The Aussie Select Basic Home Loan has a number of different rate tiers depending on your specific home loan needs. These different options come with different interest rates depending on whether you're an investor or owner occupier and how much you've saved for a deposit. In general owner occupiers and those with a bigger deposit will have better rates available to them.
When it comes to fees, this loan doesn’t have too many; to start with you’ll avoid an application fee or valuation fee, but will need to pay a $330 legal fee. While there isn’t many upfront fees, keep in mind there is a $535 discharge fee to pay at the end of the loan period.
Making extra repayments is a great way to save on interest and it’s especially good when you can do it for no extra cost, which is what this loan offers. And if you need to access some of those extra funds again then you can redraw that money for free, as long as it's a minimum of $100.
Whether your looking for a studio apartment or a million dollar mansion, the $100,000 to $5,000,000 minimum and maximum loan amounts will mean you should be able to get financing for any home.
The Aussie Select Basic loan offers a split rate option, so you can have part of your loan on a variable rate and part on a fixed rate and you’ll also get to decide between fortnightly or monthly repayments.
Who it's good for:
The Aussie Select Basic is a solid home loan for owner occupiers and investors alike, who are interested in snagging a great interest rate without all the bells and whistles of a full feature home loan.
Some of the loan options available with the Aussie Select Basic allow for LVRs above 80%, which can be helpful if you’re struggling to save up a hefty deposit. But keep in mind borrowing with a high LVR will mean paying lenders mortgage insurance, which could add thousands to your total home loan costs.