The Mutual Budget Home Loan offers a very low variable interest rate to owner-occupiers and a moderately low variable rate to investors, though all borrowers of this loan must meet the minimum and maximum allowed loan amounts in order to qualify.
You can choose to make your repayments on a weekly, fortnightly, or monthly schedule, which allows you to fit this loan to your income cycle. And if you come into extra funds or have some saved up, you can put them towards making extra repayments any time you’d like, however if you need to redraw these funds from the redraw facility, you will be charged a fee.
There is an option to add loan repayment insurance to your Budget Home Loan which would cover you against any financial duress that might leave you unable to make your repayments, however this is an added cost that you should factor in when thinking about what the total cost of this loan will be for you.
The Budget Home Loan offered by The Mutual may appeal to borrowers who are looking for a simple loan that still offers security and flexibility at a low variable interest rate. The minimum and maximum borrowing amounts can be restrictive, however, if you are within the allowed range, the Budget Home Loan could be a great option for starter home purchases and refinancing.
The Budget Home Loan from The Mutual provides a simple set of features that allow you to reduce your loan term through extra repayments and the security of a redraw facility and optional loan repayment insurance.
You can adapt your Budget Home Loan to your income, however, the minimum and maximum loan amounts might make this more of a straightforward and affordable option if you’re buying in the lower end of the market. It’s always a good idea to make a checklist of everything you need and what you’re looking for in your home loan and to compare these against the pros and cons of this loan before determining its suitability.
The Budget Home Loan from The Mutual offers a range of options to borrowers and can be looked into further at the link below.