Typical loan features
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Here's our guide to common loan features
Redraw Facility
This typically allows you to access any extra repayments you have made. Knowing you have access to funds can provide peace of mind. Be aware lenders may charge a redraw fee and have a minimum redraw amount. There might also be other restrictions on when funds can be redrawn.
All-in-one home loan
This combines a home loan with a cheque, savings, and credit card account. You can have your salary paid into it directly. By keeping cash in the account for as long as possible each month you can reduce the interest charges. Used with discipline, the all-in-one feature offers both flexibility and interest savings. Interest rates charged for these loans can be higher.
Professional Package
Home loans over a certain value can be offered at a discounted rate, combined with discounted fees on other banking services. These can be attractively priced, but if you don’t use the banking services you may be better off with a basic variable loan.
Portable loans
Home loans over a certain value can be offered at a discounted rate, combined with discounted fees on other banking services. These can be attractively priced, but if you don’t use the banking services you may be better off with a basic variable loan.
Interest only repayments
You only pay the interest on the loan, not the principal, usually for the first one to five years although some lenders offer longer terms. Some lenders give borrowers the option of a further interest-only period however you will need to requalify for finance again. Because you’re not paying off the principal, your monthly repayments are lower.
Extra repayments
If you pay more than the required regular repayment, the extra amount reduces your overall loan balance. This not only reduces the amount you owe, but lowers the amount of interest you repay. Making extra repayments regularly, even small ones, is the best way to pay off your home loan quicker and save on interest charges.
Weekly or fortnightly repayments
Instead of a regular monthly repayment, you pay off your home loan weekly or fortnightly. This can suit people who are paid on a weekly or fortnightly basis and will save you money because you end up making more payments in a year, which potentially cuts the life of the loan.
Repayment holiday
You may be able to take a complete break from repayments, or make reduced repayments, for an agreed period of time. This can be useful for travel, maternity leave or a career change. Generally this is only available to customers who are in advance of their repayments.
Offset account
This is a savings account linked to your home loan. Money paid into the offset account is deducted from the balance of your home loan before interest is calculated. The more money in your offset account, the less interest you pay. You can often access your savings in the usual way, by EFTPOS and ATMs. Be aware the account may have higher monthly fees or require a minimum balance or have other restrictions.
Direct debit
Your lender automatically draws repayments from a chosen bank account. Apart from ensuring there is enough cash in the account, you don’t have to remember to make repayments.
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