QBANK’s Fixed Rate Home Loans are available for one, two, three, four and five-years for loans $50,000 and over. Such loans may appeal to borrowers who want to insure against interest-rate rises.
There are some flexible features with this loan. Borrowers are allowed additional repayments up to a limit per year. They also get an interest-only repayment option for up to 10 years. There are no monthly fees on this mortgage.
Any funds put towards additional repayments can be accessed through a free online redraw facility. The Fixed Rate Home Loan can also be topped up at any time, with a minimum top-up amount, allowing borrowers to increase their loan and receive funds for renovations or other purposes.
You can also split your home loan into a variable interest rate portion for borrowers who would like some of the greater flexibility of a variable rate loan.
You can borrow up to 95 per cent of the property’s value with this loan. But for borrowers with a deposit of less than 20 per cent, lenders mortgage insurance must be paid. You need to note that such insurance protects the lender against default, not you.
Who is the QBANK Fixed Rate Loan good for?
The QBANK Fixed Rate Loan may suit borrowers looking for the security and predictability of a fixed rate of interest combined with no ongoing fees and some simple flexibility that allows for changing circumstances. Owner-occupiers hoping for a low interest rate and predictable repayments might find it particularly appealing, as well as those buyers wanting to make some extra repayments. Investors might like the extended interest-only repayment option.
Review - What RateCity says
The QBANK Fixed Rate Loan offers borrowers relatively low rates of interest, a small minimum required deposit and no ongoing fees. Borrowers will be able to make additional repayments, redraw those funds, and top up their loan if necessary. The combination of minimal costs, flexibility, and security may appeal to some buyers. However, QBANK’s 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 Fixed Rate Loan Options
The QBANK Fixed Rate Loan offers a range of options, which will include interest only terms.
Go To Site
Advertised rate3.89%Fixed - 3 years
Advertised rate3.79%Fixed - 2 years
Advertised rate3.99%Fixed - 1 year
Advertised rate4.59%Fixed - 4 years
Advertised rate4.59%Fixed - 5 years
Advertised rate4.19%Fixed - 3 years
Advertised rate4.09%Fixed - 2 years
Advertised rate4.54%Fixed - 3 years
Advertised rate4.44%Fixed - 1 year
Advertised rate4.74%Fixed - 4 years
Advertised rate4.74%Fixed - 5 years