Affordable rates aside, Qudos Bank will also allow its Fixed Rate Home Loan customers to make up to $10,000 worth of additional repayments at no extra cost and provides the freedom to choose whether you pay your mortgage on a weekly, fortnightly or monthly basis. If you want to hedge your bets on a variable rate cut, you will also be able to split your home loan between these fixed rates and the ongoing variable rate with Qudos Bank.
The Fixed Rate Home Loan has a maximum LVR of 90%, which means you’ll only need a 10% deposit at the ready. You’re also free to spend large because, while the minimum loan amount is set at $150,000, there is no maximum limit as long as you can meet the repayments.
There are a couple of things to keep in mind with this home loan, however. No redraw facility means that if you make extra repayments you won’t be able to make any withdrawals and there isn’t an option of an offset account.
Who it's good for:
Owner occupiers who want to safeguard themselves against a rate rise can take advantage of the low fees and competitive fixed rates associated with the Fixed Rate Home Loan.
Just make sure you’re ready to commit those additional repayments as you won’t be able to redraw on your loan or pay them into an offset account.
If you have less than a 20% deposit, just be aware that you’ll also need to pay lenders mortgage insurance when you take out the loan. And once the fixed interest rate period over, the loan will revert to 4.24%.