Premium Fixed Rate Investment Loan (Principal and Interest) 2 Years
- Last updated on 01 Apr 2020
Discount Variable Home Loan
special
Rate cut to 2.59% p.a effective on 3 April 2020Make the move to UBank's award winning home loan
2.59%
Variable
2.59%
Owner Occupier Discounted Variable Rate
4.00%
Fixed - 2 years
4.86%
$1,194
based on $300,000 loan amount for 25 years
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
Maximum LVR 90% | Interest rate structure Fixed - 2 years |
Borrowing range $10k - $5m | Total Repayments $429,840 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account Partial offset account |
Extra repayments Allowed with restrictions | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Investors |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $835 | Application fee $600 |
Settlement fee $235 | Valuation fee $0 |
Legal fee $0 | Ongoing fee $0 |
Discharge fee $500 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
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CUA is the largest credit union in Australia, with almost half a million customers. CUA is owned by these customers, and not by shareholders.
CUA’s origins date back to 1946 when two small credit unions opened and joined forces to offer fairer deals than the banks. Since then, there’s been a series of amalgamations and today CUA is made up of 171 credit unions.
Formerly known as Credit Union Australia, in 2007 to rebranded to just CUA.
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FAQs
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.