The QBANK Classic Plus Loan offers borrowers the opportunity to carefully manage their finances while reducing their loan costs.
The Classic Plus Loan package is valid for loans over $100,000 for an annual package fee lower than that charged by most other lenders. The greatest interest rate discounts apply to home loans $500,000-plus.
You can make extra repayments at any time, with no penalty. This allows borrowers to reduce interest costs and pay off the loan sooner. Borrowers making extra repayments will also benefit from free online redraws.
Borrowers will also have access to a 100 per cent offset account to help them reduce their interest costs. Any funds deposited into this account will directly offset and reduce the amount of interest payable on the home loan principal.
Those hoping to renovate their home will also have access to a loan top up facility, allowing them to increase borrowings to cover further expenses associated with the property.
A split loan facility is made also available too, allowing borrowers to choose a combination of variable and fixed rates for their loan.
Interest only repayments are available, allowing borrowers to reduce their regular repayments. There is a 10-year limit on the interest only period.
Who is the QBANK Classic Plus Loan good for?
The QBANK Classic Plus Loan will suit any borrowers who are looking for a fully featured and flexible loan package that offers a relatively low rate of variable interest and features that will allow them to reduce the loan term and interest costs. Investors looking for low repayments will find the extended interest only option appealing. The Classic Plus Loan package might also appeal particularly to investors or owner-occupiers intending to renovate given the loan top-up option.
Review - What RateCity says
The Classic Plus Loan from QPCU is a richly featured loan package that offers most borrowers the opportunity to pay off their premium quickly, while also reaping the benefits of an offset account and attractive interest rate discount, especially on larger loans, as well as other products. Borrowers may like the control over loan structure and repayment provided by the package, including the split loan option and loan top-up facilities. All of this versatility comes at a price though with the annual package fee, which is charged monthly. Nonetheless, the Classic Plus Loan is a reasonable option that will accommodate a number of purposes. However, QPCU’s has a limited branch network that may put off people living outside of Queensland.
QBANK Classic Plus Loan Options
The QBANK Classic Plus Loan offers a range of options designed to accommodate a variety of borrower’s needs.
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