| Mortgageword originated from a French word | | | | loan: |
| "mort" which means "agreement until death". | | | | Mortgageoffset: Links your mortgage with your |
| Mortgage loan is a general term for the loan | | | | transaction account so that every dollar in your |
| securedby a mortgage on real property. Mortgage | | | | transaction account offsets the interestcalculated |
| refers to the legalsecurity, but the terms are | | | | on your mortgage. |
| used interchangeably to refer to mortgageloans. | | | | Refix:Allows you to enter into another fixed loan |
| Mortgageloan refers to a loan secured by the | | | | rate at the end of your current fixed rate period. |
| residential property, often the purpose of | | | | Redraw:Allows you to have access to any |
| acquiring the residence. Mortgage loans may be | | | | additional payments you have made above the |
| lowerpriced than other forms of borrowing | | | | normal scheduled repayments. |
| because the value of theproperty reduces risk for | | | | ParentalLeave: Lets you to reduce your |
| the lender. | | | | repayments by up to 50% for up to six months |
| Thereare few benefits of mortgage loans, such | | | | subject to the terms and conditions. |
| as: | | | | Creditfacility: Rather than going to another banker |
| - Thereare many types of mortgage loans and | | | | for Home Improvement and Furnishings, a credit |
| are available to be used worldwide. | | | | facility on your loan increasesthe credit limit on |
| - Theflexibility of rate of interest in mortgage | | | | your existing loan. |
| loans. The rate of interest can be fixed for the | | | | Additionalrepayments: Making additional payments |
| life of the loan or can be changed at certain | | | | from your year endbonuses and save thousands |
| predefined period. | | | | of dollars and reduce the number of yearsoff |
| - Thereare various ways by which you can repay | | | | your loan. |
| the mortgage loan. Therepayment may depend | | | | Incometo loan account: By depositing all your |
| on locality, tax laws, and prevailing culture. | | | | income into your loan account you can save in |
| - Duringthe period of the loan, the entire monthly | | | | interest calculated on your mortgage andstill |
| payment is tax deductible. | | | | access cash or pay bills by setting up automatic |
| - Themain alternative to capital and interest | | | | transfers intoother transaction accounts. |
| mortgage is an interest only mortgage, where the | | | | Consolidationof accounts: A single account that |
| capital is not repaid throughout the term. This | | | | merges your transaction may simplify your |
| way you can benefit more from Mortgage loans. | | | | banking and save your interest on your loan |
| - Theinterest rates are made with flexible options | | | | whileevery dollar working for you. |
| with fixed rate or ARM's.Featuresof the mortgage | | | | |