Beyond Bank Fixed Rate Loan

Features

Beyond Bank’s Fixed Rate Loans offer very competitive interest rates from one to five years. Borrowers can make weekly, fortnightly or monthly repayments.

The Beyond Bank Fixed Home Loan has no monthly fees. Another big plus is that you can repay up to $25,000 in additional repayments each year, more than most other lenders allow on fixed mortgages. A redraw facility offers access to any amounts that are paid in addition to regular monthly repayments, though fees apply. Interest only available for terms up to five years, which may attract investors.

You can borrow up to 95 per cent of the value of the property. But you’ll need lenders mortgage insurance if you borrow more than 80 per cent, though this is standard practice.

Beyond Bank offers the option of splitting the loan into fixed and variable rate amounts, so you can combine the stability of a fixed rate of interest with the flexibility of a variable rate of interest.

Another feature is having a repayment holiday, but you’ll pay a fee to do this. Bridging finance is available. Moreover, the lender offers three-months pre-approval, so you can search for your home or property with you fixed loan sealed.

Another draw may be a pre-approved overdraft limit up to $5000 gives you access to extra funds if ever needed.

One downside is that Beyond Bank doesn’t offer longer fixed terms than five years, which the big banks usually do, and some borrowers may prefer to fix for longer to take advantage of low interest rates.

Who is the Beyond Bank Fixed Rate Loan good for?

Beyond Bank’s Fixed Rate Loan is good for those wanting to know what their repayments will be for certain and for what period. The loan would suit first home buyers and other owner-occupiers as well as investors and refinancers wanting a competitive rate with many added conveniences.

Beyond Bank may have added appeal to those wanting a relationship with a small lender offering a more community based and personalised approach to their customers.

Review - What RateCity says

If you want a fixed loan with flexible features, the Beyond Bank mortgages may appeal. Features include generous extra repayments and a redraw facility, though a charge applies. There are no monthly fees and the upfront fee is moderate. While there is limited branch access in comparison to banks, Beyond Bank does provide online and telephone banking assistance. If you’re after a longer fixed loan, however, the five-year maximum on these loans may not meet your needs.

While the pre-approved overdraft offered with the Beyond Bank’s fixed loans might be a bonus for some, it can be a temptation borrowers don’t need. Having a fixed repayment amount and the security it offers could be overridden by extra debt accumulated unintentionally. But all up, given the flexibility of this fixed loan, it may be worthwhile to consider.

Beyond Bank Fixed Rate Loan Options

Decide what suits you with Beyond Bank’s Fixed Rate Loan options for home owners and investors.

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Fixed Rates from

3.99%

Advertised rate

4.66%

Comparison rate
Pros
  • Split loan availability.
  • Extra payments allowed up to $25000 per year.
  • Redraw facility is available.
Cons
  • Fixed terms only up to five years.
  • Limited branches.
  • Fees apply for redraws.
Eligibility

Beyond Banks’s lending criteria applies.

Lenders mortgage insurance is required for loans greater than 80 per cent of the property’s value.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $645.00
  • Discharge fees: $350
  • Ongoing fees: $0

Beyond Bank charges a moderate upfront fee but there are no monthly ongoing fees, helping you to save money from the beginning. A moderate discharge fee must be paid at the end of the loan, which is standard. In addition, extra fees and charges may apply for the redraw facility on this loan and the repayments holiday feature.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Beyond Bank Australia

Beyond Bank is a mutual bank and therefore its profits go back to customers and into community projects. Beyond Bank offers a range of loan and account products and credit card options. The bank has telephone and internet banking facilities and it offers access to over 3000 ATMs nationally.

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