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Here’s a guide to common loan features and benefits.
Interest only repayments
This option is used during the construction period or by Investors. It allows investors to maximise the tax benefit as the capital amount is not reduced and the interest is a tax deductible expense.
Regular additional payments will reduce your interest portion of the loan and increase the capital repayment which will result in reducing the term of the loan.
Weekly or fortnightly repayments
This is to fit in with your pay cycle and smooth your monthly or weekly cash flow. Regular early payments will also reduce your interest portion of the repayment.
This allows you to access any amount you have paid in excess of your regular repayment. Lenders may have minimum redraw amounts and redraw charges.
You may be able to negotiate a payment reduction or holiday under certain circumstances. (Maternity Leave, Career change).
This is a savings account linked to your home loan and any credit balance is offset against your home loan balance to reduce your interest charge. (Tax free interest). The credit balance is immediately accessible via EFT an ATM’s. These linked accounts usually attract an annual package fee.
Your monthly repayment is automatically collected from your nominated account by the Lender. You only Have to ensure that funds are available in the account on the due date.
When you sell your existing home you are able to replace it with another residential asset subject to the original loan terms and conditions without a new home loan application.