified your requirements it is time to consider the type of loan you want. There is now a good choice of different types of loans available and you should be able to find one that suits you well. Banks can also provide literature which explains the features of these different types of loans. In addition, for home buyers, most banks have kits which provide helpful information about many aspects of buying a home, not just the different types of home loans.
Banks also have explanatory literature on other types of loans.
In most cases, a simple phone call to the branch or customer enquiry centre will result in information being provided to you. If your needs are more complex, discuss with bank personnel options available to you. Once you have determined the type of loan which suits your needs you should consider the various options advertised or described in promotional literature to determine which features are most suitable for your particular circumstances and preferences. For example, if you are about to buy a home, you might be interested in a home loan with a low rate for the first twelve months. This enables you to keep repayments low during a time when you are meeting many other expenses.