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SERVICE ONE Alliance Bank Service One Alliance Variable Rate Loan

Features

The main feature of the Standard Variable Home Loan is that discounts are applied to the variable rate for the life of the loan depending on the borrowing amount; the more you borrow, the greater the rate discount.

The lower end of the borrowing spectrum does attract a high variable interest rate, however the next borrowing threshold and up range from moderate to low rates.

The Standard Variable Home Loan gives you the ability to pay off your loan sooner with a 100 per cent offset account option and the option to make early repayments with the flexibility of being able to redraw any additional repayments made from the redraw facility.

This loan can also be split between a fixed and variable rate. Lump sum repayments are allowed with this loan and your regular repayments can be made either weekly, fortnightly or monthly.

Customers of the Standard Variable Home Loan can borrow up to 95 per cent of a property’s value, with any amount over 80 per cent subject to lenders mortgage insurance.

You can also top up the Standard Variable Home Loan through the offered top up facility if you need access to more funds.

Loan repayment insurance is an offered option with this home loan, which would protect you if you become unable to make repayments during your loan term.

Who is the Service One Alliance Variable Rate Loan good for?

The Standard Variable Rate Loan is good for owner-occupiers and investors who want a large loan and repayment flexibility.  

This loan offers moderately low to low variable rates for greater loan amounts.

Review - What RateCity says

If you’re borrowing a high loan amount and want flexibility in the way you repay your home loan, the Standard Variable Home Loan could be a good option for you.  Greater rate discounts apply to greater borrowing amounts and you have the ability to make lump sum repayments, extra repayments, choose a 100 per cent offset account and choose your repayment schedule.

However, there are moderately high establishment costs associated with this loan, as well as a monthly fee and discharge fee. And, if you’re borrowing a small amount, the variable rates offered are moderate to high.

It’s best to research your needs against the benefits and cons of this loan to determine if it’s the best option for you.

SERVICE ONE Alliance Bank Service One Alliance Variable Rate Loan Options

There are different rates offered at different borrowing amounts for the Standard Variable Home Loan offered to both owner-occupiers and investors. Find out more information about each of these options offered by SERVICE ONE Alliance Bank at the links below.

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Variable Rates from

4.35%

Advertised rate

4.48%

Comparison rate
Pros
  • Lump sum repayments.
  • 100 per cent offset account.
  • Top up facility.
Cons
  • High variable rate for lower loan amount.
  • Moderately high establishment cost.
  • Only members of SERVICE ONE Alliance Bank are eligible.
Eligibility

Must be a member of SERVICE ONE Alliance Bank.

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: $750
  • Discharge fees: $200
  • Ongoing fees: $8 monthly

You must pay a moderately-high upfront fee to establish this loan as well as a monthly fee and average discharge fee, which is charged at the completion of your loan.

Customers of the Standard Variable Home Loan do receive discounts on the fees charged for everyday banking products offered by SERVICE ONE Alliance Bank.

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

SERVICE ONE Alliance Bank is a customer-owned bank serving its members only, and is a spin-off of Bendigo and Adelaide Bank Limited.

There are SERVICE ONE Alliance Bank branches throughout Canberra and the greater NSW area, with telephone support and internet banking available every day of the week.

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