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QBANK Fixed Rate Loan

Features

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.

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Fixed Rates from

3.79%

Advertised rate

4.34%

Comparison rate
Pros
  • Low interest rate.
  • No ongoing fees.
  • Additional repayments allowed.
Cons
  • No offset account.
  • Large upfront fee.
  • Discharge fee.
Eligibility

Australian resident.

At least 18 years of age.

Member of QBANK.

Proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $676
  • Discharge fees: $0 - $200
  • Ongoing fees: $0

Borrowers who choose the QBANK Fixed Rate Loan won’t pay any ongoing fees. However, QBANK charges very high upfront fees. A more moderate discharge fee is payable on termination of the loan. 

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

QBANK was founded in 1964 to provide financial services to emergency and public service employees in that state. It prides itself on a customer-focused attitude. QBANK has three branches in Brisbane. Members can also call the service centre five days a week for personal service. You can also access your accounts via a national network of ATMs, a mobile banking app, internet banking and telephone banking facilities 24/7, as well as Bank@Post.

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