The Teachers Interest Only Home Loan is designed for a wide range of purposes with repayments due only on the interest charged on this loan.
This main downside of this product is the high variable interest rate which will add up over the life of your loan and could turn out to be fairly costly.
There is however the option to split your loan so you can take advantage of a lower-rate product offered by UniBank while still being able to pay interest-only on a portion of the loan.
Features of the UniBank Teachers Interest Only Loan include the choice to repay your loan faster with additional repayments and a 100 per cent offset account, with the ability to redraw any of your early repayments without being charged a fee.
In addition to having access to your additional repayments, you can take a repayment pause if you need time out from making your loan repayments or if something happens and you need a breather.
You can borrow up to a maximum of 95 per cent of you property’s value, which means you’ll only have to make a five per cent deposit however you will need to pay lenders mortgage insurance if your deposit is less than 20 per cent.
You can top up the amount of your loan which could come in handy if you need more money for renovations or the building of your home, but be advised that each time you top up you will be charged a fee.
This loan is designed with renovators, builders and investors in mind, due to the interest-only terms.
If you are looking for an interest-only loan and happy to pay a higher variable rate for the privilege then the UniBank Teachers Interest Only Loan could be an option worth exploring.
As with any interest-only loan, it’s worth assessing what your short and long term goals are and what the cost of this loan will be over both of these periods, to see if this option is best suited to your financial needs and goals.
Find out more information about the UniBank Teachers Interest Only Loan at the link provided below.
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