Queensland Country Bank

Line of Credit

Real Time Rating™

1.30

/ 5
Advertised Rate

4.94%

Variable

Comparison Rate*

5.07%

Maximum LVR
Less than 80%
Real Time Rating™

1.30

/ 5
Monthly Repayment

$1,599

based on $300,000 loan amount for 25 years

Calculate repayment for Queensland Country Bank product

Advertised Rate

4.94%

Variable

Comparison Rate*

5.07%

Maximum LVR
Less than 80%
Real Time Rating™

1.30

/ 5

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,599

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

    • No redraw and no offset
    • Not available for first home buyers
    • Ongoing fee
    • Maximum loan amount is limited to 79.9999% of the property's value

    Queensland Country Bank Features and Fees

    Queensland Country Bank Features and Fees

    Details

    Maximum LVR

    Less than 80%

    Total Repayments

    Next LVR

    Interest rate type

    Variable

    Borrowing range

    Suitable for

    Line of Credit, Owner Occupiers

    Loan term range

    1 - 30 years

    Principal & interest

    Interest only

    Applicable states

    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

    $500

    Application fee

    $250

    Valuation fee

    $0

    Settlement fee

    $250

    Other upfront fee

    $0

    Ongoing fee

    $100 annually

    Discharge fee

    $0

    Application method

    Online

    Phone

    In branch

    Pros and Cons

      • No redraw and no offset
      • Not available for first home buyers
      • Ongoing fee
      • Maximum loan amount is limited to 79.9999% of the property's value

      Queensland Country Bank Features and Fees

      Details

      Maximum LVR

      Less than 80%

      Total Repayments

      Next LVR

      Interest rate type

      Variable

      Borrowing range

      Suitable for

      Line of Credit, Owner Occupiers

      Loan term range

      1 - 30 years

      Principal & interest

      Interest only

      Applicable states

      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

      $500

      Application fee

      $250

      Valuation fee

      $0

      Settlement fee

      $250

      Other upfront fee

      $0

      Ongoing fee

      $100 annually

      Discharge fee

      $0

      Application method

      Online

      Phone

      In branch

      FAQs

      How does a line of credit work?

      A line of credit functions in a similar way to a credit card. You have a pre-approved borrowing limit and can draw on as little or as much of that sum as you need it, with interest paid on the outstanding balance.

      Popular products include Commonwealth Bank Viridian Line of Credit, ANZ Equity Manager, Westpac Equity Access and NAB Flexiplus.

      What is a credit file?

      A comprehensive summary of your credit history from an authorised credit reporting agency.

      It includes your credit details, credit taken in the last five years, any default payments or credit infringements, arrears, repayment history, bankruptcy filings and a list of credit applications (including unapproved credit applications) in addition to your personal details.

      Does Australia have no cost refinancing?

      No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

      Can I change jobs while I am applying for a home loan?

      Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

      If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

      Can I get a home loan if I am on an employment contract?

      Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

      If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

      Will I have to pay lenders' mortgage insurance twice if I refinance?

      If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

      If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

      Is there a limit to how many times I can refinance?

      There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

      However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

      Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

      I have a poor credit rating. Am I still able to get a mortgage?

      Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

      I can't pick a loan. Should I apply to multiple lenders?

      Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

      Will I be paying two mortgages at once when I refinance?

      No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

      If I don't like my new lender after I refinance, can I go back to my previous lender?

      If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

      Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

      Can I refinance if I have other products bundled with my home loan?

      If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

      How do I know if I have to pay LMI?

      Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

      If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

      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.

      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.

      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

      What is breach of contract?

      A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

      What happens when you default on your mortgage?

      A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

      If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

      You may also want to talk to a financial counsellor. 

      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.

      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.