Money borrowed from a bank or similar organization in order to buy a house or apartment. There are a variety home loan options available to consumers, depending on their personal needs and circumstances.
Generally they fall within one of the two following categories:

Variable home loans – A variable home loan means the interest rate varies throughout the term of the loan and is subject to change according to the economic climate and the official rate set by the reserve bank. This means that you will feel any rate rises , and if lucky, any rate cuts.
Fixed home loans – A fixed home loan means that the interest rate will stay the same throughout the term of the loan. This means that any adjustments made by the reserve bank are irrelevant, and won’t effect your loan.