The Horizon Credit Union Platinum Loan has a range of features including the ability to make extra repayments for free to help pay off your loan sooner. The loan also includes a redraw facility so if you decide you need to use this cash down the track, you can redraw these funds at any time.
Horizon’s Platinum Loan lets you split your loan with a fixed rate option if you want some certainty in your mortgage repayments. You also have the ability move your loan across to another property if you need to.
Using this loan for construction purposes is also an option, and is offered to both owner-occupiers and investors.
A small deposit of five per cent is all that is needed in order to secure this loan, however lender’s mortgage insurance is due on loans with any deposit size smaller than 20 per cent and the total minimum amount you must borrowing to be eligible for this loan is $150,000.
Fee-free transaction banking is an included package feature of the Platinum Loan along with fee-free Visa debit and credit cards. Motor home and contents insurance discounts are also applied on your Platinum Loan for the first year.
The small deposit requirement may well catch the interest of first time buyers looking for a simple yet flexible loan to get themselves into the property market. This loan might also be good for an existing Horizon Credit Union customer who wants the ease of having their credit cards, transaction account and insurance with the one provider.
The Platinum Loan is best suited for borrowers who have already decided to bank through Horizon Credit Union and who want the added financial services and products offered with this package deal, since you will be paying an annual fee for access to these.
However, despite the perks and fee waivers, this loan does come with some downsides. People looking for a low rate will be disappointed with this product as it doesn’t compete with some of the lenders offering rock bottom rates.
As with any major financial decision, it’s a good idea to weigh the pros and cons of this loan with other options that meet your borrowing criteria.
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