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.
Continue to information about the questions you should ask before signing a loan contract.