The Beyond Bank Special Low Variable Loan offers borrowers a multitude of features that will assist in minimising loan costs if used effectively.
This includes a 100 per cent offset account and redraw facility which will incur no extra costs. Borrowers will also be able to take advantage of the ability to make unlimited extra repayments over the life of the loan.
Repayments can also be structured in weekly, fortnightly or monthly increments, depending on what is best suited to the borrower. This loan is not for those borrowers who are interested in a split rate or interest only loan as it is offered as a variable rate, principal and interest loan only.
The Beyond Bank Special Low Variable Loan is ideal for refinancers who want to use the equity in their existing loan to snag one of the lowest interest rates on the market. Borrowers who want to switch to a low rate loan but are worried about retaining the features that they use the most in their current loan will also find this loan suitable as it has a range of free features of which they can take advantage.
While this loan offers a great variable interest rate and charges practically no fees it is not easily accessible to most borrowers. This is due to the large deposit required to secure the loan which would be prohibitive for most first home buyers. For this reason, established borrowers looking to refinance will have the best chance of taking advantage of this deal although they must be owner-occupiers.
For those who are able to meet the conditions of this loan there are a range of freely available features that will also sweeten the deal. From a 100 per cent offset account to unlimited extra repayments, the savvy borrower will be able to make the most of these to minimise the total interest paid over the life of the mortgage.
Borrowers who are considering this loan will need to have a reasonably large deposit to meet the borrowing criteria. Loan options can be found in the table below:
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