Type of loans
There are hundreds of products available from over 30 different lenders but only one is best suited for you. A Golden Touch Consultant will do all the legwork to find the right loan for you based on your preferences and a range of factors including the size of the loan you require, the property you intend to purchase, the deposit you have and your lifestyle.
What Key features are you interested in?
- Type of Interest Rate – fixed, variable, mixed etc.
- Would you like the option of making extra repayments?
- Do you need a redraw facility?
- Do you need an offset facility?
A brief explanation of the various loan features and types of loans to consider while deciding the product best suited for you are given below. The brief outlined below is intended only as a guide, for a more detailed explanation please speak to a Golden Touch Consultant.
Concessions are available for First home Owners, speak to a Golden Touch Consultant today to understand what the fees are and who is responsible for paying them before finalizing the purchase of your new home.
Common Loan Features
- Additional repayments
These are extra payments that you make which are above the standard repayment for your loan. This will help pay the loan off quickly and reduce the interest bill. - Direct salary credit
Facility to credit one’s salary directly into the home loan account. - Loan portability
If you wish to save on Mortgage stamp duty you may consider this option as it allows you to transfer an existing loan to a different property when you move. - Offset account
This is a savings account that is attached to a loan account. The balance of your offset account is deducted from your loan account before the interest on your home loan is calculated. Some products do not offer 100% offset, while others may require a minimum balance in the account before the offset applies.
- Redraw facility
This facility allows borrowers to access extra payments that have been made. Some lenders have a minimum redraw amount and may also charge a fee per redraw. - Repayment holiday
This feature as the name implies offers a complete holiday from repayments or a period of reduced repayments. - Top-up
When you need extra funds this facility allows you to increase the limit on a home loan, using the equity in your property. This saves the hassle and fees associated with applying for a new loan.