What are the Essential features of Owner-Occupied Home Loans?
The property market of Australia is on the rise, and as a consequence, many Aussies are searching for an investment property they can directly move into and make their home. When you’re looking to buy a home in Australia, owner-occupied home loans can satisfy your need. You can simply attain your dream of owning a home with this loan option.
However, there are several aspects to keep in mind for an owner-occupied loan, including the choice between a fixed and variable rate loan and the features you need. In addition, several loan features not only help you save money but also help plan your budget. So, Let’s check out the essential elements that you should consider as a home owner-occupier in your checklist.
Redraw Facility
The redraw facility often helps you to access additional payments you have already made to your loan. You can earn extra repayments so that the amount you collect can be accessed whenever you need it.
The redraw facility feature is handy when you want to save the amount for a house renovation or any other big investment. Hence, it is a great way to save money for a rainy day.
Offset Account
An offset account is very much similar to a redraw facility feature but not same. Although both let you access a pool of funds for your home loan repayments, they function differently from each other.
You can easily understand the working of an offset account if you own a saving account. Offset accounts let you open an account with high interest and can be linked to your home loan.
Fixed Interest rates
Home loan certainty is one of the common considerations among many borrowers, particularly for first-time buyers. So, it is best to choose a fixed-rate loan option. In such a loan, you get a clear idea of how much you will be paying monthly for a certain period.
The fixed-rate home loan also helps plan your budget efficiently. For a detailed understanding, consult the best home loan broker. He will explain the ways how a fixed interest rate can benefit you.
Your Finance Adviser — The Best Finance Advising Company
As a leading finance advising company in Australia, we provide valuable financial advice based on their financial needs. Our team of mortgage brokers begins with your plan and suggest some of the best ways to attain the best home loan in Australia.
Want to know more about Owner occupied home loans? Then speak to Mr Rohit Khatak, the best home loan broker Hunters Hill.
Get in touch with our team to get the best mortgage deal.