The mortgage market has a wide variety of loan products. To most, having a low interest rate is the most important characteristic of a home loan. However, having a low interest rate is not the only loan feature you should consider.
Every loan is different, so it is important to consider all of its features. The right home loan should have a low interest rate and features that suit your lifestyle.
A few must have home loan features include:
• No cost Additional Repayments
Some home loans will allow you to voluntarily contribute additional repayments at no cost. Making voluntary contributions when you have spare cash can significantly decrease your loan term.
If you make additional repayments to your mortgage, you may be able to take advantage of redraw facilities. Redraw lets you withdraw any additional repayments you have made should you need extra cash.
• Flexible Rate Options
Take advantage of low interest rates with flexible rate options. This feature lets you switch between Fixed and Variable rates, so that you can get the best deal possible.
If you buy and sell frequently, you may want to consider a portable mortgage. Portability allows you to transfer your original mortgage between properties. This means that you would not need to take out a new loan, saving you effort and money.
Your home loan is an important investment so it is best to seek professional advice. Urban Home Loans is a finance broker in Brisbane that will personally assesses your individual circumstances and will help you find a home loan that matches your individual needs and requirements.
Call us on 3841 3841 or book and appointment on the right.