I want to get my first home loan in Australia. What is the difference between a basic home loan and a normal home loan, thank you
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Basic Home loans and "Normal" home loans basically differentiate between the type of product offerings from different banks. The Basic loan is your "no bells or whistles" type loan.
In general, a basic home loan is just that; it will be a standard variable home loan with no offset account, perhaps no account keeping fees, generally a lower interest rate . Whereas a Standard 'normal' home loan can generally be packaged into "a package" which has special offerings (all dependant on the particular bank) and can have an OFFSET facility where your savings account is linked . This saves interest on your loan by having your savings offset the loan balance.
When a bank has a "special offer" it will usually be associated with the standard variable loan.
You can also have fixed rate home loans which generally don't have an offset (although some banks do) and the interest is fixed (at the time of settlement rate of day) for a period you nominate. You can also fix the rate at time of application by paying a "lock rate" fee which locks in the rate of the day quoted (helpful if you know fixed rates may increase prior to your settlement).
Standard loans also have the ability (dependant on bank) to be split so you can have some of the loan fixed and some on a standard variable interest rate.
All loan offerings are dependant on the bank you choose and the first step is to chat with a broker regarding your needs in a loan "your loan wish list" and then the product is chosen on the information you provide with a selection of options usually presented for discussion and then it comes down to the product and bank which suits your needs and circumstances best.
Hope this helps.