Interest Only Loans
An Interest Only Repayment Facility is usually available on Investment Loans. The interest is calculated on the original borrowed amount and requires no principal reduction. An ideal borrower is an Investor looking to maximise his tax & negative gearing benefits by simply paying the interest on the loan.
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A Mortgage Offset Account gives you all the features of a normal transaction account, but instead of earning interest, you can use the account balance to offset the interest charged on the home loan. Any money you put into the offset account is deducted from your home loan balance before the interest is charged. A great way for a borrower to use their savings to reduce the interest charged on their home loan.
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When a borrower pays extra or additional repayment on their home loan they have the ability to redraw or withdraw the extra repayments that they are in advance. A Redraw Facility works similar to an, ‘all-in-one’ facility. The borrower deposits all of your income and savings into the loan and then they can withdraw the money from the home loan account for all your day-to-day expenses.
Another excellent way to save interest on your home loan is to make your day-to-day purchases on an Interest Free Credit card and ‘redraw’ the full balance of the card at the end of the interest free period to pay the card off in full.
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A split loan is ideal for a borrower who wishes to have two loan products rather than one. An example is a borrower who wants to take advantage of fixed rate loan products in combination with a variable rate loan product. The borrower can fix in portion of their loan to provide stability of interest rate and repayment but still allowing themselves the flexibility to make additional and lump sum repayments on the variable portion of the loan.
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