Know Your Home Loan Features
When you’re making your mind up about which home loan is the best for you, it pays to be aware of all the different features available.
There is more to consider than interest rates after all!
Did you know, for example, that it is possible to reduce or defer your mortgage repayments for a period of time after the birth or adoption of a child? This can be done with a parental leave feature.
First home buyers might not also realise that the ability to take more general repayment holidays is available as a feature of some loans.
Many lenders offer either full or partial holidays from loan repayments - though you may need to make payments in advance or increase payments on your return.
Another useful facility that could help you pay your loan off quicker is the ability to make additional repayments.
You might think that this would be possible with any loan, but in fact some lenders restrict the amount you can pay in excess of your normal repayment, or simply don’t allow additional repayments at all.
It might be a handy feature to have - it can reduce the overall interest you are charged and the length of the loan term.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.