1 Year Low Start Loan
The Royal 1 Year Low Start Loan is a fully
featured variable rate home loan to assist with the purchase or
refinance of owner-occupied or investment residential property. It is
designed for customers who are seeking entry into the loan market with a
need to minimize their loan repayments initially.
|
Purpose |
Purchase or Refinance
residential property. |
|
Loan
Type |
Owner Occupied, First
Home purchase, Investment property. |
|
Minimum
Loan |
$50,000 |
|
Maximum
Loan |
$500,000 |
|
Maximum
LVR |
90% on standard
residential property |
|
Ongoing
Account keeping fee |
No monthly or annual
service fees apply |
|
Term |
minimum 12
months.
maximum 30 years. |
|
Redraw
Facility |
Redraw available for
Variable rate loans at no cost.
Amounts via debit card and direct
debit at a fee $1.50 per transaction. |
|
Lump
Sums |
For Variable Rate loan it
is available at any time. For fixed rate loans the maximum
additional repayments are up to $10,000 in a 12 months period
without penalty. Prepayments that exceed this tolerance may incur an
early repayment cost. |
|
Interest
Only Option |
1 to 10
years. |
|
Fixed Rate
Option |
1, 2, 3, 4, 5, 7 or 10
years (At
the end of the fixed rate term the loan will automatically roll over
to the variable rate unless another fixed rate term is
elected). |
|
Split Loan
Option |
Customers can split loans
with the option of 2 variable rate loans and up to 2 fixed rate
loans. |
|
Repayments |
|
• |
Principle & Interest can be made
monthly, fortnightly or weekly |
| • |
Interest only is paid monthly on
anniversary day of drawdown | |
|
Features |
|
• |
Direct Salary Crediting. |
| • |
Debit Card. |
| • |
Phone Banking. |
| • |
Internet Banking. |
| • |
Portability provides for the loan to be
transferred from one property to
another. | |
Fees and charges
are payable on all mortgages
Details of Terms and Conditions are
available on application.
