The Basic Variable Loan has a variable interest rate starting from moderate to moderately high rates, though you do have the option to split your loan. Loan repayments can be made weekly, fortnightly or monthly.
There are also features of this loan that could help you repay your loan faster such as the 100 per cent offset account that allows you to use a transaction account to offset your interest.
Additional repayments are allowed with this loan and you can redraw any extra repayments through the redraw facility.
You also have the option to take a repayment holiday with this loan if you are ahead of your repayment schedule.
The equity from the home of a parent can be used to guarantee a percentage of your loan, which means you might not have to make a deposit and can also avoid paying for lenders mortgage insurance.
Pre-approval is available for this loan so you can show agents you’re ready to purchase a property while knowing what you can afford.
You can borrow up to 95 per cent of a property’s value with this loan, however if you borrow over 80 per cent of a property’s value you will have to pay lenders mortgage insurance.
Who is the Beyond Bank Basic Variable Loan good for?
The Basic Variable Loan is suitable for first-time home buyers since there are pre-approval and parent equity options to help you purchase a new property and an added bonus of having the establishment fee waived if this is your first home purchase.
This loan is could also be suitable for owner-occupiers and investors since there is a loan split option and flexible ways to repay.
Review - What RateCity says
The Beyond Bank Basic Variable Loan could be a good option if you’re buying your first home since you would have the benefits of pre-approval, parent equity and $0 in upfront costs since the establishment fees are waived.
However, the moderate to moderately high variable interest rate could counterbalance these benefits. Additionally, the monthly fee adds an extra cost for having this loan so it’s a good idea to look into the features you need from your home loan and see if this is the best loan option to suit you.
Beyond Bank Basic Variable Loan Options
The Beyond Bank Basic Variable Loan has an option for owner-occupiers and investors. To see more details about each of these options, follow the links provided.