Redraw Facility - A redraw facility allows you to withdraw funds from your home loan if you have made additional repayments. Your lender will have specific redraw conditions that may include a minimum amount and a transaction fee.

Offset account - A transaction account that is linked to your home loan. The home loan lender subtracts the balance of this account from the remaining home loan value when calculating your interest payable. This offers the convenience of a transaction account to access your funds but the added benefit of reducing the interest payable on your home loan.

Make extra repayments - The ability to make additional payments on your home loan above your contracted amount. The more you pay in addition to your minimum repayments, the sooner you will repay your loan and the less interest you will pay.

Split Loan - A loan that is split into two loan types; a fixed rate loan and a variable rate loan. Different rates of interest are paid on each loan and each loan is also entitled to different features. Customers sometimes use this option as it provides certainty on the fixed rate portion and flexibility on the variable rate portion.

No Ongoing Fee - Some lenders charge monthly or annual fees to cover the cost of managing your home loan. Some lenders however offer home loans that waive this ongoing fee.

Lenders Mortgage Insurance - If you don’t have the 20% deposit typically required, banks and financial institutions may allow you to borrow with a smaller deposit if you take out Lenders Mortgage Insurance (LMI).