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Newcastle Permanent Fixed Rate Loan

Features

Borrowers looking to lock in a fixed rate and take advantage of predictable repayments can fix their loan for up to 10 years with the Newcastle Permanent Fixed Rate Loan.

Borrowers looking for the best of both worlds can opt to split this loan into between fixed and variable rates.

This loan offers flexible repayment options including interest-only payments and the choice to repay the loan weekly, fortnightly or monthly. You also have the option of making up to a certain allowed amount in additional repayments each year.

Owner-occupiers can borrow up to 95 percent of the property’s value, which is handy for borrowers that haven’t managed to save a higher deposit. For loans over 80 percent, you will need to pay lenders mortgage insurance.

This loan does not have a redraw facility but it does offer borrowers the option of taking a repayment holiday if they’re ahead of their minimum repayments.

This loan offers you a portability feature, which means you can transfer your loan over to a new property if you move. It’s a nice touch which can save you fees in the long run.

Who is the Newcastle Permanent Fixed Rate Loan good for?

This Fixed Rate Loan is ideal for borrowers who prefer the certainty of a fixed rate loan. The low deposit requirements together with the low interest rate make this loan appealing to first home buyers however refinancers might be put off by the high upfront fee.

Review - What RateCity says

Borrowers looking for peace of mind might find it in the Newcastle Permanent Fixed Rate Loan. The fixed rate is at its lowest when the loan is locked in for one year, however there is still value in longer fixed terms. It’s worth pointing out that there is no 100 percent offset account, so before being lured by the low rate, make sure you still come out on top, especially if you’ve got savings.

The portability feature is a nice touch, especially in light of the high upfront fee which becomes less problematic if you take this loan with you to your next home.

If you’re looking for predictability in your repayments and appreciate the fact that profits are paid back to its members, then this loan might tick all of your boxes.

Newcastle Permanent Fixed Rate Loan Options

Borrowers looking to lock in a fixed rate and take advantage of predictable repayments can choose between locking in a loan for up to 10 years with the Newcastle Permanent Fixed Rate Loan. Click here to find a loan that suits you.

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Fixed Rates from

3.94%

Advertised rate

4.79%

Comparison rate
Pros
  • No ongoing fees.
  • Flexible repayment options.
  • Low fixed rate.
Cons
  • No 100 percent offset facility.
  • Discharge fee.
  • High upfront fees.
Eligibility

Provide proof of income.

You must be over 18.

Provide a list of assets and liabilities.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $595
  • Discharge fees: $250
  • Ongoing fees: $0

This loan has a high upfront fee, however the loan is portable which means that if you choose to take this loan with you, you only pay the upfront fee once. There are no ongoing monthly or annual fees, however there is a discharge fee for when the loan ends.

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

Newcastle Permanent is a building society, which means that instead of having customers, it has members. As a member of a building society, you can access the rewards of a profitable financial institution through lower fees and interest rates, instead of the profits going to shareholders of a bank as dividends.

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