Lee Dastey Retail Lending Manager
When preparing to purchase a house, it’s important to know how different home loans are structured and which one will work best for you.
The golden rule with a home loan is the faster you pay it off, the more you will save in interest payments; but you may be looking for something more than just a home loan.
What do I need to know?
Our lenders are well aware that some of the terms used to describe home loans can be confusing. Here are some basic explanations of common features of our home loans:
- Fixed rate – the interest rate is locked in at a specific rate for a specific amount of time. We currently offer one, two, three and five year terms.
- Variable rate – the interest rate fluctuates with the bank’s interest rate.
- Principal and interest repayments – paying both the amount you borrowed and the interest off simultaneously.
- Interest only repayments – paying off only the interest for a specific period of time.
- Offset account – an account where your everyday cash and savings are deducted from your home loan balance prior to calculating the loan’s interest.
Which loan is right for me?
We've just simplified our home loans to make it easier to select the right one for you. Each of these products is available on a variable or fixed rate, with both principle and interest or interest only repayment options. You just need to tell us your preference and whether you're an owner-occupier or an investor.
- Basic Home Loan. Budget-conscious borrowers will be satisfied with the low rate and standard home loan features such as redraw and pre-purchase approval.
- Premium Home Loan. Our fully featured home loan gives you an offset account and free redraw.
- Premium Package. You can bundle your banking up with us. In addition to the benefits of the Premium Home Loan, the package also gives you a free transaction account, deals on our Platinum Rewards Visa Credit Card and discounts on insurance.
Hopefully this gives you all the information you need to make a decision, but if not, call us on 132 888, email [email protected] or visit your local branch to talk to someone.