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Should you consider a flexible home loan?

Should you consider a flexible home loan?

Life has a way of throwing the unexpected at us and despite our best efforts to plan and prepare for the future, sometimes there is no controlling sudden lifestyle changes, like children and redundancies. Flexible home loans can offer you more than just your standard monthly mortgage repayments, so if you are looking for flexibility to match your forever changing lifestyle, consider a flexible home loan.

What is a flexible home loan?

Flexible home loans have more options available for people that want choices during their loan term such as redraw facilities and mortgage portability. In the past, many basic home loans did not offer as much flexibility as standard loans but as demand for more flexible options grows, more lenders are now including extra flexible options to their basic loans or introducing new loans.

While home loans offering cheap mortgage interest rates are appealing they generally don’t come with much flexibility and may not allow you to make extra mortgage repayments like a flexible home loan would. 

What are some of the features offered with flexible home loans?

  • Make repayments when and how you choose
  • Enjoy the benefits of both fixed and variable rates by splitting your loan
  • Co-own a property while still retaining control of your individual finances
  • Redraw facilities
  • Pay above your minimum repayment without being penalised, so you can pay off your loan faster
  • Switch loan types between principal and interest repayments or between variable and fixed rates

There are a lot of things to consider when applying for a home loan, so carefully compare a range of Aussie home loans to find one that is going to suit your lifestyle.

Roll up your sleeves and compare over 2000 Australian home loans with the RateCity’s comparison tool. You can also calculate your mortgage repayments here.

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