Home Loan Hints
Principal and Interest
Principal
and Interest is the term given to a loan where the loan amount and the
interest is fully paid off in relation to the loan term
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Interest Only
Interest
only is the term given to loans whereby the borrower is only paying the
interest on the loan and not reducing the principal balance
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Redraw facility
Home Loan borrowers can access the additional funds they have paid off their home loan balances
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Offset Account
An
Offset Account is a term given to a feature of a home loan and the
borrower can operate a separate account that is linked to their home
loan.
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Line of Credit Facilities
A line of credit is the term given to a loan facility whereby you only pay for the part of the loan you actually use.
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Mortgage Insurance
Mortgage Insurance protects your home loan provider should you not be able to meet your home loan commitments
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Deposit Bonds
A
deposit bond is the term given to the facility home buyers can access
to exchange contracts on the purchase of a property with using their
cash reserves.
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Genuine Savings
Genuine savings is simply the money you have saved to help you apply for a home loan.
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Debt Consolidation
Debt
consolidation is the term given to borrowers who consolidate all their
loans into one loan to reduce their monthly commitments
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