Built on simplicity, Delphi Bank’s Complete Home Loan is not overburdened with features. Despite that, Delphi charges a relatively high interest rate on the loan and a very high upfront fee that will sting any borrower, whether first home buyer, owner-occupier or investor.
Extra repayments are allowed with this loan. It is also possible to split your equity between a variable and fixed rate loans, if you like to have some certainty of repayments.
Loan terms are up to 30 years and you also get a redraw facility to access any extra repayments through a branch or internet banking. The loan offers flexible repayment options, including fortnightly and monthly repayments.
However, the extras are few, despite the high interest rate. There is no offset account, which makes it more difficult to reduce interest costs.
You get the option of interest only repayments available for up to five years and loan terms up to 30 years. The loan is suitable for owner-occupier or investors.
This Basic Home Loan may suit owner-occupiers, investors and refinancers. Since the loan offers basic features, it may be particularly suitable for first home buyers that don’t have much spare cash to put into an offset account. Otherwise, investors may not be so put off by the fees since the may be able to write them off against their taxable income.
The simple nature of the Delphi Bank Complete Home Loan is likely to appeal to inexperienced first time buyers, though the actual cost over time in the form of a higher interest rate and ongoing fees could seriously detract from its value. Whether it be an investor or a home buyer with plenty of equity, additional payments will be necessary to bring interest costs down and save you money. Those looking to refinance would perhaps be better served putting their money into a loan with a much lower rate of interest.
The Complete Home Loan comes with a standard payment format over a maximum 30 year period and can be used as part of a combination with a fixed rate loan.
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