One of the great upsides to the Australian Financial Pinnacle Prime Home Loan is that you will have to pay $0 in ongoing fees throughout your loan term, and while this can save you loads, the high variable interest rate might outweigh this pro.
However, the 100 per cent offset account provided with the Pinnacle Prime Home Loan will allow you to reduce the interest owed on your loan since any savings deposited into this account will directly offset the amount of interest owed, reducing the amount of interest you must pay.
Making early repayments towards your Pinnacle Prime Home Loan could also help to reduce the amount you must pay over the course of your loan, since you can reduce the number of months and even years left on your loan term. And, you can have the security of knowing you can redraw upon these repayments through the redraw facility.
You can further structure how you repay this loan based on your needs since you can choose to make monthly, fortnightly or weekly repayments and you are also able to choose to make interest-only repayments for a period, typically an attractive option for investors.
This loan could be a great option for non-Australian residents since it is open to foreign citizens who generally have more limited options when looking for a home loan.
The Pinnacle Prime Home Loan could suit borrowers looking for a simple and straightforward home loan that provides the opportunity to reduce interest and refinance relatively quickly. Although, the high amount of upfront fees and high interest rate may better suit borrowers with more saved up to cover these costs.
The Pinnacle Prime Home Loan may not have a large number of features, but if you are looking for something simple and easy to manage that will limit a number of decisions that must be made while having the opportunity to save might find it appealing.
However, with the high upfront cost and high variable interest rate, it’s worth doing the maths to calculate how much this loan will end up costing you before making a decision on its suitability.
The Australian Financial Pinnacle Prime Home Loan can be researched at the link provided.