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Australian Unity Home Loans Kick Starter Home Loan

Features

Interest rate discounts on the Kick Starter Home Loan start at 0.75 per cent off the standard variable rate, making it a relatively cheap home loan.

The loan comes with a few features not often found on basic mortgages. These include on a fee free credit card, a fee free transaction account with a Visa Debit card and 10 per cent discount on Australian Unity Health Insurance, which are all real benefits.

A redraw facility allows you to access additional loan repayments made over scheduled repayments, though the minimum redraw amount is fairly high at $500. There is no restriction on the amount or the frequency of redraws.

Customers can borrower up to 80 per cent of the property's value and even more with lenders mortgage insurance.

There are some limits to the loan, however, with a hefty $200,000 minimum loan size. Nor can borrowers split the loan, that is, have one portion variable and the other at a fixed rate.

While Australian Unity is a smaller lender, you can nevertheless access your money 24/7 via internet or telephone banking or a smartphone app.

Who is the Australian Unity Home Loans Kick Starter Home Loan good for?

While this loan is not offered for investors, the Australian Unity Home Loans Kick Starter Home Loan could suit first home buyers or other owner-occupiers after a good rate and relatively cheap home loan, with no ongoing fees. Moreover, you can keep all of your banking in one place. But the loan is not available to investors.

Review - What RateCity says

A low interest rate is always enticing for any borrower and the Kick Starter Home Loan offers a very competitive rate. The fee free credit card offered with this product can be a great option for some, as well as the fee free Visa Debit Card. You also get a decent discount on health insurance. The upfront establishment fee is a little high as are minimum redraw amounts, so be aware of this. In addition, unless you have 20 per cent or more deposit (or the equivalent in equity) you may have to pay lenders mortgage insurance, which is pretty standard. But make sure you factor this cost into your calculations.

Australian Unity Home Loans Kick Starter Home Loan Options

Get your new home loan off to a great start with Australian Unity Home Loan’s Kickstarter Home Loan.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Details

Variable Rates from

3.71%

Advertised rate

3.74%

Comparison rate
Pros
  • Redraw and extra repayments possible.
  • Fee free transaction account and credit card and discounted health insurance.
  • Low variable interest rate.
Cons
  • High minimum redraw of $500 and minimum $200,000 loan amount.
  • Moderate upfront establishment fee.
  • Not available to investors.
Eligibility

Available for new loans only.

Must be owner-occupier.

Must be 18 years or older to apply.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $375
  • Ongoing fees: $0

No ongoing fees are a feature of this loan but you’ll need to pay a moderate upfront fee of $600.  There is also a moderate discharge fee for borrowers at the end of their loan but that is a standard charge.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Australian Unity

Australian Unity is a national healthcare, financial services and retirement organisation providing services to more than half a million Australians.  While it does not operate a branch network, it has mobile lenders and funds can be accessed from one of over 3000 Redibank ATMs for no additional fee.  The organisation doesn’t operate an overseas call centre and it aims to deliver specialised and personal experience.

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