UniBank Teachers Interest Only Loan

Features

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.

Who is the UniBank Teachers Interest Only Loan good for?

This loan is designed with renovators, builders and investors in mind, due to the interest-only terms.

Review - What RateCity says

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.

UniBank Teachers Interest Only Loan Options

Find out more information about the UniBank Teachers Interest Only Loan at the link provided below.

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Variable Rates from

5.28%

Advertised rate

4.92%

Comparison rate
Pros
  • 100 per cent offset account.
  • Loan portability.
  • Repayment holiday option.
Cons
  • High variable interest rate.
  • Moderately high establishment fee.
  • Discharge fee.
Eligibility

Must be a member of UniBank.

Must be over 18 years of age.

Must be an Australian citizen or permanent resident.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $930.00
  • Discharge fees: $75
  • Ongoing fees: $0

There are no ongoing fees associated with this home loan, but you will pay a moderately high amount in upfront fees for establishing your Teachers Interest Only Home Loan, and a fee when you exit your loan at the end of your term.

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

UniBank is a member-owned bank consisting largely of people in tertiary or post-secondary education or the wider education sector. UniBank branches are located only within Western Australia but banking is available online, on the UniBank mobile app and over the phone.

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