Health Professionals Bank home loan repayment calculator

Thinking about taking out a home loan with Health Professionals Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Health Professionals Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.55 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Health Professionals Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.55%

Intro 12 months

$930

3.04%

$0
Health Professionals Bank
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3.02%

Variable

$930

3.06%

$300 annually
Health Professionals Bank
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3.04%

Variable

$750

3.08%

$0
Health Professionals Bank
More details

3.07%

Variable

$930

3.11%

$300 annually
Health Professionals Bank
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3.17%

Variable

$930

3.11%

$300 annually
Health Professionals Bank
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3.22%

Variable

$930

3.16%

$300 annually
Health Professionals Bank
More details

3.19%

Variable

$930

3.23%

$0
Health Professionals Bank
More details

2.79%

Fixed - 5 years

$930

3.77%

$0
Health Professionals Bank
More details

2.19%

Fixed - 3 years

$930

3.85%

$0
Health Professionals Bank
More details

3.83%

Variable

$930

3.87%

$300 annually
Health Professionals Bank
More details

2.79%

Fixed - 4 years

$930

3.88%

$0
Health Professionals Bank
More details

3.09%

Fixed - 5 years

$930

3.89%

$0
Health Professionals Bank
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3.09%

Fixed - 5 years

$930

3.91%

$0
Health Professionals Bank
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2.49%

Fixed - 3 years

$930

3.92%

$0
Health Professionals Bank
More details

2.49%

Fixed - 3 years

$930

3.94%

$0
Health Professionals Bank
More details

2.64%

Fixed - 3 years

$930

3.97%

$0
Health Professionals Bank
More details

3.24%

Fixed - 5 years

$930

3.97%

$0
Health Professionals Bank
More details

3.09%

Fixed - 4 years

$930

3.98%

$0
Health Professionals Bank
More details

3.09%

Fixed - 4 years

$930

4.00%

$0
Health Professionals Bank
More details

2.19%

Fixed - 2 years

$930

4.02%

$0
Health Professionals Bank
More details

3.24%

Fixed - 4 years

$930

4.04%

$0
Health Professionals Bank
More details

4.28%

Variable

$930

4.04%

$300 annually
Health Professionals Bank
More details

2.49%

Fixed - 2 years

$930

4.07%

$0
Health Professionals Bank
More details

2.49%

Fixed - 2 years

$930

4.08%

$0
Health Professionals Bank
More details

2.64%

Fixed - 2 years

$930

4.11%

$0
Health Professionals Bank
More details

2.19%

Fixed - 1 year

$930

4.21%

$0
Health Professionals Bank
More details

2.49%

Fixed - 1 year

$930

4.23%

$0
Health Professionals Bank
More details

2.49%

Fixed - 1 year

$930

4.24%

$0
Health Professionals Bank
More details

2.64%

Fixed - 1 year

$930

4.25%

$0
Health Professionals Bank
More details

4.24%

Variable

$930

4.28%

$300 annually
Health Professionals Bank
More details

4.28%

Variable

$930

4.29%

$300 annually
Health Professionals Bank
More details

4.16%

Variable

$0

4.41%

$0
Health Professionals Bank
More details

4.37%

Variable

$930

4.41%

$0
Health Professionals Bank
More details

4.37%

Variable

$750

4.41%

$0
Health Professionals Bank
More details

4.52%

Variable

$930

4.47%

$0
Health Professionals Bank
More details

4.52%

Variable

$930

4.47%

$0
Health Professionals Bank
More details

Learn more about Health Professionals Bank

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

How do guaranteed home loans work?

A guaranteed home loan involves a guarantor (often a parent) promising to pay off a mortgage if the principal borrower (often the child) fails to do so. The guarantor will also have to provide security, which is often the family home.

The principal borrower will usually be someone struggling to find the money to enter the property market. By partnering with a guarantor, the borrower increases their financial power and becomes less of a risk in the eyes of lenders. As a result, the borrower may:

  • Qualify for a mortgage that they would have otherwise been denied
  • Not be required to pay lender’s mortgage insurance (LMI)
  • Be charged a lower interest rate
  • Be charged less in fees

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is a variable home loan?

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.

How can I negotiate a better home loan rate?

Negotiating with your bank can seem like a daunting task but if you have been a loyal customer with plenty of equity built up then you hold more power than you think. It’s highly likely your current lender won’t want to let your business go without a fight so if you do your research and find out what other banks are offering new customers you might be able to negotiate a reduction in interest rate, or a reduction in fees with your existing lender.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time.