QBANK Standard Variable Loan

Features

Offering higher than average interest rates, the QBANK Standard Variable Rate Home Loan makes up for this with a long list of features for owner-occupier buyers and investors.

For instance, the loan offers a redraw facility that is free to use through internet banking. You can also make additional repayments with no penalty, or top up your loan at the minimum allowed amount.

Some of the other features offered on the QBANK Standard Variable Home Loan include the option for buyers to make their loan transferable to a different property if they move house, known as mortgage portability.

Investors meanwhile may wish to capitalise on an interest only loan with a maximum period of 10 years. Also available is a construction loan for buyers to take out their loan in parts, as construction progresses. 

As with many similar loans, the Standard Variable Rate Home Loan is available to split with a fixed rate loan. 

On the downside, there is no offset account available on this loan.

Who is the QBANK Standard Variable Loan good for?

Such a range of features mean that the Standard Variable Rate Home Loan could be a fit for a number of different buyers and investors.

However, borrowers should factor in the high variable rates and upfront fees before deciding on this loan.

The loan is only available to those working in the police and emergency services industries and their families. For more information about who can become a member read the about the QBANK, below.

Review - What RateCity says

The Standard Variable Loan from QBANK offers some popular loan features. For instance, buyers and investors can both make use of construction and portability features as well as a redraw facility.

But it does come at a cost. The interest rate charged on this loan is considered high by market standards. On top of this, the loan has substantial upfront fees.

QBANK Standard Variable Loan Options

For more information about the QBANK Standard Variable Loan please click the link below.

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Variable Rates from

4.67%

Advertised rate

4.69%

Comparison rate
Pros
  • No ongoing fees.
  • Free redraw facility.
  • Mortgage portability available.
Cons
  • High interest rates.
  • High upfront fees.
  • No mortgage offset account.
Eligibility

Minimum loan $50,000.

Must be a member of the QBANK.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $195.00 - $895.00
  • Discharge fees: $200
  • Ongoing fees: $0

Alongside the Standard Variable Loan’s high rates of interest, buyers will find themselves looking at hefty upfront fees that include the cost of application and a property valuation.

There is no ongoing fee however, and with no charge for use of the redraw feature, the only additional expense is a discharge fee at the end of your loan period. 

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

QBANK is a member-owned banking service operating in and around the city of Brisbane. It was established to offer financial services to police officers, ambulance, fire and health workers, emergency services workers, correctional service officers and government employees and their family members.

Aside from its home loan offering, QBANK offers a range of personal financial services including everyday banking accounts, credit cards, personal loans, insurance and financial planning.

You can also call their customer consultant line throughout the week to talk with an expert.

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