Home Loan Features

These flexible features explained:

We all know that a home loan with as much flexible features does certainly give you a better range of options and they can range from making extra repayments to reducing your repayments when your circumstances may chance.

Below I have outlined and explained some of the flexible features that are most common and you must be considering when choosing a home loan package.

Some home loan features to consider are:

  • Extra Repayments:
    This feature allows you to make as many additional repayments as you like to reduce interest payments
  • Redraw:
    This gives you access to any additional money you've built up in your home loan. You can access this amount and use it for any purpose anytime
  • 100% Offset:
    This is where every dollar in your transaction/ savings account, which is linked to your home loan, reduces the balance in your loan on which your home loan interest is calculated
  • Portability:
    This feature allows you to take your home loan with you when you move to another property
  • Top, Up:
    A feature that allows you to increase the limit on your existing home loan Construction: This allows you the option progressive repayments to builders
  • Lo-Doc:
    If you are self-employed, you don't need a standard income verification documents, (other conditions may apply, depending on the lender)
  • Parental Leave:
    This feature does allow you to reduce your repayments by up-to 50% or up- to 6 months when a new baby comes along.
  • Repayment holiday:
    Some lenders have this feature in their loan products which allows you to, if you have built up extra funds in your home loan, stop making repayments for a short while. (depends on the particular lender as to the length of time you can stop)

If you have any queries regarding any Finance, Mortgage or Insurance or any other matter,
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