Auswide Bank Plus Loan

Features

The main feature of Auswide Bank Plus Loan is the flexibility that if offers customers in the way they repay their loan. Customers of this loan can make repayments weekly, fortnightly or monthly, take a repayment holiday, make early repayments with the option to make them as a lump sum, and to redraw these payments, though redrawing is subject to a fee.

There is also pre-approval availability so you can show agents that you’re able to purchase and to see how much you can afford. If you have trouble making your repayments on this loan, you can be protected if you choose the available mortgage repayment insurance for this loan. A 100 per cent offset account is available to help you pay of your loan faster than your term by offsetting your interest with a transaction account, however there is a monthly fee for this option which is waived for Freedom Package users.

When you package the Auswide Bank Plus Loan with the Freedom Package, you receive a discount on your home loan interest rate and discounts on a range of Auswide Bank financial products including bank, insurance and credit card fees. However, this package is subject to an annual fee. A main downside of the Auswide Bank Plus Loan is that it has a moderately high variable interest rate, which will add to the long term cost of the loan significantly.

Who is the Auswide Bank Plus Loan good for?

The Auswide Bank Plus Loan is good for investors and owner-occupiers who are looking for flexible options in the way they repay their home loan.

It’s also a good option for borrowers who are looking for a loan with a range of features and the benefits you receive when you package your loan with the financial products offered by Auswide Bank.

Review - What RateCity says

This home loan is a good option for people who are looking to have a range of features and benefits. The Auswide Bank Plus Loan gives you many different options for making repayments, so it’s great if you’d like to be able to choose how you repay, whether it be for your payment schedule, early repayments, lump sum repayments or for redrawing any early repayments you make.

However, the high interest rate is the main con of this loan so it’s worthwhile to look into the features and benefits offered by the Auswide Bank Plus Loan to see if it outweighs the high interest rate and to see if the discount on your interest rate and the financial products offered by the Freedom Package are worth paying the annual rate charged for having this package.

Auswide Bank Plus Loan Options

The Plus Loan offered by Auswide Bank has a range of features for owner-occupiers and investors. Click the links below to find out more information about both of these options.

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Variable Rates from

5.04%

Advertised rate

5.19%

Comparison rate
Pros
  • Early repayments and lump sum payments allowed.
  • 100 per cent offset account available.
  • Packaging option with Auswide Bank.
Cons
  • High variable interest rate.
  • Moderate upfront cost.
  • Redraw facility fees.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

The Auswide Bank Plus Loan charges a moderate to moderately high amount in upfront fees and an average monthly account-keeping fee, though there is no discharge fee at the completion of your loan.

There is a monthly fee if you choose a 100 per cent offset account, but if you opt for the Freedom Package this fee is waived, however, there is an annual fee for the Freedom Package.

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

Auswide Bank, previously Wide Bay Australia, is a smaller Australian bank with personal and business financial products offered directly or through partnership with other service providers. Auswide Bank offers in-person banking at branch locations in Queensland and at select Australia Post locations across Australia, as well as through online banking.

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