Most mortgage lenders offer the following five types of home loans:

• honeymoon rates home loans – discount introductory mortgage rates which, after a certain period (normally 6-12 months), revert back to a variable rate home loan
• basic variable rate home loans – a lower rate than the standard variable rate, but some features are not available or you need to pay to use them, such as redraw
• standard variable rate home loans – a higher rate than the basic variable rate, but with more features with either lower or no fees
• fixed interest home loans which will usually revert back to a standard variable rate home loan after the nominated term
• line of credit – a loan where you borrow to a ceiling amount and you can pay down and draw back up to that ceiling amount