The Illawarra Home Loans Bank Beater Home Loan has a tiered rate depending on your loan to property value ratio (LVR). The best rates are available for borrowers who have an LVR up to 80% at 3.69% for 60 months. If you're borrowing between 80-90% LVR the rate is 3.97%, loans over 90% LVR the rate is 4.17%. After 5 years you will also get a bonus rate drop of 0.05% discount for all loans.
With the Bank Beater Home Loan you can borrow as little as $250,000 up to $1,000,000 for loan terms 15 up to 30 years. Tailor the repayments to suit your lifestyle with options for weekly, fortnightly or monthly repayments.
Upfront fees have been scrapped like the $330 application fee, $275 lenders legal fees and you will get a refund for your valuation fee (up to the value of $330) for loans that proceed to settlement.
But this loan isn't fee free. There is a $345 annual service fee attached to the loan so be sure to use all of the top features that come standard with the loan like 100% offset account and redraw.
Who it's good for:
Borrowers who are looking outside the big banks for a fully featured loan with a top rate.
Don't live in the Illawarra area? No problem, Illawarra home loans are available no matter where you live in Australia as its an online mortgage lender. You can do your home loan application from the comfort of your lounge room or talk to one of their home loan experts over the phone.