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UniBank Teachers Fixed Option Home Loan

Features

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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Fixed Rates from

3.79%

Advertised rate

5.04%

Comparison rate
Pros
  • Low fixed rate.
  • Offset account available.
  • Rate lock option.
Cons
  • High upfront fees.
  • Limited branch access.
  • No additional repayments allowed.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet UniBank’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $750
  • Discharge fees: $75
  • Ongoing fees: $0

The UniBank Teachers Fixed Option Loan has sizable upfront fees but no ongoing or annual fees. Borrowers will also pay a small discharge fee at the end of the loan. There is also a fee charged for customers wishing to use the rate lock and split loan features.

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

UniBank is a member-owned mutual bank that was formerly known as UniCredit. They merged with Teachers Mutual Bank in 2015 and have four branches in Western Australia.

They can be contacted in person, online, via email or by phone.

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