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Hume Bank Fixed Rate Loan

Features

If you’re looking for certainty in your repayment amounts, the you can lock in a fixed rate for up to five years with the Hume Bank Fixed Rate Loan – with fixed rates ranging from very low to moderate depending on the fixed term you choose.

A fixed rate gives you the benefit of being able to budget and better manage your mortgage. However, your Fixed Rate Loan will revert to a high variable rate of interest following your fixed term.

Although, extra features such as a 100 per cent offset account will be available after your interest rate reverts to this variable rate which could help you to reduce the overall interest you have to pay on your loan.

You can split your loan at any time with the available loan split option, and the interest-only period available would help reduce your repayments during the allowed period.

While the interest rate may be fixed during your fixed term, your choice of repayment schedule is flexible. Coordinate your loan payments with your salary schedule with the option choose between weekly, fortnightly and monthly repayments.

During the fixed interest period of the loan, you can make extra repayments, however they are capped in relation to your loan amount. But, they can be redrawn at any time for free online.

Your Fixed Rate Loan can be combined with a fee-free transaction account offered through Hume Bank. And, there is no minimum amount you must borrow to be eligible for this loan.

Who is the Hume Bank Fixed Rate Loan good for?

Borrowers sticking to a tight budget or looking for certainty will appreciate the low fixed rates available with the Fixed Rate Loan. Investors, first home buyers and owner-occupiers might be put off by the high upfront fees, however the low fixed rate and zero ongoing fees might balance this out.

Although, refinancers might be the ones to come out on top since they are spared from the upfront fees.

Review - What RateCity says

The Hume Bank Fixed Rate Loan could be ideal if you’re looking for certainty over your repayments through having a fixed rate loan. And, while low fixed rates are available, your rate will revert to a high variable interest rate following your fixed period so you will have to start paying more towards your loan.

Although, there are features that you can take advantage of during your fixed term and a range of features that will be available when your loan reverts that could help balance out this high variable rate.

It would be worth your time to figure out exactly what you will be offered with this loan based on your own borrowing needs because it could be a great option if you can bypass the high variable rate if you can leverage the available features.

Hume Bank Fixed Rate Loan Options

Refinancers, investors, first home buyers and owner-occupiers can lock in a fixed rate with the Hume Bank Fixed Rate Loan, with links to more information about the available options provided below.

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Fixed Rates from

4.09%

Advertised rate

4.89%

Comparison rate
Pros
  • Very low fixed rates available.
  • Loan split option.
  • Interest-only option.
Cons
  • Reverts to high variable interest rate.
  • Moderately high upfront cost.
  • Discharge fee.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • Owner-Occupiers
  • Refinancers
  • First Home Buyers
  • Investors
Fees
  • Estimated upfront fees: $0 - $750
  • Discharge fees: $200
  • Ongoing fees: $0

The Hume Bank Fixed Rate Loan has no ongoing monthly or annual fees, but you will have to pay a moderately high establishment fee upfront as well as an average discharge fee when you finish your loan.

A small fee will be charged if you opt for a manual redraw from the redraw facility.

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

Hume Bank a regional mutual financial institution operating branches in south eastern NSW and north eastern Victoria. Hume Bank focuses on what’s best for its customers, not shareholders, and as such, offers a range of personal and business banking and financial products and services to suit a range of customers.

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