FAQ
A Fixed Rate Loan provides you with the certainty of knowing what your repayments will be for a fixed period.We offer you a competitive interest rate with the option to fix your home loan for up to five years, meaning your interest rate will remain unchanged for the period for which the interest rate is fixed, irrespective of whether the variable rate increases or decreases.At the end of your fixed term you can choose to fix your loan for another term, select a different product or your loan will automatically convert to our Mortgage Simplifier.
The difference between fixed and variable rates is that variable rates are subject to change at any time which will effect your fortnightly or monthly repayments. Fixed rates do not change for the duration it has been fixed. This means that your repayments will stay the same for the period you have ‘fixed’ your loan for. Please note you can fix your loan for a maximum period of 5 years.
Interest is calculated on the daily outstanding balance of your loan. You can reduce the interest payable by making extra repayments or depositing additional funds into your loan account to reduce your balance. You may be able to redraw these funds as and when you need them.
An Interest Only Loan means that for a period of up to five years your repayments only cover the interest payable on the loan. At the end of this period you will still owe the full amount you borrowed. The advantage is that the repayments minimised during this period. This loan is ideal for people who are borrowing for investment purposes.
Redraw is a feature, which allows you to withdraw the extra money you’ve paid into your home loan. That is, the extra money you have paid in addition to your scheduled repayments.
You can use the Internet or a touch-tone phone to access your account so you can check balances, make additional repayments, redraw funds or review transactions.
This insurance is required if you are borrowing 80 percent or more of the valuation of the property. (some lender accept 85 percent loan without LMI
Most of our home loans allow you to borrow up to 95% of the value of your property but you will have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.
To get a better idea of how much you can borrow and the type of information we need to pre-approve your application, use our 2 min pre-approval