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Regional Australia Bank Steady Rate Loan

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Regional Australia Bank offers its Steady Rate Home Loan for fixed rate terms of one, two, three and five years. Attractive interest rates are offered and, as a real bonus, there are no ongoing fees on this loan. In addition, the upfront costs are low.

Regional Australia Bank offers some flexible options, including the ability to split your loan with other loan types.  So you can have part of you loan fixed or part variable. Or any part of your loan can be set up at one or more of the fixed rates.

At the completion of the fixed rate period, you may elect to continue with a fixed rate for a further period. Alternatively, your loan can be converted to the standard variable interest rate at that time.

Repayments can be paid weekly, monthly or fortnightly, fitting in with your budget and income needs. More regular payments will also allow you to minimise interest costs.

You need to keep in mind that Regional Australia Bank does not offer a 100 per cent offset account on this product. Nor is there any redraw facility as no additional repayments are allowed on this loan.

Loans are available for up to 95 per cent of the property’s value with lenders mortgage insurance, which is required for loan amounts over 80 per cent. 

Who is the Regional Australia Bank Steady Rate Loan good for?

The Regional Australia Bank's fixed loan may be attractive to those who are looking for a simple fixed rate loan with the option of moving to a standard variable rate after a few years. This loan is available to first home buyers, owner occupiers and refinancers. The Steady Rate Loan is also open to investors, though if you’re after a longer fixed term, the loan may not suit your needs. 

Review - What RateCity says

The Steady Rate Home Loan is a basic fixed loan but if you main aim is to have certainty of home loan repayments, then this loan provides it. A big plus is the low fees on this loan and low upfront cost, facilitating your move into the property market.

However, there are some limits on the loan. You can’t reduce your interest costs by repaying anything extra. Also, you can’t get a fixed term for more than five years; this may put off borrowers who like the insurance of fixed loans but who want to choose a term that suits their needs.

Overall, it’s a loan worth considering. CMG is a small lender, with a community focus, which may also appeal to you if you’re not bothered by the limited availability of branches.

Regional Australia Bank Steady Rate Loan Options

Whether you are an investor or first home buyer, the Community Mutual Group has a fixed rate loan that will suit. Their Steady Rate Loan has some options to consider.

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Fixed Rates from

3.99%

Advertised rate

4.94%

Comparison rate
Pros
  • Competitive fixed interest rates.
  • Loans can be up to 95 per cent of the property’s value.
  • Split loan option.
Cons
  • No redraw facility.
  • Limited fixed loan periods.
  • No extra repayments are allowed.
Eligibility

Lender’s credit criteria applies.

Applicants must be over 18 years of age. 

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $400.00
  • Discharge fees: $150
  • Ongoing fees: $0

There are modest upfront fees at the beginning of this loan, but customers will not be charged any ongoing or monthly fees. A modest discharge fee does apply at the end of the loan term. Keep in mind that penalties may apply of this loan is paid out within a fixed period, but that is standard among home lenders.

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

Regional Australia Bank is a credit union operating in regional New South Wales and its local focus sets it apart from the larger banks. There are a number of branches operating from Singleton to Tenterfield and from Walcha in the east to Cobar in the west of NSW. You can bank with Regional Australia Bank online or via telephone banking and enjoy access to access to thousands of ATMs Australia wide by using the Westpac ATM network.

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