Standard Variable Rate Home Loans

The most common type of home loan based on the housing market’s variable rate of interest. Just as it is subject to rate rises this loan can also provide you with interest rate decreases. These loans are the most flexible offering a range of features: -

Additional Repayments:

Additional repayments are not only permitted with out penalty but encouraged with features such as Direct Salary Crediting & Redraw.

Redraw:

Quick access to any additional payments you have made on your home loan. You can access extra funds in your loan account whenever you need them. Extra funds are those additional repayments you make above the normal scheduled repayments. And while that extra money is in your loan account, it can save you interest daily.

To access your additional funds, the redraw option needs to be available and activated on your loan. The availability of redraw varies between loan products. Once activated, you can transfer the funds from your loan account into your transaction account using Internet Banking, Telephone Banking, ATMs, BPAY or any of our branches. Access fees may apply in some cases.

Direct Salary Crediting:

Have all your salary deposited direct into your home loan, thereby reducing your balance and saving you interest on your loan. Keep your salary in your home loan longer by utilising the interest free period on your credit card to pay for your expenses and then redraw from your loan to pay off your credit card keeping your saving in your loan saving you interest and paying your loan off sooner.

Offset:

Use your transaction account to save interest on your home loan. Every dollar in your transaction account is offset against your home loan. Every day that you have extra money in your transaction account saves you interest on your loan. Use your interest free period on your credit card to leave money in your offset account for longer. More Info 

Portability:

The ability to move homes and keep the same loan. It's convenient because you save the time and trouble of establishing a new loan. Portability is available with most lenders but requires approval and is subject to usual lending criteria

Payment Frequency:

You can nominate to make your repayments, Weekly, Fortnightly or monthly. The more frequent you make your repayments will more interest your will save over the life of your loan.

Repayment Holidays:

Need to take a break from your loan repayments? If you have access to the repayment holiday option you can take a break from making regular loan repayments.  To get access to your repayment holiday you must build up extra funds in your loan account, from additional repayments. These funds are then used to meet your regular loan repayments. Repayment holiday can be used as long as there are sufficient excess funds in your loan account to cover the required repayments. The availability of the repayment holiday option varies between loan products. A repayment holiday fee may apply.

Top Up:

Extend the credit limit of your existing loan. When you're planning things like renovations or an extension and you need extra funds. Basically, a Top-up lets you increase the credit limit on your existing loan. In other words, you're saved some of the time and hassle (and, often, the expense) of establishing another loan. Top-up is available with most lenders but requires approval and is subject to usual lending criteria.

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