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What other products should I get?
There are many other financial services products that compliment a loan and many optional loan features that can be activated to benefit your particular circumstances. Products to consider when getting a loan include:

  • Home and Contents Insurance. Lenders will insist that properties be insured for their replacement value when they are offered as security.

  • Life, Disability, Critical Illness and Temporary/Permanent Disablement Insurance to ensure that the loan repayments can still be met or the loan can be paid out in full if an insured event was to occur.
  • 100% Offset Account which is a separate transaction account that would normally earn interest on funds deposited into the account but whose balance is used to reduce the amount owing on the loan. Interest is then charged on the net loan balance, i.e. the Loan balance minus the 100% Offset Account balance saving you money.

  • Periodical Payment / Direct Debit, is a service provided by your bank to automatically pay your loan repayments from a transaction account on a regular basis making loan repayments conveniently for you.

Optional Loan Features to consider when getting a loan include:
  • Loan Redraw, allows you to repay lump sums into your loan and then redraw portions when required. You benefit because interest is calculated and charged on the reduced loan balance due to the lump sum repayment. However these funds remain available for redraw at any time.

  • Direct Salary Crediting, allows all or a portion of your salary to be paid directly into the loan saving you time and possibly interest due to the timing of receipt. Funds can then be redrawn when required by utilising Loan Redraw.

  • Increase the Frequency of Repayments, make your loan repayment as regularly as you like (and increase the amount paid) to really save interest over the term of the loan.

  • Other loan Features to consider: Fixed or Variable Interest Rates, Split Loans and Loan Packages that include several products which normally have discounts.