The Newcastle Permanent Premium Plus Package home loan is available whether you are buying your first home or upgrading to a bigger more expensive property. You can borrow up to 95% (90% for investment) of the property's value but you will need to pay mortgage insurance on anything over 80% LVR.
The interest rate is a competitive 3.64% for loans of at least $150,000 with principal & interest repayments. If you're borrowing under $150,000 then the rate is 4.57%
Aside from the competitive variable interest rate what's really great about the Newcastle Permanent Plus Package is the long list of product options that come with this home loan. It has an offset account and you can make additional repayments or a lump sum repayment for free. Redraws are also free and there is no minimum on the redraw amount.
You can choose your repayment frequency to tie in with your payday. The Newcastle Permanent Premium Variable loan has weekly, fortnightly and monthly repayment options. You also have the option to split the loan between a fixed and variable amount if interest rates begin to go up and you want to fix a portion of your loan.
This loan isn't fee free. It has a yearly service fee of $395.
Who it's good for:
The competitive interest rate of the Newcastle Permanent Premium Package loan should suit anyone who is looking at making sure that most of their hard earned cash goes towards paying down their home loan rather than paying off high interest rates.
This is a variable rate home loan so your rate is likely to move in line with the official cash rate so get into the habit of checking your interest rate on an annual basis so that you can be sure you're always getting the best deal.