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Fixed - 5 years
based on $300,000 loan amount for 25 years at 2.79%
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Your estimated repayment
based on $300,000 loan amount for 25 years at 2.79%
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For myBlue Home Loan (Fixed Rate) (Principal and Interest) (LVR < 80%) 5 year
These are the benefits of this home loan.
- Lower than average interest rate
- No upfront or ongoing fees
- 100% full offset account
- Parents can sign as guarantor
- Extra repayments and redraw facility
- Free redraw facility
- Split account option
These are the drawbacks of this home loan.
- Limited extra repayments
- Loan reverts to higher rate after fixed period
- Discharge fee at end of loan
- No repayment holidays
Home loan overview
For myBlue Home Loan (Fixed Rate) (Principal and Interest) (LVR < 80%) 5 year
- Application method
Interest rate type
Fixed - 5 years
$150k - $100m
Loan term range
1 - 30 years
Principal & interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Yes - limited to $10000
100% offset account
Redraw fee: $0
Split interest facility
Repayment holiday available
Available for first home buyers
Total estimated upfront fees
Other upfront fee
Up to 8 100% offset accounts
Compare and review home loans with similar features
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When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
Cash or mortgage – which is more suitable to buy an investment property?
Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.
A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.
Why does Westpac charge an early termination fee for home loans?
The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee.
The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.
Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.
When does Commonwealth Bank charge an early exit fee?
When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.
The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:
- If you switch your loan from fixed interest to variable rate
- When you apply for a top-up home loan
- If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
- When you prepay the entire outstanding loan balance before the end of the fixed interest duration.
The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.
What are the features of home loans for expats from Westpac?
If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.
The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.
How long can you fix a home loan rate for?
Most lenders should let you fix your interest rate for anywhere between one and five years. While rare, a few lenders may offer fixed rate terms for as long as 10 years.
Fixing your home loan interest rate for a longer term can keep your budgeting fairly straightforward, as you shouldn't have to factor in changes to your mortgage repayments if variable rates change, such as when the Reserve Bank of Australia (RBA) changes its rates at its monthly meeting. Additionally, if variable rates rise during your fixed rate term, you can continue to pay the lower fixed rate until the fixed term ends, potentially saving you some money.
Of course, a longer fixed term also means a longer length of time where you may have less flexibility in your home loan repayments. It’s also a longer period where you won’t be able to refinance your mortgage without paying break fees. If variable rates were to fall during this period, you may also be stuck paying a higher fixed rate for a longer period.
What are the benefits of a reverse mortgage from P&B Bank?
A reverse mortgage allows senior homeowners to unlock the equity in their homes. There is no repayment schedule, and the loan is repaid at the time of selling, if you move out or when the homeowner passes away. The interest accumulates on the outstanding amount and is added to what was initially borrowed.
Here are some benefits of applying for a P&B Bank reverse mortgage:
- Flexibility to use the funds as desired; you can travel, pay for medical bills or undertake home improvements or use it for your regular living costs
- A negative equity guarantee ensures the amount you have to repay never exceeds the value of your home
- A reverse mortgage does not have a regular monthly instalment, and you can repay any amount you wish at any point during the loan tenure
- You can choose to withdraw the loan amount as per your requirements
The P&B Bank reverse mortgage amount is based on factors like your age, location of the property, and the loan-to-value ratio (LVR).
Can I borrow extra on my mortgage for furniture?
Yes, you may be able to borrow extra on your mortgage for furniture. This may be done by considering a home equity loan. A home equity loan may allow you to access the equity in your mortgage for furniture via:
- A line of credit – A pre-approved credit limit based on your equity.
- A lump sum payment – Like a persona loan, with equity in your home loan used as security.
If you want to avoid borrowing more money, consider accessing cash deposited into your offset account or drawing down on extra repayments with a redraw facility to fund furniture purchases.
Why should I get a Bankwest pre-approval home loan?
A Bankwest pre-approval home loan will give you a clear idea of how much you can afford to borrow, thus ensuring you restrict your search to houses within your budget. Not only will you save time, but you can also avoid a potential financial disaster if you happen to make an offer or a down-payment on a property and then realise you can’t afford it. A Bankwest pre-approval home loan can also tell the seller that you're serious about the purchase.
At the time of applying for a Bankwest pre-approval home loan, you will need to provide proof of ID, evidence of employment and regular income, details on your expenses, as well as any on-going debts. The lender might make enquiries about your credit rating too. Once you’re pre-approved, you will receive intimation on how much money Bankwest is willing to lend you.
Can I salary sacrifice my home loan?
You can pay for your home loan straight from your pre-tax salary by salary sacrificing. Of course, this will depend on your employer’s policy.
Salary sacrifice for home loans is offered exclusively for owner-occupied properties, so it cannot be used for investments.
Your employer may need to pay Fringe Benefits Tax (FBT), but non-profit organisations are exempt from this tax up to a certain limit. Some organisations may charge you an administrative fee to set this up.
Keep in mind not all lenders accept salary sacrifice payments on your mortgage. Some lenders, like NAB, accept salary sacrificing for home loans.
Salary sacrificing won’t work for everyone, but in certain circumstances there are benefits to paying your home loan from your pre-tax income. These include reduced tax liability and potentially paying off your home loan quicker.
Does Westpac offer loan maternity leave options?
Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one.
Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.
Westpac offers a couple of choices, depending on your circumstances:
- Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year.
- Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.
When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.
What are the benefits of getting a pre-approved home loan from Citibank?
While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:
- You'll have an idea on your personal price range, which can save time to find your home.
- With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
- A Citibank pre-approved home loan is a commitment by a lender that signals you're ready to jump into the property market.
You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.
Is a home equity loan secured or unsecured?
Home equity is the difference between its current market price and the outstanding balance on the mortgage loan. The amount you can borrow against the equity in your property is known as a home equity loan.
A home equity loan is secured against your property. It means the lender can recoup your property if you default on the repayments. A secured home equity loan is available at a competitive rate of interest and may be repaid over the long-term. Although a home equity loan is secured, lenders will assess your income, expenses, and other liabilities before approving your application. You’ll also want a good credit score to qualify for a home equity loan.
How can I qualify for a joint home loan if my partner has bad credit?
As a couple, it's entirely possible that the credit scores of you and your partner could affect your financial future, especially if you apply for a joint home loan. When applying for a joint home loan, if one has bad credit, there may be steps that can help you to qualify even with bad credit, including:
- Saving for a higher deposit, ideally 20 per cent or more. Keep in mind: a borrowed amount of less than 80 per cent of the property value also saves the cost of Lender's Mortgage Insurance (LMI).
- Consistent employment records, regular savings habits, and an economical lifestyle can help prove financial stability and responsibility. These can improve your chances of approval even if there are some negative marks on a credit report.
- Delaying your decision to buy a property until your partner’s credit score improves. Alternatively, you may want to consider a solo application.
While these tips may assist, if you find this overwhelming, consider consulting an expert advisor who can offer personal guidance based on your financial situation.
How to apply for ANZ home loan during maternity leave?
Qualifying for an ANZ home loan while you’re on maternity leave may require some research.
Much like other home loan applications, you'll need to be able to show the lenders that you’ll be able to pay the mortgage instalments on time, even during maternity leave, which can improve chances of your home loan being approved. Your chances improve if you have savings, home equity, or if you receive any government-related benefits.
You’ll likely need to provide no less than three payslips you received before the start of your maternity leave and a letter from your employer, with the letter stating the maternity leave terms such as the date on which you’ll return to work and the kind of employment (full-time, part-time, or casual) when you resume.
Your lender will likely consider the tenure of your maternity leave while assessing your loan application. Lenders also prefer if you are paid while on maternity leave; however, you may receive only half your salary, so the lender may not consider your regular income to determine the loan amount.
How do you qualify for a CBA home loan with casual employment?
Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.
Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like.
Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.
Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.
Can you borrow the deposit for a home loan?
Most lenders will want the majority of your home loan deposit to be made up of ‘genuine savings’ which is income earned from your job. While a small number of lenders may let you use a personal loan or a credit card to help cover the cost of your deposit, this may potentially cost you more in interest, and put your finances at higher risk.
If you haven’t saved a full deposit, it may be possible to effectively borrow the deposit for a mortgage with the help of a guarantor. This is usually a parent of other family member who guarantees your mortgage with the equity in their own property.
It may also be possible to borrow the money for a home loan deposit from a family member (e.g. the Bank of Mum & Dad) or a friend, provided you draw up a formal legal agreement to pay this money back, showing your mortgage lender that you’re taking responsibility.
How fast can you get a home equity loan?
Completing an application for a home equity loan may only take 20 to 30 minutes. It may take a lender anywhere from a day to a few weeks to process and approve your application. This may be affected by your financial situation, your level of equity, and whether or not your lender needs to organise an in-persona valuation of the property.
Before you can apply for a home equity loan, you’ll need to build up some equity in your property. The more money you can put towards extra repayments to reduce your home loan principal, the faster you can increase your equity. Also, if property values in your area increase, this may help deliver an instant equity increase once your property has been valued.
Why do I need to enter my contact details?
We ask for your contact details so we can get in touch with you if you are eligible for a gift card from the Home Loan Rate Promise.
We may also use your information to keep you up to date on future RateCity initiatives and news, if you select this option. You can opt out at any time.
If, after checking how much you could save on a lower home loan rate, you choose to get more help from a home lender or mortgage broker, you can choose to let us pass your contact details directly on to this lender or broker so they can contact you.
How do I get a Suncorp home loan pre-approval?
Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.
You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.
Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.