Professional Package Home Loan (Interest Only) ($100k-$500k)
- Last updated on 15 Jul 2020
Discount Variable Home Loan
Make the move to UBank's award winning home loan
2.49%
Variable
2.49%
Owner Occupier Discounted Variable Rate
4.35%
Variable
3.72%
$1,493
based on $300,000 loan amount for 25 years
Pros
- 100% full offset account
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
Cons
- Annual fee charged
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Maximum LVR 80% | Interest rate structure Variable |
Borrowing range $100k - $500k | Total Repayments $391,680 |
Principal & interest | Interest only |
Loan term range 10 - 30 years | Offset account 100% offset account |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Total estimated upfront fees $295 | Application fee $0 |
Settlement fee $0 | Valuation fee $0 |
Legal fee $295 | Other upfront fee $0 |
Ongoing fee $349 annually | Discharge fee $100 |
Property Type | SMSF Trustee |
Minimum SMSF Amount |
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AMP Bank is a financial services company that was formed in 1849 as the Australian Mutual Provident Society.
AMP was made public in 1998 and now employs more than 5400 staff with over $110 billion in total assets and 820,000 shareholders. The company also includes AMP Capital, one of the largest investment managers in Asia Pacific with operations throughout the world. The bank has a head office in Sydney and provides a number of services, such as financial planning and banking products as well as investment advice through AMP Capital.
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FAQs
The best mortgage to suit your needs will vary depending on your individual circumstances. If you want to be mortgage free as soon as possible, consider taking out a mortgage with a shorter term, such as 25 years as opposed to 30 years, and make the highest possible mortgage repayments. You might also want to consider a loan with an offset facility to help reduce costs. Investors, on the other hand, might have different objectives so the choice of loan will differ.
Whether you decide on a fixed or variable interest rate will depend on your own preference for stability in repayment amounts, and flexibility when it comes to features.
If you do not have a deposit or will not be in a financial position to make large repayments right away you may wish to consider asking a parent to be a guarantor or looking at interest only loans. Again, which one of these options suits you best is reliant on many factors and you should seek professional advice if you are unsure which mortgage will suit you best.