Hunter United’s Basic Variable Loan is for those looking for a simple home loan with basic, no-frills features such as the ability to pay your loan off early through making additional repayments with the flexibility of being able to redraw these funds through the offered redraw facility should you need to re-access them.
However, you can only make redraws for free once a month online and you will have to pay a fee for redrawing more than once a month or if you go into a branch for a staff-assisted redraw.
A variable interest rate is applied on this particular product, which provides the opportunity to take advantage of any dips in the market due to fluctuations. However, the interest rate offered is moderately high and you do run the risk of a rate increase should interest rates rise.
The Hunter United Basic Variable Loan lacks a 100 per cent offset account facility to help you reduce your interest payments, however, you can make lump sum repayments on this loan, which could help reduce your loan term as well as the interest due on your loan.
Even with the options to make weekly, fortnightly and monthly repayments, if making your repayments becomes too much because of a change in your financial situation, you can take a repayment holiday.
A minimum loan amount of $100,000 dollars will get you started on the Basic Variable Loan as long as you at least have a five per cent deposit on your property. While a small deposit can be an attractive option for first home buyers, be sure you calculate the cost of lender’s insurance if you’re making less than a 20 per cent deposit. Investors should also be aware they are likely to need a bigger deposit.
The Hunter United Basic Variable Loan could be suited to those not wanting a complicated loan, but still needing a few features to make for flexible repayment options.
Keep in mind that you must be a Hunter United member in order to take out a home loan with this lender, or meet the eligibility criteria and become a member before you can move forward with the application process.
The Hunter United Basic Variable Loan requires a small deposit for people planning to live in the home they own, which could make this an appealing option for anyone just getting started in the market. It’s also ideal for people who like banking with a smaller lender who is member-based.
However, the moderately high interest rate and moderate fees might be a deal breaker for some. It’s worth tallying up the pros and cons of this loan to see if they stack up against your needs.
Learn about how the Hunter United Basic Variable Loan can serve you at the link provided below.