You have decided to change or improve your home and you may want to get a better rate or reduce years off your home loan, Melbourne Mortgage What If We Finance can help you. Contact us about changing homes today.
To help you see the possibilities we have put together some questions and answers to consider.
What is a Professional’s Package?
Most lenders offer Professional’s Packages for loans over a certain amount. These combine a number of products like savings or transaction accounts, home loans, credit cards and offer insurance discounts.
These offer additional loan discounts and normally the greater the loan amount the larger the discount. Professional’s Packages also have annual fees which are quite often greater than $300 per annum.
So of the features of Professional’s Packages include:
- Discounted variable and fixed interest rates
- Fee free credit card and a transaction account
- Discounts of insurance and financial planning
- Interest Offset
Borrower’s need to be careful because while Professional Packs have many features many borrowers may not need all of these and may be better off with a Basic Home Loan. Your what If We Finance Mortgage Broker can help you get a better understanding of your needs.
What is Interest Offset?
An account allowing you to deposit all your funds, which are then offset against the interest payable on your home loan. No interest is payable on your savings or offset account . However, your offset account balance is deduced from your home loan account meaning less interest is payable by you!
Offset accounts offer tax savings because interest on savings accounts is usually taxable, as no interest is paid on the offset account and your offset balance is used to reduce your loan balance this results in interest savings and tax savings to you.
Speak to your What If We Finance Mortgage Broker to see how you can unless the power of interest offset.
What is an All in One Home Loan?
All-In-One home loans are essentially a savings/transaction account combined with a home loan. They allow you to directly credit your salary or other income to the account and then withdraw your funds via ATM, EFTPOS, linked credit card or cheque book, based on your needs.
All-In-One home loans enable you to decrease your interest charges. The interest rate on All-In-One home loans may be slightly higher than other home loans and you may also be charged a monthly access fee.
All in One Home Loans tend to suit disciplined borrowers or experienced professional investors.
How do I know which is the right home loan for me?
You What If We Finance Mortgage Broker will help you find the right home loan for you. Some of the questions you may want to consider are:
- What are my future goals and objectives?
- Do I want to pay off my home loan as fast as possible?
- Do I want the certainty of repayments?
- Do I want to withdraw funds or repayments for furniture, holidays etc
Speak to What If We Finance to find the right home loan today.