RateCity.com.au
Advertisement

The Rock Building Society Essentials Loan

Features

The Rock Building Society Essentials Home Loan has a very low variable rate of interest if you’re borrowing less than 90 per cent of your property’s value, and a moderately high rate if you’re borrowing more as an owner-occupier and a high rate as an investor.

The small deposit requirement makes this an attractive offering, however lenders mortgage insurance will be an added cost if your deposit is made to be less than 20 per cent on top of the costs from the higher interest rate.

Six loan splits can be made on this loan, meaning you can take advantage of both a fixed and variable rate of interest.

Repayments can be made weekly, fortnightly or monthly as principal and interest or as interest-only repayments, which can be made for an allowed period if approved by The Rock Building Society.

You can make unlimited additional repayments towards repaying your loan early, while also being able to use the free online redraw facility to access these funds if you need to.

An offset facility is available if you want to use your savings to reduce the amount of interest owed on your loan, though be sure to check if this is 100 per cent offset and if you will have to pay fees for maintaining this account.

The Essentials Home Loan is also available for construction with the added benefit of progressive drawdown, where interest is only charged on the funds you use since you can draw funds as you need them.

Who is the The Rock Building Society Essentials Loan good for?

The Rock Building Society Essentials Home Loan could be good for first homebuyers looking to make a small deposit, though the higher interest rate on top of the upfront cost might outweigh this benefit.

Therefore, because of the lower interest rate and lack of extra costs through lenders mortgage insurance, this loan might better suit borrowers with more money saved up for a deposit.

Review - What RateCity says

The Rock Building Society Essentials Home Loan offers some competitive variable interest rates and features to suit different borrowing needs – such as progressive drawdown for those building a home, an interest-only option that is appealing to investors and a small deposit requirement that could be suitable for first home buyers.

This loan is worth considering should you meet the minimum borrowing amount and eligibility criteria and should the included features and conditions meet your criteria for a home loan.

The Rock Building Society Essentials Loan Options

The Rock Building Society Essentials Home Loan is offered as a home or investment loan at different borrowing amounts which can be looked into by following the corresponding links.

Variable Rates from

3.99%

Advertised rate

4.04%

Comparison rate
Pros
  • Very low variable interest rates available.
  • Early repayments and redraws allowed.
  • Progressive drawdown for construction purposes.
Cons
  • Moderate upfront cost.
  • Discharge fee.
  • Limited branch access.
Eligibility

Must meet minimum loan amount.

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: $350
  • Discharge fees: $380
  • Ongoing fees: $0

The Rock Building Society Essentials Home Loan has a moderate total of upfront fees and a moderately high discharge fee. However, there are no ongoing monthly or annual fees.

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

The Rock Building Society is a financial services provider and a division of MyState Bank Ltd based in Queensland with branches throughout the state, though customers across Australia are welcome to bank over the phone and online.

Compare your product with the big 4 banks, or add more products to compare