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Ratebusters Ultimate Loan

Features

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.

Variable Rates from

4.17%

Advertised rate

4.18%

Comparison rate
Pros
  • Low variable interest rates.
  • Interest-only option.
  • 100 per cent offset account.
Cons
  • Moderately high upfront cost.
  • Discharge fee.
  • Online-only lender.
Eligibility
Must be able to provide proof of income. Must be over 18 years of age. Must meet serviceability criteria.
Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $727.5 - $728
  • Discharge fees: $350
  • Ongoing fees: $0

The Ultimate Loan has moderately high upfront fees and you will pay a moderate discharge fee at the end of your loan.

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

Ratebusters is a lending service that aims to cut overhead costs by operating completely online through their parent company, The Assured Group.

As a result, everything relating to your home loan account is dealt with online or through telephone banking.

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