One of the greatest features of the Ratebusters Ultimate Loan is the very low variable interest rates available to both owner-occupiers and investors.
You can reduce the interest payable on your Ratebusters’ loan through the use of a offset account, the balance of which is deducted against your home loan balance with interest charged on the difference only.
Investors have the ability to take an interest-only period for up to five years, whereby only repayments towards the interest on your loan are due. While you are still liable for repaying your total loan amount, this is a popular option for investors who want to minimise the amount of capital they have in their property.
Regular repayments towards your Ratebusters Ultimate Loan can be made on a monthly, fortnightly or weekly schedule and you are allowed to make additional repayments to help you pay off your loan early at no extra charge, but you can only do so through a direct credit.
A perk of making early repayments is the fact that you will have access to these funds via the redraw facility as long as you are redrawing at least the minimum amount. Use of the redraw facility online is free, but you will be charged a fee for redrawing with the help of a customer service representative.
However, you cannot make redraws during the interest-only period.
The Ratebusters Ultimate Loan is available for loan terms from eight to 30 years and the minimum borrowing amount is $80,000 dollars, up to a maximum of $1 million. You can borrow up to 90 per cent of your property’s value with this loan, and lenders mortgage insurance will be due on any deposit less than 20 per cent.
Who is the Ratebusters Ultimate Loan good for?
The relatively low interest rates might well appeal to first time buyers and refinancers while investors will potentially be attracted to the interest-only option.
Review - What RateCity says
The low interest rate and additional features make the Ratebusters Ultimate Loan worthy of consideration should this loan serve all of your home loan needs.
The entry and exit fees are two of the biggest drawbacks of this loan, while the lack of branch access may deter some potential customers.
Ratebusters Ultimate Loan Options
To enquire about the Ultimate Loan or to find out more information about Ratebusters, follow the link provided.
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