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One common mistake an owner-occupier makes when selecting a home loan is looking only at competitive interest rates. While interest rate will give you an approximation about how much you will be paying for your loan, it is just one of many aspects you should consider when deciding which loan product to take.
Owner-Occupied home loans are accessible for borrowers who plan to buy a home to live in. Those who want to take this mortgage may wish to build a new property, buy an existing home, or renovate an established one.
Taking out a mortgage is challenging for many Aussies. Hence, we compiled a list of essential loan features that owner-occupier should add to their checklist before applying for a mortgage.
If you have a savings account, then you can understand easily how an offset account works. It enables you to create a high-interest savings account linked to your mortgage.
An offset account is sometimes confused with the redraw facility. While both allow you access funds you made on top of your mortgage repayments. However, they work differently. An offset account is an independent deposit account, whereas a redraw facility is a feature attached to a home loan.
This feature is quite helpful for budget-conscious owner-occupiers who plan to save money for a property investment, a renovation, or any other big purchases.
A redraw-facility is another home loan feature that allows accessing the additional payments you have already made to your mortgage.
However, lenders have varying rules on redraw facilities. Some may charge extra for excessive withdrawals, while others only allow a limited number of withdrawals per year. It is best to clarify the terms of your home loan before signing the deal.
If there is one thing, any mortgage applicant want is “certainty.” A fixed interest rate loan allows borrowers to know how much they will be paying monthly for a certain period. This will support you to budget more efficiently.
When looking for a mortgage, you must know every cost the selected loan product involves. Your goal is to save on your home loan, so put your negotiation skills in action and ask your lender to waive or, at the very least, reduce the ongoing fees.
Try to look for lending institutions that will allow you to pay upfront costs. It will reduce your monthly burden if all mortgage expenses are paid at the start of the agreement.
With many mortgage deals in the property market, knowledge is the key to getting a good deal. While a suitable loan product is cut to your requirement, there are certain features you must look for before you sign up for one.
When considering any home loan product, it is advisable to get an expert’s opinion. Our lending specialists will help you choose the right mortgage and determine what type of payment plan will work best for you.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”