Borrowers who choose the QBANK Classic Home Loan will find that in addition to a low rate of interest, they’ll benefit from several features and facilities that will allow them to reduce interest costs on the loan.
There are no monthly fees and some flexible repayment options, including no penalty for extra repayments and weekly, fortnightly or monthly repayments.
An electronic redraw facility is available, so that borrowers can withdraw any funds put into repayments quickly and for free.
Borrowers will also have some control over the payment structure of their loan. Loan splits are available, so that borrowers who would like a little more dependability in terms of payments will be able to devote a portion of their loan to a fixed interest rate and keep some of it variable.
Interest only payments are available with this loan for up to ten years. Paying off just the interest within the loan term means you can take advantage of lower repayments, which may suit owner occupiers or investors who are confident of making a capital gain if they sell the property. However, interest costs are higher than they would be with principal and interest repayments.
Borrowers can top up their loan at any time if they need more money for renovations or other purposes, with a minimum top-up of $10,000.
You can borrow up to 95 per cent of the property’s value with this loan. But with a deposit of less than 20 per cent, borrowers will need to pay for lenders mortgage insurance. You need to note that such insurance protects the lender, not you, against default.
Who is the QBANK Classic Loan good for?
The Classic Loan will suit borrowers looking for a low rate of interest, no ongoing fees, and a good amount of control over exactly how their payments will work. The opportunities for speedy refinancing that the Classic Loan features might appeal to both owner-occupiers and investors. Investors might also like the option of extended interest-only repayments.
Review - What RateCity says
The QBANK Classic Loan offers borrowers a competitive interest rate along with some flexible options for managing repayments and structuring their loan to meet their needs. The combination of additional repayments without penalty, extended interest only payment terms and no monthly fees will appeal to many borrowers. Borrowers can split their loan if they want more payment certainty, or they can top up their loan for renovations or other purposes at any time. However, QBANK has a limited branch network that may put off people living outside of Queensland. Moreover, while this loan is versatile, it comes at an initial high price, which borrowers will have to weigh up against the benefits of the loan.
QBANK Classic Home Loan Options
The QBANK Classic Loan offers a number of options, including special offers for new customers.
Go To Site