The UniBank Teachers Fixed Option Loan has a minimum loan amount of $25,000 and a maximum of $5 million. Customers can borrow up to 95 per cent of the value of the property, although lenders mortgage insurance will be required on loans over 80 per cent.
Repayments can be made as principal and interest or interest-only on a weekly, fortnightly or monthly basis. There is also a 100 per cent offset account for those wanting to use their savings to reduce the interest owed on the loan.
Customers can also a rate lock feature to secure a fixed interest rate for up to 90 days after the application date. The loan can be split between fixed and variable rates and has a portability option for those wanting to transfer the loan to a new property.
Who is the UniBank Fixed Rate Loan good for?
The UniBank Teachers Fixed Option Loan is good for homebuyers who want the stability of a competitive fixed rate loan and an offset account to reduce their interest payments.
Investors may be attracted to the option for interest-only repayments, however, they will not be able to redraw on payments during the term of the loan.
Review - What RateCity says
The UniBank Teachers Fixed Option Loan is a fairly low fixed-rate loan that offers homebuyers the predictability of a fixed interest rate with some added features. The ability to split the loan between a fixed and variable rate may appeal to those new in the mortgage market who do not know what they prefer.
Whilst the loan lacks the payment options of many other loans, like additional repayments and redraw facility, it does provide an offset account to those wanting to use their savings account to minimise the interest paid. Over the life of the loan, an offset account can help save thousands of dollars in interest and shave years off a loan term.
The loan reverts to the UniBank Teachers Flexi Choice Loan at the end of fixed-rate period.
UniBank Teachers Fixed Option Home Loan Options
The UniBank Teachers Fixed Option Loan is available to owner-occupiers and investors as a fixed-rate loan for one to five years.
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Advertised rate3.99%Fixed - 3 years
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