Mortgage Broker Fairy Meadow | Fairy Meadow Home Loans

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Mortgage broker Fairy Meadow

Centrally located yet still far enough away from the city’s hustle and bustle, Fairy Meadow has lots to offer its residents. You’ll love being so close to the beach for sunset strolls, and a comprehensive array of shops, eateries, and sporting fields caters to your every need. Serviced by a handy train line, you won’t have any trouble getting around the area when you live in Fairy Meadow. And to top it all off, close proximity to both the University of Wollongong and the TAFE NSW Wollongong campus makes Fairy Meadow a popular choice for students and families.

The median house price in Fairy Meadow was $1,050,000 in 2022, and the median apartment price was $620,000. Book your obligation-free appointment with Tim Manuel today if you are interested in buying a property in this wonderful area!

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Redraw vs offset accounts

When you’re choosing a home loan, you may have the option to choose one with redraw facilities, an offset account, or both. These features offer you the same benefit of potentially reducing your repayments, however, there are a few key differences between the two.

Redraw allows you to access any additional payments you make on your mortgage. So, if you’ve been contributing a bit extra to your repayments regularly, or recently paid off a lump sum, you can withdraw these funds again if you need them. This means you can benefit from lower repayments or a shorter loan term without losing access to your money forever.

In contrast, an offset account works similarly to a regular transaction account, except that the money kept in the account ‘offsets’ against your loan balance to reduce your interest. This allows you to have easy access to your money, however, loans with an offset feature generally include a higher interest rate and fees.

As your mortgage broker, Tim can help examine your financial habits to decide which feature will work best for you, or how best to navigate a combination of the two. Talk to him today to learn more.