Whether you decide to take on a fixed, variable or line of credit option on your Real Loan from Real Home Loans for purchasing, investing or refinancing, you can expect to be paying a competitive, very low interest rate if you have greater than a 20 per cent deposit and a minimum loan amount of $150,000.
Smaller deposits may be subject to higher rates, but you will need to contact this lender in order to determine exactly which rates are available to you. Also, lender’s insurance will present an added cost should you make less than a 20 per cent deposit.
Fixed terms can be from one to five years, from which you will revert to the Real Loan variable rate. Only the variable rate options can be split between variable and fixed portions, for up to a total of six splits.
The 100 per cent offset account is only offered on the Real Loan Variable Rate Offset option and could help you reduce the interest repayments due on your loan through the balance you maintain in this offset savings account. However, the high annual charge for the offset account might outweigh its benefits.
The interest-only period is available on all Real Loan options for up to 10 years, which means you can choose to only make repayments towards your interest while taking time to save up funds or to build equity in your property.
On the line of credit option, however, you only pay the interest due on your loan since the amount you are borrowing with your loan is coming out of the equity in your property. Additionally, you can link up to 10 accounts to your line of credit loan.
While you can make unlimited additional repayments towards your loan balance in order to pay your loan off early, fixed rate customers are limited to how much they can repay and do not have access to the offered redraw facility – which can be used online fee-free for all other customers.
All Real Loan customers have access to discounts on home and contents and landlord’s insurance, which would be a separate added cost to your home loan.
The diversity of the Real Loan could attract just about any potential buyer with the available features and low interest rates. However, the suitability of this loan depends on your borrowing situation and needs since not all features are included in every option under the Real Loan.
Depending on your borrowing needs, the Real Loan options from Real Home Loans could be a great option with its availability of very low variable and fixed interest rates and line of credit option. However, the features are restricted between the different loan options so the features you will have access to depends on which of these option you’re eligible for.
A big downside of the Real Loan is the high annual fee charged for the 100 per cent offset account option, as well as the entry and exit fees charged for every option on this loan.
However, this loan is worth considering since it could be a great option should the features that are available to you tick all of the boxes on your checklist.
The Real Home Loan Real Loan options can be researched further by clicking the corresponding links.