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Pacific Mortgage Group Standard Variable Loan

Features

The Pacific Mortgage Group Standard Variable Home Loan is a basic home loan with a few extra features at a very low variable interest rate available for home purchasing, refinancing and debt consolidation.

This loan comes with a 100 percent offset account which can help you save on interest by using the balance of your savings account to offset the interest on your loan balance. This loan also allows you to make unlimited additional repayments which can help pay your loan off faster and save you interest along the way.

Any additional repayments made can be accessed through the unlimited redraw facility if and when you need to for added peace of mind.

You can choose to make your regular principal and interest repayments weekly, fortnightly or monthly and opt to have the payment come directly out of your salary via the salary crediting feature or pay using direct debit from your savings account.

While deposits smaller than 20 per cent means you will have to pay for lenders mortgage insurance, you only have to make at least a 10 per cent deposit in order to qualify for the Standard Variable Home Loan.

Who is the Pacific Mortgage Group Standard Variable Loan good for?

Borrowers that don’t mind the unpredictability of a variable rate loan might find value in this low rate option. Owner-occupiers and refinancers will benefit from the lack of upfront or ongoing fees and while there is a 100 percent offset account and unlimited early repayments and redraws, investors should note that there is no interest-only payment option.

Review - What RateCity says

The biggest drawcards of this loan is the very low variable rate, 100 percent offset account and unlimited early repayment option. So if you don't mind the flexibility of a variable interest rate and you’ve got a bit of cash saved up, this loan has potential to save you thousands through paying your loan off early.

However, this lender only offers service online and doesn’t have other financial products and services so if you’re looking for more than a home loan and face-to-face service, this might not be the best option. Although, the lower total cost of this loan that could potentially be even lower if you take advantage of the available features makes the Standard Variable Home Loan worth considering.

Pacific Mortgage Group Standard Variable Loan Options

The Pacific Mortgage Group Standard Variable Loan has options to suit different borrowing amounts which can be looked at closer at the corresponding links below.

Variable Rates from

3.54%

Advertised rate

3.54%

Comparison rate
Pros
  • Very low variable interest rate.
  • 100 percent offset account.
  • Unlimited early repayments and redraws allowed.
Cons
  • Minimum and maximum loan term.
  • Discharge fee.
  • Access only online.
Eligibility

Must be able to provide proof of income and a list of assets and liabilities.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $295
  • Ongoing fees: $0

The Pacific Mortgage Group Standard Variable Home Loan has no upfront establishment fee, no ongoing monthly or annual fees and an average discharge fee that must be paid following completion of your loan. 

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

Pacific Mortgage Group is a 100 per cent online-only lender of home loans and while this means there are no branches to access for face-to-face service, it also means that fewer overhead costs are passed onto customers through lower interest rates and fees.

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