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Home Loan Features
Home loan products can have many different loan features to choose from.
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?
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.
– 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.
– 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.
– 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 you time and set-up fees.
We place huge emphasis on educating our clients, so that they can be personally confident in their decision.
Below are some of our most useful resources to help get you into your first home.
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.