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Aussie Optimizer Plus Premium Variable

Features

Aussie doesn’t charge an upfront fee on its Optimizer Plus Variable Rate Loan, setting it apart from many lenders. Another plus is that Aussie offers you a lower interest rates the less you borrow as a proportion of your property’s value. So if you’ve got a big deposit, you can take advantage of very competitive interest rates and borrow more.

You can choose fortnightly or monthly repayments for principal and interest repayments or monthly repayments during an interest-only term.

Another big plus is that you can get a 100 per cent offset facility and there are no electronic or counter transaction fees on the account. This is a great home loan facility as savings in this account are offset daily against your outstanding home loan balance, helping you to reduce interest costs on your mortgage.

You can make unlimited additional repayments on your loan at any time for free. There is also no fee to redraw this money, provided you do so online or via phone banking, and you observe the minimum redraw amount.

The minimum loan amount is relatively high and Aussie will assess the maximum amount on a case-by-case basis, but generally this amount depends on the proportion of your property’s value that you’re borrowing. If your deposit is less than 20 per cent, make sure you factor in the cost of lenders mortgage insurance.

You can choose between variable or fixed home loans or split a home loan between different loan types at no additional cost. Up to six home loan splits are available and Aussie doesn't charge for this, which is a big plus as some other lenders may charge you a few hundred dollars to split your loan.

Who is the Aussie Optimizer Plus Premium Variable good for?

The Aussie Optimizer Plus Variable Loan could be good if you have reasonable deposit as you can get a competitive interest rate and borrow more. The loan may suit owner-occupiers or investors given its flexible features and repayment options. While interest rates charged on investor loans are slightly higher, that is now typical among home lenders.

The large minimum loan amount may put off those refinancing smaller home loans. In addition, Aussie applies quite strict maximum loan amounts so if you don't have a big deposit, you might not be able to borrow as much as you need and as much as other home lenders might allow.

Review - What RateCity says

If you’re after a fancy variable rate loan that offers flexibility and economy at the same time, then the Aussie Optimizer Plus Variable Rate loan may suit first or established owner-occupiers or investors. The lack of an upfront fee on the Aussie Optimizer Plus Variable Rate loan could appeal to owner-occupiers and investors and it sets the loan apart.

The added extras on the Aussie Optimizer Plus Variable Rate loan, such as an offset account and free unlimited repayments, can help you cut interest costs substantially over the life of your loan. Though, the large minimum loan amount may put off those refinancing smaller home loans or first home buyers after a smaller loan. And, make sure you assess the impact of the ongoing monthly fee and other fees which may apply.

Aussie Optimizer Plus Premium Variable Options

Aussie’s Optimizer Plus Variable Loan comes in a range of options available through the corresponding links.

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Fixed Rates from

3.88%

Advertised rate

4.00%

Comparison rate

Variable Rates from

3.69%

Advertised rate

3.90%

Comparison rate
Pros
  • Very low fixed and variable interest rates available.
  • Early repayments and redraws allowed.
  • 100 per cent offset account.
Cons
  • High minimum loan amount.
  • Discharge and annual ongoing fees.
  • Higher rates for smaller deposit sizes.
Eligibility

Must meet minimum borrowing amount.

Must be able to provide proof of income.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $400
  • Ongoing fees: $198 annually

Aussie charges an ongoing loan fee per annum each year of your loan term as well as a moderately high discharge fee at the end of your loan.

Other fees that may include a loan variation fee, should you need to make adjustments to your loan after settlement. There is also a portability fee for use of this feature.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Aussie

Aussie home loans as well as a range of other finance and insurance products with retail stores across Australia and mortgage brokers who can meet wherever you are. Internet and phone banking make accessing your accounts convenient. 

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