The Mortgage Saver Special from RACQ Bank could have you saving on your repayments from the get go, with a low 3.62% variable interest rate for owner occupies who take out a loan of at least $20,000 and are willing to make both principal and interest repayments.
On top of the low interest rate, RACQ Bank’s offer could also be a handy way for first home buyers to get their foot in the door, courtesy of the low 5% deposit criteria. However, borrowers who have a deposit below 20% will be required to take out Lenders Mortgage Insurance in order to be eligible for a loan.
RACQ Bank’s offer could also help you put more of your money towards renovations on your new home or making extra payments to the home loan itself, with no application, settlement or ongoing fees. In fact, the only fee you’ll need to pay is a $297 discharge fee once you’ve paid off your loan.
Speaking of payments, the Mortgage Saver Special loan also gives borrowers the option of making unlimited extra repayments for free (so you can pay off your loan faster), plus you’ll be able to dip into those additional repayments with the free redraw facility.
While the loan doesn’t provide an offset account option, you will have the opportunity to split your loan and take advantage of an eligible low rate fixed home loan offer from RACQ Bank.