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Aussie Select Basic Loan

Features

The Aussie Select Basic Loan offer a number of popular home loan features.

Borrowers have the choice of fixed or variable rates, whether they prefer the security and certainty of set repayments, or prefer the flexibility of variable rates. The loan also offers the choice of fortnightly or monthly repayments so as to better accommodate a range of different incomes. Borrowers will also be able to access their account by phone internet or, with the Aussie Select Variable Rate Loan, BPay.

Unlimited additional repayments are allowed for variable borrowers. But a cap of five per cent of the original fixed loan amount per year is allowed without penalty for fixed borrowers.

Borrowers will also be able to make interest only repayments, for a period of up to five years. This feature will be available regardless of the rate of interest they have chosen.

Who is the Aussie Select Basic Loan good for?

The Aussie Select Basic Loan may suit borrowers who are looking for either fixed or variable rate mortgage options.

It might also suit someone with a small deposit, but be aware that the additional charge of lenders mortgage insurance may apply.

It might also suit a borrower who prefers to pay no upfront or ongoing fees, as well as a competitive interest rate.

The variable rate option does have some features that might suit other borrowers looking to pay off their home loan quickly while managing their finances. The unlimited additional repayments and redraw facility will help with this.

Review - What RateCity says

The Aussie Select Basic Loan offers a number of popular home loan features including redraw facility and the ability to make additional repayments.

On the downside, the home loan does not offer a mortgage offset account.

While it may not be as fully featured as some other home loans on the market, this is balanced by a very small minimum deposit requirement and no upfront or ongoing fees.

The Aussie Select Basic Loan is available with both fixed and variable rates.

Aussie Select Basic Loan Options

The Aussie Select Basic Loan offers a range of options at fixed and variable rates, with a very low minimum deposit requirement.

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Advertised rate
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Fixed Rates from

3.89%

Advertised rate

3.81%

Comparison rate

Variable Rates from

3.79%

Advertised rate

3.80%

Comparison rate
Pros
  • No ongoing fees.
  • Low minimum deposit required.
  • Additional repayments allowed.
Cons
  • No offset account.
  • Redraw facility only available with variable rate.
  • Discharge fee applies.
Eligibility

Australian Resident.

At least 18 years of age.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $330.00
  • Discharge fees: $535
  • Ongoing fees: $0

The Aussie Select Home Loan offers borrowers the opportunity to pay no ongoing fees, or upfront fees.

Additionally, borrowers who aren’t able to pay for lenders mortgage insurance will have the option of including the price of it in the premium of their loan rather than paying this fee.

A discharge fee will be payable on termination of the loan, and property valuation fees may apply however the first is waived.

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

Aussie is a retail financial services group that operates throughout Australia. It was founded in 1992, offering 24-hour service and affordable interest rates to its customers. The Commonwealth Bank of Australia has a stake in the business.

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