One of the Complete Home Loan’s most attractive features are the low variable interest rates offered to both investors and owner-occupiers. This means that over time, you will be paying interest on your loan at one of the lowest rates available on the market.
There is an option to make repayments weekly, fortnightly or monthly, depending on your income cycle, and if you need a break, you can take a repayment holiday for an approved term or a repayment pause if you leave work for maternity or paternity leave.
Conversely, if you have extra funds, you can put them towards making an unlimited number of extra repayments to help pay your loan off early without penalty.
Consistently making early repayments could potentially take years off your loan term which could help you save on interest. Another perk is the redraw facility from which you can withdraw any of the funds you’ve put forth in early repayments, but there is a minimum amount you must redraw each time.
To save even more on interest, the 100 per cent offset account that is available can help you to offset your interest through the balance you maintain in this offset deposit account, since interest is charged just on the difference between this balance and your loan balance.
The loan portability option could come in handy if you decide to move homes during your loan term because you’ll be able to take your Complete Home Loan with you. This can be great for first home buyers with a growing family needing to upgrade or for investors who want to switch which security this loan is secured against.
Who is the Victoria Teachers Mutual Bank Complete Loan good for?
The Complete Home Loan is available to first home buyers, owner-occupiers, refinancers and investors and has been designed to bend and flex depending on your financial situation.
But, this loan might be most suitable for first home buyers with options such as family guarantee, repayment holiday and loan portability.
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The relatively low interest rate could make this loan an attractive option for refinancers and investors while the waived upfront costs for first home buyers could reduce the initial upfront costs for them.
However, regardless of what type of mortgage holder you are, it is worth calculating what the total cost of the loan will be to help you determine whether this is an affordable option for you.
Victoria Teachers Mutual Bank Complete Loan Options
The Complete Home Loan from Victoria Teachers Mutual Bank has options for different borrowing needs and deposit sizes. Click the corresponding links below for more information about these options.
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