The EasyPay Home Loan has a high variable interest rate that is offered to both investors and owner-occupiers, which means you’ll be paying a high amount of interest for each of your repayments throughout the life of your loan.
However, as the name of this loan suggests, your repayments are on a flexible schedule since you can choose to make weekly, fortnightly or monthly repayments and you have the ability to pay off this loan faster than your loan term with the choice to make early repayments.
If you need to redraw any of the extra repayments you’ve made on your loan, you will have free access to do so through the redraw facility.
Another way you can save money is through the 100 per cent offset account, which offsets your interest through the balance of this transaction account.
You don’t have to make a large deposit in order to qualify for this loan, since you can borrow up to 95 per cent of your property’s value. However, there is a minimum amount that you must be borrowing on this loan in order to be eligible, so be sure you’re within this range before you decide this is the loan for you.
The EasyPay Home Loan is available to both owner-occupiers and investors and could be suitable for either borrower.
While this loan has a range of features to help you minimise your interest repayments and pay your loan off sooner, the variable rate of interest is high, as are the fees so it is worth doing your research in order to determine if this loan stacks up.
More information about the P&N Bank EasyPay Home Loan can be found at the link provided below.