Great Rate Fixed Investment Loan (Interest Only) (NSW, ACT & QLD only) 2 Years
Discount Variable Home Loan
special
$0 application feeMake the move to UBank's award winning home loan
2.84%
Variable
2.84%
Owner Occupier Discounted Variable Rate
3.24%
Fixed - 2 years
4.11%
$0
Pros
- No upfront or ongoing fees
- Extra repayments + redraw services
- Free redraw facility
- Repayments will not change during fixed period
Cons
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Maximum LVR 70% | Interest rate structure Fixed - 2 years |
Borrowing range $5k - $100m | Total Repayments |
Principal & interest | Interest only |
Loan term range 0 - 30 years | Offset account No |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Investors |
Applicable States ACT, NSW, QLD | |
Estimated upfront fees $0 | Application fee $0 |
Settlement fee $0 | Valuation fee $0 |
Legal fee At Cost | Ongoing fee $0 |
Discharge fee $300 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Aggregator |
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Since 1945, Greater Bank has been helping Australians build better financial futures. As a member-owned and run mutual bank, all profits are reinvested into the business, which means Greater Bank customers get better value products and services. Greater Bank’s roots are firmly planted in community with a certain percentage of profits put towards supporting the branches’ local communities.
With over 250,000 customers and more than 700 staff, Greater Bank makes customer support a priority. Greater Bank has won numerous awards including the Building Society of the Year, Asia-Pacific Banking & Finance Building Society of the Year and Smart Investor Blue Ribbon Awards Building Society of the Year.
Note: only available to customers in NSW, ACT and QLD.
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FAQs
Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.
This score is based on two main factors – cost and flexibility.
Cost is calculated by looking at the interest rates and fees over the first five years of the loan.
Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.
Real Time RatingsTM also includes the following assumptions:
- Costs are calculated on the current variable rate however they could change in the future.
- Loans are assumed to be principal and interest
- Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
- Break costs are not included.
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.