Loan Features to consider

There are many different products and features to consider when choosing a home loan. Do you want a cheaper rate? Do you want the flexibility of making additional repayments with no penalty? Or would you like to use your savings to offset your interest repayments? Whatever your needs, First Choice Mortgage Brokers are here to assist you.

100% offset home loan

A 100% offset home loan is a home loan that comes with a linked bank account called an offset account. This offset account functions very similar to a normal savings account but with one main difference, any savings you have in the account reduces the amount of interest you pay on the linked home loan. Also you may or not be aware that savings interest earned on your accounts is taxable, if you put your savings in your home loan offset account instead, you will be reducing your home loan interest and reducing your tax bill at the same time.

All in one product

This is a loan account that combines your mortgage, savings and cheque account into one. You deposit your income into your mortgage account and the additional funds in your account then reduces your home loan balance and therefore the amount of interest you are charged per month.

You will often have a credit card attached to your all in one account which you will use for your daily expenses for example food, petrol and bills and the outstanding balance is drawn down at the end of the month from your home loan account before the interest free period on the credit card ends.

Professional Packages

Usually professional packages are offered to clients with a higher loan amount as the interest rate discounts will only benefit those with higher borrowings. Packages can also include bonus income on savings accounts and free credit cards as part of the offer.

Typically the lenders require you to bundle all of your personal banking into the one package to offer you more savings. Most of these packages include all in one or offset account facilities as a standard.

Direct salary credit

Your employer pays your salary straight into your home loan account on your behalf – this can benefit you if you are not a good saver

Redraw facility

Allows you to draw on any additional home loan repayments you have made in addition to your interest repayments. You can access this money for any purpose you like and you don’t have to apply for new funds through your bank. Some products will charge you a redraw fee for access the funds which can vary from lender to lender.

Repayment holiday

Some products have a repayment holiday feature which allows you to not make a repayment during the holiday period. If you are planning to go on maternity leave or changing your job this option can be very useful.

Fixed rate switch

Allows you to switch from a variable interest rate which can change when the rates decrease or increase to a fixed interest rate which is locked in at a specific rate for a period of time.

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− From: Leslie Elms

"Dear Tony Forgot to say thank you for the gift that you sent us. the timing was spot on as we had just moved in physically on the day We seemed to have fit the essentials into to our finances so thankfully we won't need to think about a further loan. Thank you ..."

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"Hi Barbara, Tony, Taryn and Kylie We had a lovely hamper arrive on our doorstep today! What a nice surprise – and a lovely gesture. Love it – can’t wait to test out the champagne and choccies. Thank you for the gift – pleasure doing business with you guys – will ..."

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"I spoke to Tony Bice ( mortgage consultant) about getting a mortgage for my new home as I was having trouble securing a loan due to my break up of my marriage. I was referred to CLS Investment Services by a friend. It was the best phone call I have ..."

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− From: Kerry and Gary Foulis

"G'day Tony, Good to talk to you yesterday and thanks for your help with the new House. Tarryn, Lyndal and yourself have been a pleasure to deal with. Can you please fire through the breakdown of weekly cost for each of the four areas you outline below and which institution they would be with. ..."

− From: Neil Masters

"Dear Tony Thank you for your time today on the phone and the detailed discussion of our home loan status. Further to our conversation, Tim & I would like to pass on our congratulations to Barbara Mourga, on her extremely timely and professional help with our particular 'scenario'. We have bought (& ..."

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"Hi Tony and team, Although belated, (I have been absent for the past 3 weeks) I would like to pass on our gratitude for the assistance you have provided with the purchace of our home. The gift basket was a lovely touch, and indicative of the personal customer service we have ..."

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"Hi Tony, My apologies for not getting back to you earlier this week as promissed. Danijela and I went through the life insurance documents and we realised that we need to have a proper chat with either yourself or Lyndal again regarding this matter. We made a list of questions that we need some ..."

− From: Serg and Daniella

"Dear Tony, Lyndal and Anna, Dane and I got home from work yesterday to find a little hamper from you, that was a lovely surprise - thank you so much! Thank you to your team for finding us a great homeloan and also sorting out our insurance. Your team has been excellent ..."

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"Hi Stress Attack... How is your heart beat now? So happy to hear some good news for you... I was quietly confident.... but we dont cheer until it is in writing. Still have to wait for a good val in SA – great news they aren’t doing a val on NSW – shows ..."

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"Hi Tony and Taryn I received today a lovely congratulatory gift from both of you, which I thank you both for very much. Your excellence in professionalism, communication and assistance all the way through, with Taryn continually keeping me posted, alleviating my anxiety, and assisting to ensure that all was done in possibly one ..."

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"Thanks Tony, I appreciate all your help. J You have been fantastic, not sure what we would do without your help & advice. Kara Spokes | Sales Manager Retail | Home Magazine "

− From: Kara

"Hi Tony I really sorry I haven't written sooner but Ive been flat out working and renovating I haven't had time to scratch myself.I just wanted to say I really appreciate everything lyndal, anna and yourself did in regards to my loan and my finance protection. i was extremely happy with the service you provided "

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