The Arab Bank Australia Essentials Home Loan has features geared toward flexibility when it comes to payments. Borrowers will be able to make as many repayments as they like, allowing them to refinance quickly and adapt to improvements in their income.
The Arab Bank Australia Essentials Home Loan also offers flexible payment options to accommodate different income frequencies, letting borrowers choose whether they will make repayments on a weekly, fortnightly or monthly basis. In addition, the loan provides the option for borrowers to take a short break from repayments if it should ever become necessary, though this will contribute to the amount of interest the borrower pays over the life of the loan.
In keeping with the convenience the Arab Bank Essentials Home Loan works to provide, borrowers will have the option of choosing to make their repayments automatically via direct debit. A redraw facility will also be available, giving borrowers more freedom in managing their finances and allowing them to redraw any money they may have put towards making additional repayments.
Finally, the Arab Bank Essentials Home Loan is portable, so borrowers who may have to move during the term of their loan will be able to carry their mortgage with them to the new property.
The Arab Bank Australia Essentials Home Loan will suit borrowers who are looking for flexibility in how they manage their payments, and who might be hoping to refinance quickly. Its portability will make it a great option for owner-occupiers who are concerned they might have to move before they have had the opportunity to refinance.
The loan’s flexible payments options and unlimited additional repayments will make it an appealing prospect for a number of borrowers, but its ongoing fees and lack of fixed rate options may turn off others.
The Arab Bank Essentials Home Loan has some useful features on offer that will allow borrowers to manage their payments in a fluid and flexible manner. The combination of unlimited additional repayments and a redraw facility will make it particularly easy for borrowers to manage their finances well while trying to speed up the process of paying off their principal.
The lack of an offset account means that this loan may not be suitable for borrowers looking to link their mortgage to their every day finances. The redraw facility however will be an added plus for borrowers who want the peace of mind of knowing they can access extra repayments at any time with ease.
The Arab Bank Australia Essentials Home Loan offers a number of options for a range of loan sizes and deposits.