The Newcastle Permanent Real Deal Loan is a variable loan at a moderate to moderately-high rate, which offers flexibility such as the ability to make interest and principle or interest-only repayments weekly, fortnightly or monthly.
Customers of this loan are also able to make early repayments and redraw these payments from the redraw facility, though redrawing is subject to a fee. This loan also features a repayment holiday, where customers are allowed to take a break from making repayments they are ahead.
There is also the option to split your loan under the Real Deal Loan, so customers can take advantage of the benefits offered by both variable and fixed interest rates.
However, this loan does charge a moderate amount in establishment fees for investment customers only and an average discharge fee for both investors and owner-occupiers at the end of the loan. The Real Deal Loan does not offer a 100 per cent offset account, but does have partial offset account availability.
The Newcastle Permanent Real Deal Loan offers portability if you were to move homes and customers can borrow up to 95 per cent of a property’s value, though there is a minimum loan amount that customers must borrow.
This loan also offers a discounted option, which provides a discount on the standard variable interest rate for an introductory period, which then reverts to the Real Deal Home Loan variable interest rate for owner-occupier loans only. Though the discount option has all the same features as the Real Deal Loan, a high conversion fee applies when your rate reverts.
Who is the Newcastle Permanent Real Deal Loan good for?
While this home loan is good for investors and owner-occupiers, whether purchasing a new home, renovating or refinancing, it’s also good for people who are looking to move during the loan term, as this mortgage is portable.
With the discounted option, this loan is good for first time home buyers or people who need some time at a lower variable rate at the beginning of the loan term.
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The attractive features of this home loan is how flexible it is in allowing customers to split their loan, make extra repayments, take a repayment holiday, pay no ongoing fees, to choose the discounted option and to have mortgage portability.
Customers also have flexibility in how they repay this loan by being able to make interest and principle or interest-only payments either weekly, fortnightly or monthly, which can be a good option for both owner-occupiers and investors.
However, with a moderate to moderately high interest rate, no 100 per cent offset account availability and a high loan/rate conversion fee, it’s worth checking into your circumstances and seeing if this home loan is right for you.
Newcastle Permanent Real Deal Loan Options
Newcastle Permanent offers a few different options under its Real Deal Variable Home Loan. To find out more about these options, click the links below.
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Advertised rate4.40%Intro 36 months
Advertised rate4.50%Intro 36 months