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  Features and Benefits.  
     

Not long ago all mortgages were almost identical. The major lenders only offered a ‘standard loan’ therefore all you had to do was find the lowest interest rate and you would have found the best available loan. No longer!

Now, even if the interest rate on two loans is identical, be warned that there can be a huge variation in how a loan can be conducted.

How do you work out which loan is right for you?

It is all in the features and benefits of a loan along with the fees.

A feature of a loan is something that the loan allows you to do.

A benefit is the positive outcome that you can get by using that feature.

Some of the most commonly used features and benefits are:

Feature.
Benefit.
 
Fix the interest rate.

Fixing your interest rate means your repayment is at set amount for period, usually up to five years. At the end of the fixed period the loan automatically becomes variable again.

Fixing a loan may cause restrictions on redraw and lump sum payments. Beware of penalties if you finalise a fixed rate loan while it is still fixed.
 
 
Interest Only.
Pay a lower payment because you are paying only the interest on your loan. This means of course that your balance does not reduce. Usually used for investment properties to free more funds to pay off an owner occupied (and therefore non tax deductible) property earlier.
 
 
Splitting your loan.
Enables you to literally break your loan into different parts with different features on each part. For example half fixed and half variable. Also handy for keeping investment portion of a loan separate to the personal portion. Beware lender who charge account fees on both portions of a split loan.
 
 
Extra payments. Allow you to pay more than your contracted repayment either regularly or in lump sums and then only charges you interest on your new lower balance. Some lenders insist that you be in advance a certain amount before being allowed to redraw.
 
 
Redraw. Allow you to ‘take back’ those extra payments which you have made on top of your required minimum repayments, usually within 48 hours with no approval required.
 
 
Portability. Your loan can be transferred from its current security to another security at minimal cost compared to starting your loan all over again.
 



     
     

Some testimonials from people that we've helped...

"Easy to contact (both phone and email) and prompt replies. " - Lauren from Hoppers Crossing

"Consultative and although it's taken some time to get right - I appreciate the effort Peter went to to get the result." - Trevor and Jemima from Sunbury

"Both times we have dealt with you it has been hassle free." - Michael and Fiona from Ballarat

"Very friendly always available to answer questions very knowledgable." - Les from Rowville

"As always Peter is there when you need him no matter when or why. I dont have anyone else to recomend as yet but you can be assured as soon as i do they will be coming to you." - Glen and Renee from Berwick

"Straight to the point and you got me the best value for money" - Philip from Everton Park

"Your great work on obtaining our re-finance with Suncorp - they have been exceptional in service as you were! And the fact you ate my scary macaroon biscuits!!! If we need any financial requirements - you will be the first to hear from us!!!" - Jennie and Ray from Sassafras

"Efficiency and Contactability and information provided" - Ellen and Michael from Boronia

"Reliability Objectivity Flexibility, Thanks Peter! We LOVE our new house! It probably wouldn't have happened without your help! In a stressful time it's good to have someone on your side.Reliability Objectivity Flexibility, Thanks Peter! We LOVE our new house! It probably wouldn't have happened without your help! In a stressful time it's good to have someone on your side." - Lauren and Stephen from Warburton

"Thanks for the quick responses to all my correspondence - regular updates with the loan application." - Tina and Peter from Lilydale

"Thanks for responding to my questions so quickly." - George from Kenmore

"Thanks for having the forms ready to fill out and doing the running around for me." - Julie from Lawnton

"Your persistence and follow up was very much appreciated! Thanks for everything." - Rachel and David from Cockatoo

"Peter has level of genuine care and resolve to take a personal interest in my circumstance and case." - Fiona from Edithvale

"Peter has excellent communication and follow-up Knowledge of the choices." - Joanne from Burwood

"Thanks for understanding my finances and needs on how to structure my loan. Very helpful and understanding." - Niki from Fairfield

"Peter was extremely helpful and WOULD BEND OVER BACKWARDS TO ASSIST US." - Donna and Andrew from Hoppers Crossing

"Loved the fact that you asked if we wanted to go with someone else even after we had signed the papers with CBA and you had already done alot of work as it was!" - Stepanie and Greg from Upwey

"Thanks for your speedy responses." - Kylie from Kenmore

"Peter put up with my lack of understanding of the process. Helped me through information requirements from builder which were above beyond the norm." - Victor from Wantirna

"Peter gave me alternatives to buying an established property and the savings that could be had." - Suzanne from Maidstone

"Always kept us updated on the progress would always make sure we understood everything." - Michael and Joanne from Boort

"What did you like the most about me? How you go out of your way for your customers, and your honesty." - Carlo and Rina from Epping

 
 
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