The Bank Products and Lending Products - Essay Example

One of these products is loans, both short and long-term, as this will allow him to borrow a fixed amount of money, which he then pays back in installments over an agreed period. This is safe for both parties - the bank will only need collateral, which is available to secure the loan and Mr. Angelo will be in a position to upset his financial obligations.
Overdraft is another product that allows Mr. Angelo to overdraw his account(s) up to a certain approved limit. Mr. Angelo may need an overdraft to upset his bonds on Bond on Mill Point Rd, South Perth property, bond on Dunsborough property, and Bond on the farm. This is because, with an overdraft, interest is only charged once on the amount unlike loans, and the bond is not an investment.
A mortgage is one of the products, which is a lengthy commitment that Mr. Angelo has to make. This allows him to invest in the real estate industry. The good thing is that he can choose from a wide range of mortgages, for example, there are mortgages for a second home, Offset Mortgages where he has to link his savings account to his mortgage, Fixed Rate mortgages whereby his payments will not change during the fixed rate period, and lastly Buy to Let Mortgages, which serves as an income now and potential investment for the future.
Other additional products are;
A travel card, which is a prepaid visa card that allows him to load more than five different currencies on only one card, and spend it while on tour overseas. Read More