Low Start
If you are looking for the lowest home loan around, our LowStart Loan offers a very competitive introductory mortgage rate, this may be the product for you!
At a very hot variable rate for the first year, it’s hard to go past resi Low Start - the lowest mortgage offered by resi. Plus, you can pay as much as you like, whenever you like, to really get ahead in those first few months.
At the end of the introductory period, the loan reverts to a low variable interest rate, well below the advertised standard variable rate of the big four banks.
This loan is perfect for your next purchase of an existing property for investment or to live in, or anyone who just wants to pay off their home loan faster.
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Key Features
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Loan Purpose: |
To purchase or refinance an owner occupied or investment residential property. Debt consolidation. |
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Borrower Type: |
Available to borrowers providing full supporting documentation and evidence of income. |
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Loan Term: |
30 Years |
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Minimum Loan Amount: |
$30,000 |
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Maximum Loan Amount: |
$1,000,000 |
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Maximum LVR: |
90 % |
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Mortgage Insurance: |
$0 for any loan amount when the LVR is less than 80%. Otherwise payable by borrower. |
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Mortgage Insurance Capitalisation: |
Yes, you can add the cost of mortgage insurance to your loan rather than paying it upfront. Restrictions apply. |
| Interest Calculation |
Calculated on the daily balance and debited monthly in arrears. |
Other Features
| Extra Repayments |
true |
| Redraw Facility |
Yes |
| Repayment Frequency |
Weekly, fortnightly or monthly. |
| Internet & Phone Banking |
Yes |
| Debit Card |
Yes |
| Interest Only Period |
Yes, up to 10 years. Minimise your repayments and free up cash by paying interest only. |
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Suitable for Overseas Borrowers: |
No |
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Suitable for Self Employed: |
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Additional Information: |
Introductory rate for 12 months, then converting to a low variable loan rate |
Fees
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Establishment Fees |
$550 |
| Ongoing Fees |
None |
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Valuation Fees |
$264 |
| Discharge Fees |
$295 |
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Lenders Legal Fees |
$385 |
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Early Repayment Fees |
None |
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Redraw Fees |
Not Applicable |
Can I convert to a fixed loan?
No.
Can I make additional payments?
Yes. You can make additional repayments at any time, which means you can pay off your loan faster and save on interest costs.
Can I repay loan early?
Yes, you have the freedom to repay your loan in full at any time.
Can I split this loan?
No.
Can the loan be used for building?
No.
Can you have some fixed and some variable under this loan?
No.
Is there a redraw facility?
Yes, this is available as required via phone and internet banking at no cost.
What is the repayment frequency
The repayment frequency can be weekly, fortnightly or monthly.
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What you need to know:
Terms and conditions, fees and charges, normal lending criteria apply. Details available on request.
Comparison rates are based on a loan of $150,000 over 25 years.
Warning: The comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. A comparison rate schedule can be found on our website.
When considering which is the best home loan for you, mortgage rates are indeed important but you also need to look at your overall situation and what flexibility you need as well as any related fees initial or ongoing fees.