Choice Home Loan - Owner Occupied - Variable - Interest Only - Without Offset
A home loan with the choice of simple and straightforward features with a competitive interest rate.
Category: Home Loans Last Updated October 16, 2024 Effective October 23, 2024
General Lending Rates
Rates listed below are for a VARIABLE Owner Occupied Interest Only product. Additional Information Comparison rate based on $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Interest Rate
6.74% PA
6.74% PA
Comparison Rate
6.76%PA*
6.76%PA*
Product rates will vary depending upon your financial position< LVR, and other criteria. The product may also vary depending upon the rate type, repayment type, or loan purpose. We encourage you to contact us for a full understanding of the product and terms.
Product Variations
Product rates and conditions will usually vary based on the LVR and other conditions..
OWNER_OCCUPIED, VARIABLE, 6.74%
- Lending Rate Type: Variable
- Interest Rate: 6.74%, Comparison Rate 0.00%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
Product Features
- Redraw Additional Information: Your loan comes with a repayment redraw facility. This gives you access to additional repayments if you re at least one full repayment ahead, you can redraw $100 or more. It s simple to redraw using our App or Online Banking.
- Npp Payid Additional Information: Get faster payments between participating banks, anytime with Pay ID
- Npp Enabled
- Other Additional Information: 30 years
- Other Additional Information: You can increase your loan amount throughout the life of the loan, subject to equity held in your property and our approval.
- Other Additional Information: Switching is a change to one or more aspects of your loan's terms and conditions, for example switching from a variable rate to a fixed rate or switching from Interest Only to Principal and Interest repayments.
- Other Additional Information: Splitting is when you divide one loan into two or more loan accounts, generally with different loan types, repayment types or interest rates.
- Other Additional Information: Lenders Mortgage Insurance will be required if you borrow over 80% of the value of your home (or borrow an additional amount on your existing mortgage that brings the overall loan amount over 80% LVR). LMI is a one-off cost added to the total loan amount and is not a bank fee or an establishment fee.
- Other Additional Information: Flexible repayment options weekly, fortnightly or monthly
- Other Additional Information: You can make extra repayments or repay your loan in full at any time. Extra repayments may enable you to redraw funds, subject to conditions
- Other Additional Information: A guarantor supports the loan by providing us with an additional security such as their home. By providing a guarantee, we may lend to the borrower in situations where they may not have been able to secure the full amount of the loan they require.
- Other Additional Information: This loan can be used for the purposes of owner occupied property purchases, refinancing your existing home loan, purchasing of vacant land (non-commercial), personal needs, off the plan purchases and building/construction purposes.
Product Eligibility
- Natural Person
- Min Age - 18. Additional Information: Individuals must have the legal capacity to enter into the loan contract, provide acceptable identification documentation and be 18 years or older
- Employment Status - Employed.
- Residency Status - Permanent Resident. Additional Information: You must be an Australian citizen or permanent resident to apply
- Other Additional Information: Applications for credit are subject to the Bank s eligibility and suitability criteria and normal credit approval process.
Bank Fees and Charges
- Loan Establishment Fee - Mortgage Loan (new) (Upfront), Amount: 500.00. Additional Information: A fee charged to set up a new home loan
- Loan Establishment Fee - Mortgage Loan (top Up) (Upfront), Amount: 200.00. Additional Information: A fee charged to vary the value of an existing home loan
- Loan Establishment Fee - Second Mortgage Loan (new) (Upfront), Amount: 400.00. Additional Information: A fee charged for consent to a subsequent new mortgage
- Loan Establishment Fee - Second Mortgage Loan (top Up) (Upfront), Amount: 200.00. Additional Information: A fee charged for consent to a subsequent mortgage to vary the value of an existing home loan
- Loan Switch Fee (Event), Amount: 200.00. Additional Information: A fee charged to switch your loan account from one type to another
- Valuation Fee (Variable), Amount: 0.00. Additional Information: A fee charged to cover the cost of obtaining a valuation report on your property or the property being purchased
- Mortgage Preparation Fees (Variable), Amount: 0.00. Additional Information: A fee charged for legal services including preparation of legal documents and attending settlement
- Title Search Fee (Event), Amount: 20.00. Additional Information: A third party cost for a Title Search to determine any interests in a property
- Registration Fees (Variable), Amount: 0.00. Additional Information: A third party cost for registration of mortgage
- Stamp Duty (mortgage) (Variable), Amount: 0.00. Additional Information: The tax charged on written documents and certain transactions imposed by the state government, such as mortgages and property transfers
- Pexa Service Fee (Upfront), Amount: 57.20. Additional Information: A fee charged to cover third party costs associated with the establishment of your mortgage
- Lenders Mortgage Insurance (Variable), Amount: 0.00. Additional Information: Third party cost for insurance that protects the lender in the event that the borrower defaults on their home or investment loan
- Mortgage Administration Fee (Event), Amount: 150.00. Additional Information: A fee charged if we are asked by you or your legal representative to make any of our loan documents available to you during the life of the loan
- Consent Fee (Event), Amount: 300.00. Additional Information: A fee charged for consent to a subsequent mortgage in favour of an another lender where we hold the prior mortgage
- Mortgage Discharge Fee (Exit), Amount: 300.00. Additional Information: A fee charged if you repay your loan and request us to discharge your mortgage, includes our costs and is in addition to any costs incurred by us from external parties
- Mortgage Discharge - Registration Fee (Exit), Amount: 146.40. Additional Information: A fee charged to cover third party costs associated with the discharge of your mortgage
- Mortgage Discharge - Pexa Service Fee (Exit), Amount: 42.24. Additional Information: A fee charged to cover third party costs associated with the discharge of your mortgage
- Variation Of Security (Event), Amount: 200.00. Additional Information: A fee charged for the variation of security or other loan details, requiring us to issue new documents or re-assess your loan in any way
- Mortgage Redraw Fee (Transaction), Amount: 30.00. Additional Information: A fee charged to access the redraw facility on your home loan
- Late Payment Fee (Event), Amount: 15.00. Additional Information: A fee charged when you don't make your minimum monthly payment, plus any overdue amount
- Default Notice Fee (Event), Amount: 50.00. Additional Information: A fee charged if you default on your repayments and we issue a default notice
Limitations & Restrictions (Constraints)
- Opening Balance of 0.00
- Max Balance of 5000000.00