Competitive rate is the rate that is affordable. What is cheaper for you may not be necessarily cheaper for the next person and vice versa. The borrowing capacity that you are entitled to, the deposit that you usually make, the features that you need, the repayments that you shall make and how soon you will repay the loan will determine which home loan is the cheapest for you.
The amount one pays for a home loan has factors which affects it. These factors are interest rate, added-features, and fees charged with the loan. With many home loans lender-companies in Australia, it is very difficult to find the most suitable for you. The lender who offers truly competitive rate is the:
Beyond Bank Standard Variable Home Loan
This is a mutual bank. This means it is customer-owned. The company re-invests the profit back to provide services and products that will help the customers.
Its products include the standard variable home loan, which allows one to use 100% offset account in order to reduce the interest he or she pays at a limited time. It has a special offer for new home loans above $150,000 with a low deposit of 20%.
Whom does this home loan benefit?
This loan is suitable to people who are buying a home, those looking to buy a home and those who want to renovate or add certain features to their home. It is very suitable for the first homebuyers since they can use parents to guarantee part of their loan through the parent equity feature.
What are the features of the bank?
- This bank has several features, which include:
- 100% offset account
- You can pay interest only up to the fifth year
- No penalty if you make extra repayment
- You can withdraw extra repayment
- You can use guarantors to help with your deposit
- You can use the loan to build home
- Availability of split rates
- Weekly, fortnight and monthly repayment are available
- Who is eligible for the loan?
- To qualify for the loan you must be:
- An Australian citizen or permanent residence
- 18 years and above
- Credit check by the bank is compulsory
- Good credit history thus no defaults
- One must have regular income.
This bank offers competitive rates and is very mindful of the customers. It has well-trained personnel who have specialized on home purchases. The staff will advise you on the best deal for you.…