Why you should choose a home loan package
The right home loan package can offer more than just a loan – it can be the ultimate lifestyle solution for all your financial needs.
Home loans can span up to 30 years, and a lot can change during that time. You might switch careers, lose your job, have kids, move house, receive an inheritance or experience several fluctuations in interest rates.
The right home loan package can help you manage your loan while factoring in the ups and downs of life. It is a bundle of selected, most commonly used and desired financial products. If you’re borrowing over $50,000 and willing to pay a small annual fee, a home loan package can save you thousands of dollars.
Here are some of the features and benefits that a home loan package can offer.
A competitive interest rate
A good package offers competitive fixed and variable home loan rates, as well as the ability to ‘lock in’ to a rate for a fixed term or you may consider splitting your loan between both rate types providing the certainty in repayments over a longer term which a fixed term offers whilst still retaining the added flexibility on the variable portion. The fixed term aspect is ideal for first home buyers who are new to repaying a loan or those looking to preserve their financial status quo due to having other financial commitments, like paying for a wedding.
Low administrative fees
As your circumstances change, you might consider refinancing your loan. For example, you might wish to retain you first home as an investment rental while you upgrade to a bigger residence. To do this, you might want to switch to an interest-only home loan for negative-gearing purposes, while taking out a second mortgage over the new property.
In these type of circumstances, it helps to know that your lender won’t charge an arm and a leg for you to exit the existing loan agreement. At Beyond Bank, our loan packages offer nil establishment, loan and rate-variation fees – we put the money back into your pocket.
Offset and redraw facilities
An 100% offset account allows you to pay an amount into an account that has the effect of offsetting the interest on that part of your loan. With an offset account, you can repay your loan sooner, thereby saving hundreds of dollars in interest. For instance, by depositing your salary into our 100% Mortgage Offset Account, the balance in this account is offset against the balance of your linked loan providing the benefit of reducing your loan interest whilst retaining the added flexibility of easy access to your money.
A redraw facility allows you to make extra payments into your loan and withdraw any of it if required. The extra payments help to reduce your overall loan liability, while providing the option to redraw those payments if you need money fast in emergencies, such as supporting an ill family member.
At Beyond Bank, we offer a comprehensive home loan package with all these features and more. We also offer packages for investment loans, credit cards and transaction/mortgage offset accounts, as well as further benefits for members. Conditions apply. Speak to one of our experts today to find out how we can help you.