Do you find that you’re usually attracted to the same type of person? We all have a mental image of our perfect mate – some people are even lucky enough to wake up next to that person each day.

Just as the dating market can be tricky to navigate, it’s easy to miss the signs and find yourself attracted to the wrong home loan.

To help you find a loan that loves you unconditionally, here is a quick run-down of the different types available.

Basic Loan

The basic home loan usually doesn’t have a lot of fees. What you see is what you get. Usually you get a low interest rate, but you don’t get much else. If you want some features, and flexibility this might not be the match made in heaven.

Introductory Rate loan

Otherwise known as a ‘Honeymoon loan’ this one is a bit like some new relationships. You get a really good deal at the beginning, and everyone is happy. After a year or two the honeymoon is over, and you find out what the loan will really cost you.

A good option if you want to keep your repayments down in the beginning – but make sure you investigate the interest rate that you will be charged after the introductory period.

Standard Variable rate loan

For those who want to be able to pick and choose their features, the standard variable rate loan could be your perfect mate. You generally get a low interest rate, but the flexibility to select some options that suit your needs.

Low-doc Loan

A low-doc loan is a good alternative for Self-Employed borrowers who are often unlucky in love when it comes to finding their ideal mortgage.

Low-doc loans allow you to use different methods of proving your income. The rules are usually a little less restrictive – but you will pay a much higher rate.

On top of this – most lenders require self-employed borrowers to contribute a 20% deposit, and cover all upfront costs such as Stamp Duty and Lenders Mortgage Insurance (LMI). This is a good option for people who don’t have any other options.

100% home loan

Also known as a ‘No-deposit’ loan, this one allows you to borrow 100% of the purchase price. Don’t be fooled though – this is not a free ride.

Most lender still require you to save a 3% deposit to cover the LMI, and you’ll also need to make sure that you have enough left over to cover stamp duty, moving costs and conveyancing – and any other associated costs.

Sometimes these loans are available, sometimes they are not, it depends on the current lending environment – but it never hurts to ask.