Australian Unity

Wealth Builder Package Investment Loan Fixed (Principal and Interest) 5 Years (LVR < 90%)

Advertised Rate

3.15%

Fixed - 5 years

Comparison Rate*

3.61%

Maximum LVR
Less than 90%
Real Time Rating™

1.99

/ 5
Monthly Repayment

$1,289

based on $300,000 loan amount for 25 years

Advertised Rate

3.15%

Fixed - 5 years

Comparison Rate*

3.61%

Maximum LVR
Less than 90%
Real Time Rating™

1.99

/ 5
Monthly Repayment

$1,289

based on $300,000 loan amount for 25 years

Calculate repayment for Australian Unity product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,289

based on $300,000 loan amount for 25 years

MICHAEL KIANG

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Pros and Cons

Pros and Cons

  • No upfront fees
  • Parents can sign as guarantor
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Australian Unity Features and Fees

Australian Unity Features and Fees

Details

Maximum LVR

Less than 90%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$399 annually

Discharge fee

$375

Application method

Online

Phone

Broker

In branch

Other Benefits

Annual Fee waived on credit card product, 10% discount on Australian Unity health insurance over for new customers, $100 once off Allianz insurance credit when landlord policy is purchased through Australian Unity, 12 months of Emergency Home Assistance (value $123) free when you take out a new Allianz Home Building, Contents or Landlord policy through Australian Unity.

Pros and Cons

  • No upfront fees
  • Parents can sign as guarantor
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan

Australian Unity Features and Fees

Details

Maximum LVR

Less than 90%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$399 annually

Discharge fee

$375

Application method

Online

Phone

Broker

In branch

Other Benefits

Annual Fee waived on credit card product, 10% discount on Australian Unity health insurance over for new customers, $100 once off Allianz insurance credit when landlord policy is purchased through Australian Unity, 12 months of Emergency Home Assistance (value $123) free when you take out a new Allianz Home Building, Contents or Landlord policy through Australian Unity.

FAQs

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

What is a fixed home loan?

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.