Advantage Rate Loan is a variable rate loan with a very competitive rate of 6.39% CR 6.39%.
Unlike other lenders offering discounted interest rates, the Advantage Rate Loan is fully featured and includes unlimited free redraws, low fees, salary crediting and flexible repayment options.
The Advantage Rate Loan could be the perfect home loan if you are:
A first home buyer • A person who wants to renovate their existing home • Looking for a better home loan deal or consolidating debt • An investor looking for a competitive variable rate loan
Checkout the detail – rates and fees
Find out more - FAQs
| Acceptable Loan Purpose | New business only. Not available for existing clients. Purchase or refinance of improved residential owner occupied or investment property. No stand-alone vacant land or construction allowed. |
| Eligible Borrowers | Individuals, companies or trusts |
| Term of Loan | 10 – 30 years |
| Security Location | As per credit policy – locations and postcodes. |
| Acceptable Security | Improved residential property only. No stand-alone vacant land or construction allowed. |
| Substitution | Fully portable – subject to approval |
| Multiple Securities | Accepted |
| Minimum Loan Amount | Single loan split: Minimum $50,000 Multiple loan splits: Minimum $30,000 per split. |
| Max Loan Amount | $2,000,000 |
| Loan Splits | Maximum of 4 loan splits. New Loan cash rate Linked Loan cannot be offered in conjunction with any other New Loan product other than the New Loan cash rate Linked Loan. |
| Maximum LVR | 80% LVR P&I & IO |
| Interest Rate Calculation | RBA cash rate target + 2.5% |
| Application fee | Nil |
| Valuation fee | $275 per property (or at cost if higher) |
| Non-proceeding fee | $395 or full cost of valuations (whichever is the higher) is payable where valuation is obtained and the loan does not proceed as a result of a shortfall in valuation or other credit issues. |
| Settlement Fee | $220 (additional fees may apply with company borrowers, trust borrowers, guarantors and non-standard security) |
| Monthly Administration Fee | Nil |
| Redraw Fee | Nil. Unlimited Free electronic redraw is available. |
| Variation Fee | $250. (Within the first 24 months only, any increase to the Cash-Rate Linked Loan needs to be done as a separate loan product/split. The rate on the increase amount will be as per the loan product selected at the time). |
| Discharge Legal Fee | $250 |
| Deferred Establishment Fees | Nil |
The New-Loan Advantage Rate Loan is a variable rate loan with a very competitive rate of 6.69% CR 6.69%.
Unlike other lenders offering discounted interest rates, the Advantage Rate Loan is fully featured and includes unlimited free redraws, low fees, salary crediting and flexible repayment options.
The Advantage Rate Loan could be the perfect home loan if you are:
• A first home buyer • A person who wants to renovate their existing home • Looking for a better home loan deal or consolidating debt • An investor looking for a competitive variable rate loan
Checkout the detail – rates and fees
| Loan Amounts |
$50,000 to $2,000,000 Minimum of $30,000 in combination or split. |
| Interest Rate Type | Variable rate only |
| Term | 10 - 30 years |
| Repayment Type | Principal and Interest (amortising) or Interest only up to 5 years |
| Combinations and Splits | Up to 4 |
| Repayment Options | Direct Debit either monthly or fortnightly Salary crediting Internet or telephone transfers from pre-nominated account for additional repayments |
| Additional Repayments | Allowable with no limit on variable rate loans |
| Redraw Facility | No minimum redraws via Internet or telephone banking to pre-nominated account |
| Withdrawals | Cash withdrawals not available other than electronic transfers as above |
| Salary Crediting? | Yes |
| Ability to Switch | Can switch all or part of loan limit to another product |
| Statement Issued | P&I Quarterly, I/O Monthly |
| Other Fees | See rates and fees page |
| Substitution | Can substitute security within loan limit |
