The Fixed Rate Loan offers new customers a special one year discounted interest rate, which then reverts to Horizon Bank’s competitive fixed rate applicable for the rest of your fixed loan term. Your loan term may be up to a period of up to five years. Once it has concluded, the rate reverts to the Horizon Bank Basic Home Loan standard variable rate.
Unlike some other fixed rate home loans, this product allows you to make as many additional repayments as you like during your term, as long as you don’t pay off the loan off in full. Fees also apply if you make a lump payment of more than $30,000.
The Fixed Rate Loan offers a redraw facility, which is handy if you do make additional repayments. You won’t be able to setup a 100 per cent offset account for this home loan.
The Fixed Rate Loan is good for borrowers seeking predictability in an unpredictable market. That applies to first home buyers, owner-occupiers, investors and refinancers. With a fixed rate mortgage your repayments remain the same throughout the loan term.
The Fixed Rate Loan is a straightforward mortgage that offers borrowers predictability. From start to finish repayments are the same if you wish. You can also make extra repayments and redraw on them at any time.
There are no ongoing bank fees, so after you have established the home loan for a moderate fee, you only need to be aware of two other fees: If you make a lump sum of more than $30,000 in one year you will be charged and you will also pay a discharge fee at the loan’s conclusion.
Borrow up to 80 per cent of the property’s value for up to five years.