What are the bells and whistles that you really need?
Too many features–bells and whistles–can be costly so be careful when choosing a home loan product. Choosing the right home loan features or options, along with competitive interest rates, will help you save money and enable you to pay off your mortgage quickly which could save you thousands of dollars.
A mortgage product is similar to other financial products when it comes to features. Take for example home insurance. Every feature you include will affect the premium you pay. The same applies to home loans. For instance, a variable loan which allows you to redraw against extra repayments or offset savings against the mortgage will often have a higher rate compared to a basic loan. Still, this might be the loan that represents the optimal solution if you need flexibility.
Advantages:
- Discount on interest rates as well as other products
- No monthly account fees
Disadvantages:
- Borrower might not necessarily need these features
- Flexible and convenient
- Proper utilization can lead to interest savings
- Tax effective
Disadvantages:
- Generally higher interest rate
- Higher entry fees and ongoing fees
Cash Back Mortgage simplifies the process of buying your First Home.
- Easy to get started: Simply Call Us
- Easy to use: simply click for home loan comparisons
- Cash Back Mortgage refunds 70% of the Upfront Commission
Call us for your FREE First Home Buyers E-book on 1300 640 988
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