SERVICE ONE Alliance Bank Home Plus Loan

Features

The Service One Alliance Bank HomePlus Loan allows customers to use the equity in their home as a multi-purpose account and can be accessed through ATM, credit, cheque and VISA.

Customers can borrow up to 80 per cent of the value of their property and repayments can be made weekly, fortnightly or monthly as either principal and interest or interest-only.

Additional repayments are also permitted and an offset account is also included for those looking to use their savings to minimise the amount of interest owed on the loan.

The loan can be split between fixed-rate variable loans and customers have the ability to increase the loan amount via a top-up facility.

There is also a portability option for those looking to transfer their loan to a new property, as well as a construction loan option.

Who is the SERVICE ONE Alliance Bank Home Plus Loan good for?

The Service One Alliance Bank HomePlus Loan is good for homeowners wanting to use their home equity to access a large line of credit for renovation, construction or other purposes.

The ability to make interest-only payments may suit investors also wanting access to a line of credit for renovation or investment purposes.

Review - What RateCity says

The Service One Alliance Bank HomePlus Loan is a variable rate loan that allows customers to use the equity in their property as security for a line of credit loan.

It offers a variable interest rate with the ability to make additional repayments and use savings to offset the interest owed, which may suit homeowners looking for a line of credit with flexibility in how and when it is repaid.

The loan charges high upfront fees and an ongoing monthly fee, which may make it more suitable for homeowners wanting frequent access to a line of credit, or planning renovations or construction in the near future.

However, the loan functions much like a large credit card, so it’s important to be disciplined in how and when the line of credit is used, as the relatively higher interest rates may result in more being repaid over the life of the loan.

SERVICE ONE Alliance Bank Home Plus Loan Options

The Service One Alliance Bank HomePlus Loan is a line of credit offered to owner-occupiers and investors as a variable rate loan.

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Variable Rates from

4.95%

Advertised rate

5.14%

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Pros
  • Flexible repayment options.
  • Offset account.
  • Split loan option.
Cons
  • Upfront and ongoing fees.
  • Can only borrow 80 per cent of property value.
  • Limited branch access.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet SERVICE ONE’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $700.00
  • Discharge fees: $200
  • Ongoing fees: $12 monthly

The Service One Alliance Bank HomePlus Loan charges large upfront fees and an ongoing monthly fee. Borrowers will also pay a moderate discharge fee at the end of the loan term, as well as a portability or split loan fee if applicable.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About SERVICE ONE Alliance Bank

SERVICE ONE Alliance Bank is a member-owned subsidiary of Bendigo Bank with branches throughout the ACT and NSW.

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