The first year of your new home loan often presents you with the most hurdles, while you are still finding your feet, and covering expenses. For this reason, a Smart Home Loan provides you with a honeymoon rate for the first 12 months of your loan. This fixed interest rate provides you with the security of knowing what your repayments will be, and still allowing you to budget for those extra expenses which may pop up unexpectedly.
Being a fixed rate for the first 12 months, you will be entitled to make additional repayments of $10,000 per annum (2 x $5,000 payments). Once the loan reverts to a standard variable rate, you can make unrestricted extra repayments.
A free redraw facility is also available. The only stipulations are you must be in advance in your loan repayments and you can only redraw a minimum of $500 at a time. You can also only transfer between your loan account and your primary savings account within the one Membership.
You will also have the ability to borrow 95% of the purchase price, provided Lenders Mortgage Insurance is taken.
Lending criteria, conditions and fees apply. Refer to the Quick Links section for up to date interest rates and other information.