Loan Feature All In One Account
When you are choosing a home loan you are very aware of the range of choices available, and you want to be very sure you are getting the best deal and not missing out on any features which will help you manage your loan more easily. As a result you may find yourself tempted to sign up for a loan which is feature packed just so you can be sure you don’t miss out on any of the most popular home loan features. However a fully featured home loan is often more expensive than a simpler loan account, and it doesn’t get much simpler than combining all of your financial products into your home loan using an all in one loan feature.
Features of An All In One Loan Account
An all in one loan account is a home loan, but it is also so much more. And all in one loan feature allows you to save on interest simply by using your home loan account as your savings and transaction account as well, so in a similar way to an offset account, you can be saving home loan interest and repaying your loan sooner. An all in one account features:
- A combination account and a combination of features. Your all in one account is your home loan, your savings account and your transaction account all rolled into one. This means an all in one account has all of the features of a savings and transaction account as well as a home loan account. As a result you have your wages credited to your all in one loan account, you use your account to build savings balances to reach your goal purchases and you repay your mortgage while offsetting your interest.
- Gives you access to all amounts above your minimum loan repayment amount. Even though all of your funds are being deposited into your home loan account, they are not disappearing into the black hole that some mortgages can be. Instead once the minimum loan repayment amount has been allocated you have day to day access to Internet banking, ATMs and EFTPOS transactions, and unlike a line of credit home loan feature you are only allowed to spend your own money.
- Interest is calculated daily and offset on your remaining balances. Interest on your all in one loan is calculated daily and charged monthly, but all the money in your account above your minimum repayment amount works to offset your interest charges saving you money without you having to do a thing because you are simply using your money in a way which suits you and leaving it in an account which rewards you.
How To Use An All In One Account
An all in one loan account feature can require little more organisation and discipline to make sure you maximise the benefits of this interest saving loan feature. To make the most of your all in one home loan account:
- Compare all the costs. Firstly the fee and interest on your all in one loan account may be higher, remember that you are getting all of your financial products in one. At the same time you should still be saving money from having just one financial product for your loan and all of your savings and transactions accounts so shop around to choose the lowest interest rate and an all in one account with a competitive fee structure.
- Close all of your other accounts. This will make sure you are not paying any fees to accounts you no longer need, and you will allow you to reset all of your direct debits and credits to your all in one loan account.
- Forget about your account and stick to your budget. With all of your funds in one place it can be tempting to think that you have all of them available to spend, however keep a detailed budget so you know exactly what you need to spend on each week and you know the amounts in your account which are allocated for savings plans or emergency funds. This may take a little organisation to begin with but can save you time and money and heartache if you mismanage your funds.
If you are looking for a way to streamline your finances and at the same time save money and time on repaying your mortgage than an all in one home loan account feature could be just right for you. To make sure, view our comparison tables here to find out more about the lenders who offer all in one loan accounts and to start comparing the fees and interest rates so you can simplify your finances sooner.
Related posts:
- Best Home Loan with an Offset Account
- Using a Combined Account to Repay your Home Loan Faster
- How much can you Save with an Offset Account?
- All In One Loans
- Offset Account Home Loan Providers
- How To Calculate how much you will save with an Offset Account
- Easy Street Offset Account Home Loan
- Save for Your Deposit with the Virgin Saver Account
- How to Negative Gear with an Offset Account
- RAMS Full Feature Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 6.13% | 6.47% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 UBank UHomeLoan (Variable Rate) | One of the market leading variable interest rates. The maximum loan amount needs to be 80% of the property value. | 6.14% | 6.14% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.20% after 5 years. | 6.22% | 6.45% | $0 / $345 | 95% | $150,000 / $2,500,000 |
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