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All-In-One
Loans
Feature an everyday transaction account linked to your
home loan. By keeping all your money in your loan account,
and only redrawing your living expenses as you need
to, you can reduce the amount you owe. This, in turn,
reduces the amount of interest you have to repay, making
your money work much more effective for you.
Redraw
Facility
A redraw facility is probably one of the most widely
used loan features on the market. Redraw allows you
to make additional repayments into your loan account
and then access these extra funds when necessary. A
redraw facility has two key advantages; it encourages
borrowers to make extra repayments, thereby saving on
interest costs, and it provide flexible access to funds
when they are most needed.
Flexible Repayments
The facility to make extra payments on your home loan
account, either weekly, fortnightly or monthly which
can allow you to reduce the term of the loan.
Portability
/ Portable Loans
A Portable Loan allows you to sell your current house
& move to a new one without having to refinance.
Essentially the new property may be substituted as security
for the existing loan. This will save you application
& legal fees.
Home
Equity Loan
A Home Equity Loan is an account that gives you a revolving
line of credit secured by the value of your house. This
allows you to use the funds for other purposes such
as
Buying another home, buying shares or any other type
of investment.
Bridging
Finance
This is a temporary loan, which allows a buyer to complete
the purchase of a new home before selling their existing
home or start building a new home while still living
in the old one. This finance allows you to cover the
gap between settlement & purchase / completion from
a few days to a few months.
Redraw
A redraw facility is probably one of the most widely
used loan features on the market. Redraw allows you
to make additional repayments into your loan account
and then access these extra funds when necessary. A
redraw facility has two key advantages; it encourages
borrowers to make extra repayments, thereby saving on
interest costs, and it provide flexible access to funds
when they are most needed.
Offset
A mortgage offset account is simply a savings account
linked to your loan account. Unlike an all-in-one
loan that combines your credit card with your transaction
accounts, an offset account works like a regular savings
account. The big difference is that the balance in
the savings account is offset against that owing on
the mortgage. Any ‘notional’ interest
on savings is earned at the same rate as the linked
loan. Over time, savings in your offset account can
help to reduce the loan principal, allowing you to
pay off your loan sooner or build up equity.
Line
of Credit.
These loans are interest only variable rate loans
that allow you to borrow against the equity in a home
with the added flexibility of a transaction account
built into the home loan.
Flexible
Repayments
The facility to make extra payments on your home loan
account which reduces the term of the loan.
Portability
Where a new property may be substituted as security
for an existing loan.
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