Also see Combination Loans
Combination

 

 

 

What is an Introductory Loan?

These loans offer discounted interest rates off the standard variable rate, lasting a certain period of time, usually one year. After this period, they normally revert back to standard variable rates. Sometimes, depending on the lender, interest rates can be fixed or capped during the initial/honeymoon period. These rates are among the lowest rates available and are often used by first home buyers or interest rate shoppers. These loans are typically "no frills" products although there are more features being added by some lenders as the market becomes more competitive. They are typically around 0.5% - 0.7% less than the standard variable rate. 

Below is an example of the Introductory Loan. Most lenders have a variety of discount loan features which may not be displayed in this example and it would not be practical for us to display every Discount Variable Loan Products on the market.

 

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Loan Amounts	Minimum Loan of $50,000. Maximum loan of $2,000,000 (minimum of $25,000 in combination or split)
Interest Rate Type	Variable rate only
Term	10 to 30 years
Repayment Type	Principal and Interest (amortizing) or Interest only up to 5 years
Combination and Splits	Can split advantage rate up to 4 accounts (will consider more) or combine with Fixed Rate Loan or Line of Credit loans
Repayment Options	Direct Debit or Salary Crediting either monthly or fortnightly. Internet or telephone transfers from pre-nominated account for additional repayments
Additional Repayments	Allowable with no limit on variable rate loans
Redraw Facility	No minimum redraws via Internet or telephone banking to pre-nominated account
Withdrawals	Cash withdrawals not available other than electronic transfers as above
Salary Crediting	Available on P&I and I/O loans
Ability to Switch	Can switch all or part of loan limit to another product
Statement Issued	P&I Quarterly, I/O Monthly
Other Fees	Nil
Substitution	Can substitute security within loan limit

 

Fixed Interest Rate Loans

 

 

* While we have taken all reasonable care in producing this information, we do not promise that it contains all the information you need to answer all your questions. All product details, interest rates, terms, conditions and other information may change at any time without notice.

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