Mortgage Secured Overdraft
- Last updated on 12 Jul 2020
based on $300,000 loan amount for 25 years
- No ongoing fees
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$30k - $2m
Principal & interest
Loan term range
1 - 30 years
Unlimited extra repayments
Redraw fee: $0
Allows split interest
Investors, Line of Credit, Owner Occupiers
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
Compare and review home loans with similar features
Formerly known as Queensland Police Credit Union, QBank was first established in 1964 to service the economic and social needs of officers in the police force. In the years that followed, membership was open to other government sectors which included fire-fighters, ambulance officers, SES personnel and public sector staff. QBank now aims to address the needs of its members by offering financial advice, competitive loans, savings accounts and various other services and products.
QBank Home Loan Calculator
Interested in an QBank home loan? RateCity has a suite of calculators that can show you what your repayments would be and how QBank compares to its competitors. Simply plug in your borrowing amount below.
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.
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 wit