Variable Rate

A variable rate mortgage gives you flexibility and the ability to capitalise on changes in the economy that lower the interest rate.

When it comes to saving money, our variable interest home loan can potentially leave more money in your pocket and it provides the opportunity to pay off your mortgage faster.

There are two types of variable home loans: basic and standard. A standard variable home loan is more full-featured and gives you additional features like:

• Redraw & offset facilities
• Ability to make extra repayments
• The option to split your loan.

Fixed Rate

One of the main advantages of a fixed rate mortgage is the peace of mind that comes with knowing your monthly repayment amount. You can’t beat the predictability of a fixed-rate home loan. When it comes to choosing the right one, we have two options for you to consider:

1. Fixed Interest Rate Home Loan

This loan is available for between 1 and 5 years. At the end of the fixed period, you have the option to refix for a new term or have the loan revert back to the standard variable interest rate.

During the fixed period the mortgage repayments and interest rate remain constant. Extra repayments are normally not permitted on this type of loan.

2. Progressive Fixed Interest Rate Home Loan

This home loan is similar to a standard fixed rate home loan, with one important difference:

You have the ability to make extra repayments without incurring a penalty fee.

You can also access additional features such as a Redraw Facility and an Everyday Transaction Account.

Both

Make the most of both fixed-interest and variable-rate home loan features with a split mortgage. Allowing you to have a portion of your home loan with a fixed interest rate and the remaining portion with a variable interest rate.

You have the option of selecting the percentage you would like fixed and the percentage you would like variable, as long as the minimum fixed amount is covered, as per the individual loan requirements.

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