Highlights
- Application fee: $0
- Legal fee: $0
- Loan is portable
- Service fee: $0 per annum
- Settlement fee: $0
- Valuation fee: $0 (for first valuation - $275 per second and subsequent)
Other Features
- Able to split loan
- Comparison rate: 6.15%
- Exit fee: $520 ($250 exit fee plus $270 legal fee)
- Extra repayments allowed
- Fortnightly repayments allowed
- Loan amount: $100,000 to $599,999
- Loan term: 10 to 30 years
- Maximum interest only period (investment): 5 years
- Maximum interest only period (owner/occupied): 5 years
- Maximum loan to value ratio (LVR) with mortgage insurance: 95% (90% for refinance)
- Maximum loan to value ratio (LVR): 80%
- Offset account available
- Redraw facility available ($0 fee)
- Repayment holiday available (only if funds available in redraw)
- Variable interest rate: 6.15%
About This Loan
The MyRate Advantage Home Loan offers a competitively low interest rate and a host of extra features without any of the standard home loan fees.
The MyRate Advantage home loan incorporates the ability to make unlimited 'fee free' redraws, pay the ‘interest only’ amount on the loan for up to 5 years, and make use of a 100% mortgage offset facility.
Features & Benefits
100% Mortgage Offset Available
This loan provides a 100% Mortgage Offset facility built into the home loan account. Use your account balance to offset the total remaining principal to be paid. The credit in your offset account can, over time, help to reduce the loan principal allowing you to build up equity or repay the loan more quickly.
No Fees
The MyRate Advantage Loan has eliminated most traditional home loan fees such as application, valuation, settlement and redraw.
Additional Repayments
You can make additional repayments toward this home loan free of charge. This allows you to pay this loan off more quickly when you have extra money available to you at times during the loan term.
Interest Only Payments
You can access an ‘Interest Only’ option with this MyRate home loan where you only pay the ‘interest amount’ on the loan for a period of time. During this time you won’t be making any repayments to the principal and will be paying interest on the entire principal amount every month.
Redraw
With this redraw feature, you can make unlimited cash re-draws back out of this home loan. This allows you to access funds that you have already paid into the loan so that you can draw these back out. When you redraw, you can only redraw additional amounts that you have paid into the loan above the standard monthly amounts.
Ability to Split Loan
Splitting the loan means that you can use this Advantage Loan for part of your total borrowings, and another MyRate loan for the other part – splitting this loan with another loan.
Lo Doc Version
This MyRate home loan is also available as a Lo Doc loan for those that are self employed. If you can provide standard income documentation, you can borrow up to 60% of the value of the property.
Other Information
Lender’s Mortgage Insurance
When you borrow above 80% of the property value, the lender (in this case MyRate) will require insurance (called Lender’s Mortgage Insurance) and this is charged as an extra amount in the loan set up.
Low Doc Version
Aimed at the self-employed the MyRate Variable rate home loan is also available as a Low Doc loan. With the ability to borrow up to 60% of the value of the property and a flexible application process a MyRate Low Doc loan helps to simplify home loans for those unable to provide the standard income documentation.