When considering a home loan, the first and often only comparisons made by most borrowers are the interest rate and fees charged. Home loans come with so many options that it is worthwhile taking a look at the features of each loan to see which one suits your specific needs.

• Offset account – the ability to save surplus funds within a separate bank account which can be used to offset the interest liability on your loan—saving you interest over the long term.
  
• Additional repayments – the ability to pay additional funds off your loan without penalty. This will help reduce your debt quicker and also save you more on interest.
  
• Split loan – the ability to split your loan balance to have a portion on a fixed rate and a portion on a variable rate. You can have it both ways!
  
• Redraw facility – the ability to make additional repayments on your loan with the option of withdrawing the funds again at a later time if required.
  
• Portable loan – the ability to apply your loan to a replacement home if you sell and move.
  
• Family Guarantee – the ability for parents to use their own home as security for up to 20% of the purchase price. In turn, this may lower your LVR (Loan to Value Ratio), which can reduce the need to purchase costly mortgage insurance
  
• Shop around – do your homework and seek out lenders who are competing for your business.
  

Prior to making any big decision, always seek professional guidance. You could significantly reduce your fees, interest and stress.