Loan Help: Home Loan Features
Home loan products can have many different loan features to choose from.
Whether they aim to save more money, reduce your loan term or provide the buyer with greater flexibility, home buyers need to carefully consider what they require before committing to any home loan features.
Determining what you need
Before you make any decisions, it’s important to think about what you need as a buyer from home loan products.
For example, are you looking to pay off your home loan as quickly as you can, or would you prefer to schedule payments throughout the loan term?
Can you keep to a budget, or do you have the tendency to spend easily? Would you prefer to fix your interest rate or leave it floating?
Consider the security of your employment, and any existing or potential expenses associated with any children that you already have. Will you need to draw back any home loan repayments for big expenses?
Knowing these answers will help you narrow down the list of possible home loan features, so you only have the things you need.Book a FREE appointment with a professional mortgage broker now!
Common loan features
There are several common loan features which can be found in many home loan products. Additional repayments give you the option of paying back more on your loan if you wish, which can reduce the interest you owe and help pay off a home loan faster.
If you have a redraw facility, you can then access these extra payments as required, when you need to cover big expenses.
With direct salary credit, you can arrange for your salary to be paid directly to your home loan account.
Loan portability lets you take your loan with you when you move to a different property, saving on mortgage stamp duty.
A separate offset account can be attached to a loan, and any savings you build up in this account will go towards paying off the interest on your home loan.
There are many more different loan features to choose from. If you’re wondering which is best for you, the team at AAA Mortgage Solutions can help you work out the right solution.
Give us a call on 1300 555 888 for a chat today.