BDCU Alliance Bank

1 year Fixed Investment Loan (Interest Only)

Advertised Rate

3.09%

Fixed - 1 year

Comparison Rate*

5.32%

Maximum LVR
80%
Real Time Rating™

1.38

/ 5
Monthly Repayment

$1,279

based on $300,000 loan amount for 25 years

Advertised Rate

3.09%

Fixed - 1 year

Comparison Rate*

5.32%

Maximum LVR
80%
Real Time Rating™

1.38

/ 5
Monthly Repayment

$1,279

based on $300,000 loan amount for 25 years

Calculate repayment for BDCU Alliance Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,279

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

    • No redraw and no offset
    • Ongoing fee
    • Maximum loan amount is limited to 80% of the property's value
    • No repayment holidays

    BDCU Alliance Bank Features and Fees

    BDCU Alliance Bank Features and Fees

    Details

    Maximum LVR

    80%

    Total Repayments

    Next LVR

    Interest rate type

    Fixed - 1 year

    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

    Split interest facility

    Loan portable

    Repayment holiday available

    Allow guarantors

    Available for first home buyers

    Fees

    Total estimated upfront fees

    $650

    Application fee

    $650

    Valuation fee

    $0

    Settlement fee

    $0

    Other upfront fee

    $0

    Ongoing fee

    $8 monthly

    Discharge fee

    $0

    Application method

    Online

    Phone

    Broker

    In branch

    Pros and Cons

      • No redraw and no offset
      • Ongoing fee
      • Maximum loan amount is limited to 80% of the property's value
      • No repayment holidays

      BDCU Alliance Bank Features and Fees

      Details

      Maximum LVR

      80%

      Total Repayments

      Next LVR

      Interest rate type

      Fixed - 1 year

      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

      Split interest facility

      Loan portable

      Repayment holiday available

      Allow guarantors

      Available for first home buyers

      Fees

      Total estimated upfront fees

      $650

      Application fee

      $650

      Valuation fee

      $0

      Settlement fee

      $0

      Other upfront fee

      $0

      Ongoing fee

      $8 monthly

      Discharge fee

      $0

      Application method

      Online

      Phone

      Broker

      In branch

      FAQs

      How is the flexibility score calculated?

      Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

      How does a redraw facility work?

      A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

      How much deposit do I need for a home loan from NAB?

      The right deposit size to get a home loan with an Australian lender will depend on the lender’s eligibility criteria and the value of your property.

      Generally, lenders look favourably on applicants who save up a 20 per cent deposit for their property This also means applicants do not have to pay Lenders Mortgage Insurance (LMI). However, you may still be able to obtain a mortgage with a 10 - 15 per cent deposit.  

      Keep in mind that NAB is one of the participating lenders for the First Home Loan Deposit Scheme, which allows eligible borrowers to buy a property with as low as a 5 per cent deposit without paying the LMI. The Federal Government guarantees up to 15 per cent of the deposit to help first-timers to become homeowners.

      Mortgage Calculator, Repayment Type

      Will you pay off the amount you borrowed + interest or just the interest for a period?

      How long does NAB home loan approval take?

      The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

      Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

      NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

      Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. 

      Mortgage Calculator, Loan Term

      How long you wish to take to pay off your loan. 

      Mortgage Calculator, Interest Rate

      The percentage of the loan amount you will be charged by your lender to borrow. 

      Mortgage Calculator, Loan Results

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

      What is breach of contract?

      A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

      What is the ratings scale?

      The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

      Do other comparison sites offer the same service?

      Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

      What is bridging finance?

      A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

      Usually, these loans have higher interest rates and a shorter repayment duration.

      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 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.

      Does Real Time Ratings' work for people who already have a home loan?

      Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

      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.

      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.

      Mortgage Calculator, Deposit

      The proportion you have already saved to go towards your home. 

      Does each product always have the same rating?

      No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

      • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
      • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
      • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

      Mortgage Calculator, Repayments

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