UBank offers property investors two options with its Investor Extra Home Loan - a low 3.99% variable interest rate for those willing to make principal and interest payments, and a slightly higher 4.44% rate for borrowers wanting to make interest-only repayments. Just keep in mind that you’ll need a minimum 20% deposit on a loan of at least $100,000 to qualify for the offer.
Aside from the low rates, borrowers will also be able to cut down their costs thanks to the absolute lack of fees on the Investor Extra Offer, which means you’ll pay nothing in the way of application, service or discharge fees over the life of the loan.
If that doesn’t whet your appetite, borrowers can also make extra repayments towards their UBank home loan at no added cost and they’ll be able to make free redraws on those extra payments, should the need arise. The Investor Extra Offer also features the opportunity to split the home loan with one of UBank’s fixed rate investor deals, though the loan doesn’t come with an offset account option.
Those making principal and interest payments will also have the flexibility to choose between weekly, fortnightly and monthly installments, though interest-only investors will need to make their repayments on a monthly basis.
Who it's good for:
The UHomeLoan Investor Extra Offer could be a great option for investors who are looking for a low rate and fee-free home loan, which allows them to concentrate fully on making their repayments.
Would you prefer to have the option of going into a branch to talk to a real person about your home loan? Because UBank is an online-only institution, so you won’t have access to any branches, though you will be able to contact them via the phone or interest.