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Home Loan Features

When choosing your loan there are number of options to consider to ensure loan suits your current your expectations, ability to save money and loan term

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Offset Account

An offset account is a savings account linked to a loan account. No interest is paid to the offset account but instead the balance of your offset account is deducted from your loan account before the interest on your home loan is calculated. Therefore less interest is charged to your loan. For example, a borrower with a $400,000 mortgage and $20,000 in an offset account will only be charged interest on $380,000 and not full limit of the loan being $400,000. Some products do not offer 100% offset, while others may require a minimum balance in the account before the offset applies.

Additional Repayments

These are payments that you make which are above the standard repayment for your loan. So for example, a $500,000 loan with a 7.5% interest rate requires a monthly repayment of $3,496. If you want to pay the loan off quickly and reduce the interest bill, you might make monthly payments of $4,000, which would include an extra repayment of $504. This will provide a buffer which you are able to redraw for future purposes. Redraw option will need to be loaded on your loan facility.

Redraw Facility

Allows borrowers to access extra payments that have been made. This money can then be used for a variety of purposes including a holiday, furniture or car. Some lenders have a minimum redraw amount and may also charge a fee per redraw.

Direct Salary Credit

Allows your salary to be paid directly into your home loan account. This is an advantage if you are not a disciplined saver.

Loan Portability

Allows you to take an existing loan to a different property when you move. (Saves you on Mortgage Stamp Duty.)

Repayment Holiday

This feature offers a complete holiday from repayments or a period of reduced repayments. This can be especially useful during career changes or breaks such as maternity leave.

Switch to Fixed

Allows the borrower to switch from a variable to a fixed rate loan.

Top Up

Allows a borrower to increase the limit on a home loan, using the equity in your property for other needs (e.g. renovations).