Can the home loan features you choose save you money?
Generally, home loan features are about cost, convenience and flexibility. Depending on your plans and your lifestyle, some of them could save you money.
- Flexible repayments – the option to pay a little extra off your loan when you have some spare cash helps you cut time and money from your loan.
- Redraw – lets you withdraw any extra repayments if you need the cash. Look for a loan offering free redraws that can be arranged over the phone or online.
- Flexible rate options – switching your loan between a variable rate and fixed rate, or splitting your loan between the two helps you manage your mortgage in line with interest rate movements.
- Portability – the ability to take your loan with you when you move can make life a lot easier, and save on fees, further down the track.