the standard mainstream criteria lenders use for ordinary buyers. Examples include people who are self-employed, have a poor credit record or who have recently arrived in Australia. Non-conforming loans usually incur higher interest rates. Portable Loans: A portable loans allows you to sell your house and move to another one without having to re-finance. This saves application and legal fees, but the loan amount usually has to be at the same as or lower than the one for your current property. Redraw Facility: A re-draw facility allows you to make additional repayments on your mortgage. Reverse Mortgage: These loans are good for home owners who find themselves later in life to be asset-rich in that they own their home but income-poor in that they require cash for living costs, travel etc. A reverse mortgage allows such a person to borrow against the value of their home and access the equity without having to sell the property. No repayments are required during the life of the loan, with the total interest, fees and charges being recuperated from the value of the estate at the borrower’s death. Service Fee: Usually a monthly fee covering bank cost of administering and maintaining a loan account. Switching Fee: The lender may impose a switching fee where an existing borrower changes from one loan product to another with the same lender.