The Special Value Plus Home Loan offered by Horizon Bank features flexible repayment and redrawing options and is available for new home loans only.
Repayments can be made weekly, fortnightly or monthly and interest is calculated daily but charged monthly.
Customers of this home loan can also make lump sum early repayments free of charge and can also use the redraw facility to redraw any of these extra repayments, however doing so is subject to a fee.
There is no 100 per cent offset account available with this home loan, which means you do not have the option of offsetting your interest by using a transaction account.
The variable interest rate charged by this loan is very to moderately low, which makes it an attractive option when combined with the repayment flexibility.
This home loan also offers a top up facility if you need to increase the amount of your loan as well as loan repayment insurance.
However, there is a minimum amount that you must borrow to qualify for this loan. You can borrow up to 95 per cent of a property’s value, with any amount over 80 per cent subject to lenders mortgage insurance.
The Special Value Plus Home Loan offers a flexible repayment schedule which makes this loan a good option for people who need a repayment schedule that suits their income cycle, but still want the flexibility of a variable rate.
This loan is offered to both owner-occupiers and investors who are applying for the Special Value Plus Home Loan as a new loan and is only open to members of Horizon Bank.
Since the Horizon Credit Union Special Value Plus Home Loan offers a very to moderately low variable interest rate, it is an attractive option for people who can make variable monthly repayments but also would like flexibility in their repayment schedule.
This loan also features the ability to make lump sum repayments and early repayments with the ability to redraw these extra repayments in the redraw facility, though doing so is subject to a fee.
With the moderate to moderately high amount charged in establishment fees, the ongoing fee and discharge fee, it is a good idea to see if this loan meets your needs and deciding whether the fees outweigh the benefit of a low interest rate.
To find out more about the Horizon Bank Special Home Loan, click the link below.
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