All-In-One Home Loans
All-in-one home loans use your savings to reduce the interest charged on your home loan balance, which in turn reduces the overall cost of your home loan.
Also known as a home equity loan, all-in-one loans are a combination home loan and daily transaction account in one. They work by depositing your salary and other income directly into your home loan account, and then as you need money, you withdraw it via ATM, EFTPOS or credit card. You can also set up direct debits from your All-In-One account just like a regular transaction account.
Any leftover funds surplus to your repayment requirements at the end of the month are credited against your home loan balance, reducing the interest charged.
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An all-in-one home loan suits only disciplined borrowers able to stick to a budget or seasoned investors. The interest rate on all-in-one loans may be slightly higher than the standard variable rate and you may also be charged a monthly access or account fee.
All-in-one loans are similar to line of credit loans and offset accounts. To assess your requirements and to negotiate a competitive deal, talk to your Loan Market mortgage broker .