Horizon Bank Basic Variable Loan

Features

The Horizon Bank Basic Variable Loan gives borrowers a few easy-to-manage features designed to provide a little more control over the loan.

Borrowers have the freedom to choose whether they make their repayments every week, every fortnight or every month to accommodate different income cycles and demands.  

Borrowers also have the opportunity to make additional repayments, which could be a useful feature for those looking to pay off their loan fairly quickly or make the most of unexpected income.

The additional repayments offered by the Basic Variable Loan are supported by a redraw facility. This facility allows borrowers to withdraw the funds they have put towards extra repayments if they are needed elsewhere.

The loan also has a 100 per cent offset account, which could serve to further reduce the interest paid by the borrower. 

Who is the Horizon Bank Basic Variable Loan good for?

The Horizon Bank Basic Variable Loan suits borrowers looking for a low rate to help them refinance faster and the flexibility of when they can make their payments. The additional repayments, flexible payment cycle, and redraw facility give borrowers some useful control over their loan.

Review - What RateCity says

The Horizon Credit Union Basic Variable Loan offers borrowers some flexibility when it comes to managing their payments, and the opportunity to use additional repayments and other features to reduce their loan faster than they may otherwise.

All of this is combined with a relatively low variable rate of interest may allow borrowers to pay less than other loans allow.

 

However, borrowers should be aware they would be paying several sets of fees including establishment fees and ongoing fees which they should weigh up against the benefit of the low variable rate. 

Horizon Bank Basic Variable Loan Options

The Horizon Bank Basic Variable Loan offers wide range of options for borrowers, with varying term lengths and loan sizes. 

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Variable Rates from

4.19%

Advertised rate

4.32%

Comparison rate
Pros
  • Additional repayments permitted.
  • Flexible payment options.
  • Redraw facility.
Cons
  • Limited add-ons.
  • Ongoing fees.
  • Not portable.
Eligibility

Australian resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $350.00
  • Discharge fees: $250
  • Ongoing fees: $5 monthly

Borrowers choosing the Horizon Bank Basic Variable Loan can expect to pay a small monthly fee for administration purposes, and upfront fees for establishment of the loan and valuation of the property. Borrowers must also pay a discharge fee when the loan ends. 

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

Horizon Bank was founded in 1964. It has been offering financial services to help support individuals and communities ever since, and endeavours to adhere to a set of values including commitment to people, honesty and integrity, and democracy and cooperation.

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