Loan Help: Home Loan Features
Home Loan Features
Home loan products can have many different loan features to choose from.
Whether you aim to save money, reduce your loan term or gain greater flexibility, you can consider some of these features.
Determining what you need
Before you make any decisions, it’s important to think about your needs.
For example, are you looking to pay off your home loan as quickly as you can, or would you prefer to make regular scheduled repayments?
Consider the security of your employment, and any existing or future potential expenses. Will you need to access some of the extra payments you make into your home loan?Book a FREE appointment with a professional mortgage broker now!
Common loan features
Below are some of the common loan features which you can ask about. Note that not all of these features will be available with every home loan.
- Extra Repayments
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.
- Offset Account
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.
- Redraw facility
If you have a redraw facility, you can then access these extra payments as required, when you need to cover big expenses.
- Direct Credit
With direct salary credit, you can arrange for your salary to be paid directly to your home loan account.
- Loan Portability
Loan portability lets you take your loan with you when you move to a different property, saving you time and set-up fees.
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.