Home Loan Features

What Features Can I Choose in My Home Loan?

Home loan features are packaged in ways to meet the many and varied needs of consumers. They are usually distinguished in terms of features or characteristics such as:

  • interest rates
  • method of calculating the interest, whether variable or fixed
  • portability — the ability to keep the same loan if moving to a new home
  • loan term
  • fees and charges
  • redraw facility — where a borrower has made additional loan repayments, they can access these funds using a redraw facility
  • top-up, or the ability to extend the credit limit on an existing loan
  • offset accounts — the ability to link the mortgage loan account to a transaction account where the funds in the transaction account then offset the loan account.

Usually extra features attract an annual package fee, so it is important to work out what features you do and don’t need. That way you get what you want and not pay for things you don’t.

Sometimes a higher interest rate with no package fees may actually be cheaper per month than a lower interest rate with fees, so it is important to take this into consideration.

If you need help working out the best home loan for you that doesn’t cost you anything, book an appointment with us today by clicking here.

I look forward to speaking soon

Nick Lucey BAppEc (financial planning)
Director | Financial Adviser

Nest Advisory Group

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