Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Laine GordonSep 6, 2011( 3 min read )
Fixed Rate Home Loan 5 Years (LVR < 90%)
Smart Home Loan
special
Get one of the lowest variable interest rates on the market and pay no application or ongoing feesGet one of the lowest variable interest rates on the market
Advertised Rate
2.88%
Variable
Comparison Rate*
2.90%
Smart Home Loan
No ongoing feesExtra repayments + redraw services
View NowAdvertised Rate
4.14%
Fixed - 5 years
Comparison Rate*
4.51%
Maximum LVR
90%
Monthly Repayment
$1,607
Pros and Cons
Pros
- No ongoing fees
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
Cons
- Limited extra repayments
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Beyond Bank Fees and Features
Maximum LVR 90% | Interest rate structure Fixed - 5 years |
Borrowing range $10k - $2m Calculate how much you can borrow | Total Repayments $482,100 |
Principal & interest | Interest only |
Loan term range 5 - 30 years | Offset account No |
Extra repayments Allowed with restrictions | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $645 | Application fee $445 |
Settlement fee $200 | Valuation fee $0 |
Legal fee $0 | Ongoing fee $0 |
Discharge fee $350 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Compare and review home loans with similar features
Beyond Bank Australia is a bank that is owned by its customers rather than shareholders. The bank has over 200,000 customers, over 40 bank branches and over 3,000 ATMs Australia-wide. Beyond Bank Australia has headquarters in South Australia, the Australian Capital Territory, Western Australia and New South Wales.
Beyond Bank Australia provides a variety of home loan products with interest rates that tend to range between moderately low and moderately high.
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FAQs
What is the difference between fixed, variable and split rates?
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.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.