Health Professionals Bank

Fixed Home Loan (Interest Only) 2 years

Advertised Rate

2.35%

Fixed - 2 years

Comparison Rate*

4.06%

Maximum LVR
95%
Real Time Rating™

1.72

/ 5
Monthly Repayment

$1,544

based on $350,000 loan amount for 25 years

Advertised Rate

2.35%

Fixed - 2 years

Comparison Rate*

4.06%

Maximum LVR
95%
Real Time Rating™

1.72

/ 5
Monthly Repayment

$1,544

based on $350,000 loan amount for 25 years

Calculate repayment for Health Professionals Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,544

based on $350,000 loan amount for 25 years

MICHAEL KIANG

5.0
7 Reviews

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Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • 100% full offset account
  • Suitable for low deposits
  • No redraw facility
  • Discharge fee at end of loan

Health Professionals Bank Features and Fees

Health Professionals Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$930

Application fee

$600

Valuation fee

$330

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$75

Application method

Online

Phone

Broker

In branch

Other Benefits

Borrow up to 95% of the property value. Loan to value restrictions are applicable to fixed rate home loans with Lenders Mortgage Insurance.

Pros and Cons

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • 100% full offset account
  • Suitable for low deposits
  • No redraw facility
  • Discharge fee at end of loan

Health Professionals Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$930

Application fee

$600

Valuation fee

$330

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$75

Application method

Online

Phone

Broker

In branch

Other Benefits

Borrow up to 95% of the property value. Loan to value restrictions are applicable to fixed rate home loans with Lenders Mortgage Insurance.

FAQs

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

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.

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

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 other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.