The features that can make a real difference to what your loan costs and how flexible it is. Knowing which ones matter to you helps us match you to the right product.
An offset account links your everyday banking account to your home loan to reduce the interest you pay — without having to make extra repayments. You're charged interest on your loan balance minus the amount in your offset account, which is an excellent way to reduce the total cost of your loan over the long term.
A popular feature that lets you withdraw any additional repayments you've already made. Many borrowers like the peace of mind of being able to access extra funds at any time. Be aware that some institutions charge a redraw fee, limit redraws per year, or set a minimum redraw amount.
Choosing a loan that lets you make extra repayments without fees reduces your overall mortgage and pays off your debt faster. Making extra repayments can potentially cut years off your loan and save you thousands.
Your repayments are made up of two portions — the principal (the amount you borrowed) and the interest (calculated on what you owe). With a combined principal-and-interest loan, you reduce the amount you originally borrowed with each repayment.
With an interest-only loan, you pay only the interest for a set term. Your monthly repayments are lower, but the principal balance stays unchanged, so you aren't reducing your loan during that period.
This feature gives you the flexibility to switch from a variable to a fixed-rate home loan. Each type offers benefits, and being able to switch to suit your situation throughout the life of your loan is a smart feature.
Many lenders offer repayment holidays — a set period when you can take a break from making repayments. Some require you to have made extra repayments first; others grant it regardless. They're useful when faced with a change in financial circumstances.
A top-up mortgage lets homeowners access the equity in their home to fund other projects — home improvements, school fees, an investment-property deposit, a new car or consolidating debts. Minor renovations are the most common reason. Most lenders place limits on top-ups, though some remain uncapped.
Paying your salary directly into your home loan account reduces the amount of interest you pay on the principal balance.
Usually used when you sell your existing home and buy a new one, portability lets you transfer your loan to the new property — often on the same day — so you avoid applying for a brand-new home loan when you move.
Splitting lets you hold multiple loan accounts, so you can set part of your loan to fixed and part to variable. This partially protects you from rising rates and helps you monitor your loan more effectively.
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