Beyond the interest rate
The features on your home loan can matter just as much as the rate. The right ones, used well, can shave years off your loan and save tens of thousands in interest.
Offset account
A transaction account linked to your loan. The balance in the account is offset against your loan balance when interest is calculated.
If your loan is $500,000 and you have $30,000 in your offset, you only pay interest on $470,000. The money is still fully accessible whenever you need it.
This is one of the most powerful features available — especially if you keep your salary in it between pays. Generally only available on variable rate loans.
Redraw facility
Lets you access extra repayments you've made above your minimum. The money is sitting in the loan reducing your balance, but you can pull it back if needed.
Slightly less flexible than an offset — access conditions vary by lender and some charge fees.
Extra repayments
Most variable loans let you pay more than your minimum whenever you want. Even an extra $200 per fortnight can knock years off a 30-year loan and save tens of thousands in interest.
Fixed rate loans typically cap extra repayments at around $10,000–$20,000 per year before break costs kick in.
Loan portability
If you sell and buy another property, portability lets you transfer your existing loan across rather than refinancing. Can save you discharge fees, application fees, and the time of a full new application.
Professional package discounts
Some lenders offer discounted rates, waived fees, or LMI exemptions for certain professions — typically medical, legal, and accounting. Worth flagging with your broker if you work in one of these fields.
Talk to Kick Finance about which features actually make sense for your situation.
