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.
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