Loan Features
Discover the Right Loan Features with ArrowFin
Discover the Right Loan Features with ArrowFin
Finding the perfect loan can be a daunting task with the myriad of options available. At ArrowFin, we're here to simplify the process and ensure you choose a loan that fits your unique needs. With lenders constantly refining their products and introducing new features, having the right guidance is crucial.
Why Choose ArrowFin?
Personalized Advice: We take the time to understand your financial situation and goals before exploring loan options. This ensures we find a product that best suits your needs. Plus, we'll handle all the paperwork and manage the application process from start to finish.
Explore Common Loan Features and Benefits
Here’s a guide to some common loan features that might be available to you:
Interest-Only Repayments Pay only the interest on your loan for a specified period, typically one to five years. This can lower your monthly repayments, making it an attractive option for investors who plan to pay off the principal when selling the property, ideally after experiencing capital growth.
Extra Repayments Make additional payments beyond the regular amount to reduce the principal balance faster. This can lead to significant savings on interest and help you pay off your home loan more quickly.
Weekly or Fortnightly Repayments Instead of monthly repayments, opt for weekly or fortnightly payments. This can be advantageous if you're paid on a weekly or fortnightly basis and can help reduce the overall term of your loan.
Redraw Facility Access any extra repayments you’ve made to your loan. While this provides flexibility, be aware of potential fees and minimum redraw amounts, and any restrictions on when you can access these funds.
epayment Holiday Take a break from your regular repayments or reduce them for an agreed period. This can be beneficial for significant life events like travel, maternity leave, or career changes.
Offset Account Link a savings account to your home loan. Funds in this account are deducted from your loan balance before interest is calculated, potentially reducing your interest charges. Note that there may be higher fees or balance requirements associated with this account.
Direct Debit Have your lender automatically draw repayments from your chosen bank account. This ensures timely payments and eliminates the need for manual repayment management.
All-in-One Home Loan Combine your home loan with a cheque, savings, and credit card account. Keeping cash in this account for longer can reduce interest charges. This feature offers flexibility but may come with higher interest rates.
Professional Package For loans over a certain value, this package offers discounted rates and fees on other banking services. While it can be cost-effective if you use the additional services, a basic variable loan might be more suitable if you don’t.
Portable Loans Transfer your home loan to a new property if you sell your current one. This can save time and setup fees, though there may be other associated charges.
Ready to Find the Right Loan?
Speak with an ArrowFin broker to discuss these features and determine which loan option aligns best with your needs. We’re here to make the process straightforward and stress-free.