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Understanding Loans

Loansite

Loan Features

Credit Card In some cases a fee free credit card is available with certain loans.
Extra Payments. It is important to select a loan product that is as flexible as possible. The ability to make extra payments should be discussed when obtaining a loan.
Interest in advance. In some cases you may be able to obtain a discount on your interest rate by paying the interest in advance.These can usually be paid monthly, quarterly, half yearly or yearly.
No ongoing fees. There are some loan facilities which do not have any monthly, or annual service or administration fees.
No penalties for early repayment. Usually found in standard variable rate loans. Most other types of loans may have some form of penalty.
Portability. The ability to transfer your loan to a different property without paying out your loan. This is an excellent feature if you have sold your property.
Redraw. The ability to withdraw money from your home loan if you are in advance.
Split facility. The ability to combine your loan with a fixed and variable rate or any other combination of products you choose.
Weekly, fortnightly, monthly repayments It is important to have the flexibility to choose when you would like to make your repayments.
Additional Repayments Extra funds paid into the loan over and above the minimum prescribed repayments.