If flexible repayment options are a non negotiable for your mortgage, Hunter United’s New Year New Home Loan doesn’t disappoint. For starters, it lets you choose between weekly, fortnightly and monthly repayments. This way you can simply choose the repayment frequency that best matches your pay cycle!
Paying off your home loan sooner is easy with this home loan’s extra repayments facility which allows you to make fee free additional lump payments whenever you have any spare change. You can easily free up any funds if you need to at a later date by using a redraw facility (minimum $250), but just be aware that you’ll be charged a redraw fee if you redraw more than once a month. The Dream Home Loan - Platinum also comes with an offset account which can save you thousands in interest over the term of your loan.
While there is a competitive 3.79% variable rate, you will be charged a $8 service fee every month, so it’s a good idea to take full advantage of this loan’s money saving features.
The New Year New Home Loan is available for borrowing amounts over $300,000 and allows you to borrow up to 90% of your owner-occupied property's value. Like most home loans, you will have to pay the necessary loan set up fees (i.e. application $350) and the maximum loan term is 30 years.
Who it's good for:
Owner occupiers and seasoned property investors who want flexible repayment options and have their eyes set on a property worth more than $300,000.
Because the New Year New Home Loan is a variable rate home loan, it doesn’t safeguard you against future interest rate rises like a fixed home loan does, so you’ll need to get into the habit of checking rates to make sure your rate remains competitive over the life of your loan.