Discount Basic Loan
The Discount Basic loan is a
“no-frills” home loan with a low ongoing variable interest rate for the
life of the loan. This loan is to assist with the purchase of
owner-occupied residential property or investment residential property. It
is designed for customers who do not want to pay for features they do not
require but still require a flexible home loan. Repayments can be tailored
to suit individual needs.
This
type of loan is ideal for customers who are seeking a basic home or
investment home loan with a reduced rate and whose primary objective is to
repay their loan as soon as possible or to lower their interest
cost.
|
Purpose |
Purchase or Refinance
residential property.
Includes the non-structural renovation of
new and existing properties. |
|
Loan
Type |
Owner Occupied, First
Home purchase, Investment property. |
|
Minimum
Loan |
$50,000 |
|
Maximum
Loan |
$500,000. |
|
Maximum
LVR |
95% on standard
residential property |
|
Ongoing
Account keeping fee |
Annual
Fee applies of $350 per year or $30 per
month. |
|
Term |
minimum 12
months.
maximum 30 years. |
|
Redraw
Facility |
Redraw available with a
$50 Redraw fee charged for each withdrawal including those from ATM,
DD and Phone Banking. |
|
Lump
Sums |
Available at any time.
Prepayments
that exceed the tolerance may incur an early repayment
cost. |
|
Interest
Only Option |
1 to 10
years. |
|
Fixed Rate
Option |
Not
Applicable. |
|
Split Loan
Option |
Not
Applicable. |
|
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.
