- Application fee: $0
- Legal fee: $0
- Loan is portable
- Service fee: $0 per annum
- Settlement fee: $0
- Valuation fee: $0 (for first valuation - $275 per second and subsequent)
- Able to split loan
- Exit fee: $520 ($250 exit fee plus $270 legal fee)
- Extra repayments allowed (up to $10,000 per year)
- Fortnightly repayments allowed
- Loan amount: $600,000 to $2,000,000
- Loan term: 10 to 30 years
- Maximum interest only period (investment): 5 years
- Maximum interest only period (owner/occupied): 5 years
- Maximum loan to value ratio (LVR) with mortgage insurance: 95% (90% for refinance)
- Maximum loan to value ratio (LVR): 80%
- Redraw facility available ($0 fee)
- Repayment holiday available (only if funds available in redraw)
- Variable interest rate: 5.42%
About This Loan
The MyRate Fixed Rate home loan allows you to fix your interest rate for up to 5 years.
Features & Benefits
The MyRate Fixed Rate home loan has eliminated most traditional home loan fees such as application, valuation, settlement and redraw.
You can make additional repayments toward this home loan free of charge (up to $10,000 per year). This allows you to pay this loan off more quickly when you have extra money available to you at times during the loan term.
Interest Only Payments
You can access an ‘Interest Only’ option with this MyRate home loan where you only pay the ‘interest amount’ on the loan for a period of time. During this time you won’t be making any repayments to the principal and will be paying interest on the entire principal amount every month.
Ability to Split Loan
Splitting the loan means that you can use this Fixed Rate Loan for part of your total borrowings, and another MyRate loan for the other part – splitting this loan with another loan.
Lender’s Mortgage Insurance
When you borrow above 80% of the property value, the lender (in this case MyRate) will require insurance (called Lender’s Mortgage Insurance) and this is charged as an extra amount in the loan set up.
At the end of the fixed period this home loan reverts to the MyRate Advantage Standard Variable Rate.