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Home Loan features are the extras that can possibly save you thousands of dollars over the loan period. Many features can offer benefits from the moment you acquire a home loan until the final repayment.

Listed below are the features available to you.

• Free Redraw:This feature allows you to add extra money into your loan account, which reduces the interest owing, however, if you need this money for other expenses, you are able to withdraw any amount without incurring any fees.

• Offset Account:This is a separate account that is linked to the loan, however you can use it for other transactions such as paying bills. This account also has a purpose of reducing the interest owed on the loan.

• Bpay:Create a custom-made list of companies that send you bills, so that when you need to pay a bill, you can enter the payment easily.

• Cheque book:There are some situations where people will need to write cheques, so this feature can come in handy. Again, it’s just another means of transacting with your loan account, making it more practical.

• Automated payments:Many utilities bills can be set up to be automatically paid from an account that you specify. Your loan could be that account if it has this feature.

• Direct Salary Crediting:By having your employer directly deposit your salary into your loan account, you will be reducing the interest amount owed.

• Interest Calculated Daily:Most loans should have interest calculated daily these days. This is preferable to having interest charged on the maximum amount owing over a period of time.

• Internet Access:This feature allows you to access your account 24/7. You can easily check your balances, pay bills and transfer money from wherever you are.

• Telephone Access:With this feature you are able to access your account via the telephone.

• Multiple portions:A number of strategies are made possible by being able to split your loan into multiple portions. Each portion has its interest calculated separately, and transfers can be made between the portions.

• Line of Credit: A line of credit is very similar to a loan account with transactional ability. The biggest difference is that the line of credit is designed to work with a given amount of funds for a period of time. Money goes in and out, but the limit stays the same during this period of operation.

• Fixed Interest Portion:Whether it’s only certain times that you want to have a portion of your loan with fixed interest, or it’s all the time, it certainly is good to have the ability to do so.

• Bonus Rate Drop:This is simply a reduction on your interest rate after a certain number of years which is decided by your lender. Some lenders use this tool to encourage customers to stay with them.

• Unlimited Extra Repayments:The explanation is in the title – you are able to make as many repayments as you like to pay off your home loan sooner. But before making extra repayments, ensure you will not incur any extra fees.

• Portability:You may be purchasing and selling a home at the same time or have several properties securing a loan and may want to sell one and purchase another.Portability makes it possible for you to keep your existing loan and simply change the security properties along the way.

• Top ups available:If you wish to make improvements to your house, such as putting in a swimming pool, you are able to get a top up on your loan to take care of this extra cost.

Although some borrowers closely monitor the mortgage interest rates, it is also important to consider what extras are available. Non-banks, such as State Custodians, not only offer competitive interest rates, but an extensive range of home loan features.