Are you a first time home buyer or a property investor who’s lost in a sea of home loan features to choose from? We got you.

There are an abundance of mortgage options out there. But finding which home loan features you can benefit from is key to choosing the right home loan for you.

We’ve put together this comprehensive guide on essential home loan features to help you navigate the complex world of home loans. This might be just what you need before making one of the biggest financial commitments you’ll ever make!

Home loan features Stryve Blog

Understanding home loans

When it comes to browsing your loan options as a NSW first home buyer, understanding home loans and their features is crucial. It can mean the difference between making a smart financial decision and being stuck with a loan that doesn’t meet your needs.

By knowing what’s available, you can:

Compare different loans and choose one that fits your budget, lifestyle, and long-term goal
Avoid costly mistakes, such as signing up for a loan with hidden fees or a high interest rate
Assess the true cost of a loan, including any fees and charges
Know what features are important to you, such as the ability to make extra repayments, the option to split your loan, or the availability of a redraw facility to name a few
Make an informed decision and choose a home loan that meets your needs and helps you achieve your financial goals.

If you’re feeling overwhelmed by the many different home loan features available and unsure of which ones to consider, speaking to a mortgage broker can be a great solution.

A home loan broker is an expert in the home loan industry. They can provide valuable guidance and advice on which features will help you get the most out of your home loan.

Here at Stryve, we can help you understand the different options and their benefits, as well as compare different loans and find the one that best fits your personal circumstances.

List of home loan features when taking out a
NSW mortgage


Loan Amount

Determine the amount you need to borrow and compare the limits offered by different lenders.


Interest Rate

This decides the amount of money you’ll be paying back in interest over the life of the loan.


Loan Term

This could range from five to thirty years depending on the lender and the product chosen.


Repayment Frequency

Choose a loan with flexible repayment options, such as weekly, fortnightly, or monthly repayments


Home Loan Rate Types

Is it going to be a fixed rate, variable rate, or a split rate home loan?


Offset Account

This allows borrowers to reduce their overall interest payments by using savings within an offset account against their mortgage balance.


Redraw Facility

This allows you to access extra repayments you have made if you need to


Fees and Charges

Home loans usually come with additional fees such as establishment fees, legal fees, stamp duty or ongoing account-keeping fees.


Portability Options

Can you transfer your loan if you decide to move house before repaying the entire loan amount?


Prepayment Options

You can choose to make additional payments towards your principal debt earlier than scheduled without penalty or reduced interest rate rewards


Loan Insurance

This can help protect you in case of unexpected events such as unemployment or illness.


Customer Support

Compare the customer support options offered by different lenders, such as online and telephone support, as well as access to financial advisors.


Early Termination Fees

Many lenders charge early termination fees if you choose to pay off your loan earlier than expected – so be sure to read all the Terms and Conditions


Home Loan Top-Up

This allows you to borrow more money if you have built up enough equity in your home


Repayment Holiday

Is there any provision for taking a repayment holiday in case of financial hardship during certain times of year such as Christmas and New Year period?


Loan Consolidation

Ask your lender if you can combine multiple loans (e.g., credit card, car loan, etc) into one loan for easier management.


Line of Credit Facility

Similar to a home loan top-up, this features lets you borrow money via your mortgage — up to an approved limit. The amount will be determined by your home equity


Internet Banking

Some financing options offer convenient internet banking options to let you manage your loan online


Direct Debit

Consider if the loan allows for direct debit repayments, making it easier for you to manage your repayments.


Extra Benefits

Some lenders may offer additional benefits alongside their mortgage products such as discounts on credit card balances, rewards points programs etc.

Let our brokers help you get mortgage financing with the home loan features you need

If you want to ensure you find the best home loan product with all the right features, consider calling our brokers. Our brokers are highly trained and knowledgeable in the latest home loan products and can help guide you through the process and find the right loan to suit your needs. Don’t wait, call today and start your journey to finding the right home loan product for you.

Home Loans Explained: FAQs on first home buyer loan

Should I choose a fixed or variable rate for my home loan?

This question is best answered depending on your personal circumstances. With a fixed rate home loan, the interest rate is set by the lender for an agreed period of time. This means that your repayments will stay the same over this period even if market rates change. However, choosing a variable rate may mean lower initial payments due to lower current market rates but they are subject to change depending on the economic climate and could increase at any point in time.

What factors determine the interest rate on my home loan?

The interest rate offered by lenders on your home loan depends on several factors. This could include your credit score and history, your current debt-to-income ratio, and the size of the loan you’re applying for. Different lenders also offer different rates based on their own risk assessment policies and competitive strategies. Your lender may also offer discounted interest rates if you are able to make larger deposits when taking out your mortgage or choose certain features such as an offset account or redraw facility.

How much can I borrow with my home loan?

Your borrowing capacity depends on several factors such as family size, income level and expenses along with savings history and credit scores. Typically, lenders will consider up to 95% of the property value (including costs associated with purchasing) when deciding how much money can be borrowed but this varies according to borrows’ financial situation and lender policies.

Is an offset account good for my home loan?

An offset account allows borrowers to ‘offset’ their mortgage balance with their own savings. This reduces the amount of interest charged on the mortgage over time and therefore reducing overall repayments significantly in some cases. Borrowers also avoid paying taxes on unused savings sitting in an offset account while still having access to those funds whenever necessary.

So yes – an offset account can be very beneficial if used wisely!

What happens if I make extra payments into my home loan?

Making additional payments above those required by your monthly repayment schedule helps reduce total borrowing costs. It also shortens the length of time it takes for your mortgage balance to be paid off completely. In some instances, lenders offer a redraw facility, allowing borrowers access these extra payments when needed without incurring any fees. It’s worth checking whether this option applies before making additional payments into your loan. This is in case you might need that money back before repaying your entire mortgage deb.

What are exit fees on my home loan?

Exit fees are often charged by lenders when early termination or refinancing occurs. This is during specific periods, such as during introductory offers or within certain years after taking out a particular product. Exit fees vary between lenders. However, it usually cover part or all costs associated with providing services such as processing legal documents during refinancing or early termination processes.

Do all lenders offer similar features on home loans?

No. Different lenders may offer different features, despite there being basic similarities like access o payment options and so on. It’s important for potential borrowers to compare offerings from various sources before committing to one particular product. All lenders have unique products tailored to different target markets.

What happens if I want/need more money during my mortgage term?

If during any given year you need to access additional funds beyond what has already been approved via their current mortgage, then one has two primary options. You can look at refinancing/restructuring your existing debt obligations via another lender. Alternatively, you can try utilising existing facilities provided by their current lender such as redrawing funds back from previously made excess payments.

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Buying a first home can be really daunting and stressful .. but working with Dylan and the Stryve Team took all the worry and stress away. Dylan not only looked after the pre-approval and settlement of my loan, but most recently the refinance of my loan. Dylan is professional, knowledgeable, patient and kept me in the loop throughout the whole process. Answering all my questions without hesitation and always coming back to me in a timely manner. I would highly recommend Dylan and the Stryve Finance Team, and I look to working with them again in the future. Thank you for everything, Dylan :)

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At the start of the year I decided I wanted to try buy my first property in Sydney. My Mum gave me Dylan’s contact number and within the first phone call he had the ball rolling and from there the process was so easy. As this was my first time entering the property market I had no idea about anything however Dylan talked me through it all and kept me in the loop with everything. And just last week settled on my first unit. I can’t thank him enough for all he’s help and support. I will be recommending him to all my family and friends when they decided to start buying and will in the future continue to work with him. Thank you Dylan for everything

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Jess Mirtschin December 10, 2021