Newcastle Permanent Premium Variable Loan

Features

Unlike many other variable loans in the market, Newcastle Permanent’s Premium Variable Loan has no upfront fees and no ongoing fees.

One of its top features is its ability to be paired with other Newcastle Permanent loans. For example, you could partner your mortgage with a personal loan to help you manage regular repayments.

It also comes with a 100 per cent offset account and the freedom to make unlimited additional repayments.

There is no minimum amount you need to borrow and you can borrow up to 95 per cent of the property value, subject to lenders mortgage insurance. You can take a repayment holiday if needed.

For a loan period of up to 30 years, you can make weekly, fortnightly or monthly principle and interest, or interest-only repayments on the Premium Variable Loan. As with most mortgages, you need to pay a discharge fee at the end of the loan term. 

Newcastle Permanent also offers portability on this product, which saves you the hassle of refinancing if you decide to sell your original property and purchase a new home or investment.

Who is the Newcastle Permanent Premium Variable Loan good for?

Newcastle Permanent’s Premium Variable Loan is good for anyone who doesn’t like paying fees and wants a fairly flexible loan. There is no minimum amount you need to borrow, which could benefit refinancers, while its interest-only option could suit investors. 

Review - What RateCity says

Newcastle Permanent’s Premium Variable Loan just about ticks all the boxes for a fully-featured variable loan. It doesn’t any charge upfront or ongoing fees, there’s no minimum amount you need to borrow, and you can make unlimited additional repayments at any time. You also have an attached offset account and can take a repayment holiday if necessary.

 

However, in exchange for its suite of features, you do pay a high to very high variable interest rate. The loan may be suitable for borrowers who don’t mind paying a bit of extra interest for a flexible and feature-heavy loan. 

Newcastle Permanent Premium Variable Loan Options

The Premium Variable Loan is a flexible loan with no upfront on ongoing fees, but a high interest rate. 

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Variable Rates from

4.85%

Advertised rate

4.85%

Comparison rate
Pros
  • No minimum loan amount.
  • Repayment holiday.
  • No upfront or ongoing fees.
Cons
  • High interest rate.
  • Limited branch access.
  • Discharge fee.
Eligibility

Minimum five per cent deposit.

Must meet lender’s serviceability criteria. 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $250
  • Ongoing fees: $0

There are no upfront fees or ongoing fees, but a small discharge fee is payable at the conclusion of the loan. 

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

Newcastle Permanent began in 1903, and is recognised as Australia’s largest building society. The absence of shareholders means that profits are reinvested into the lender. 

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