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MyRateFixed Rate Home Loan $600,000+
Init. Monthly Repayment
$1,824.39
Min. Deposit
$15,000 (5%)
(Sample loan figures)
|
Fixed Interest Rates
|
|
|
1 year (Sample loan selection)
|
5.40% (Est. $1,824.39/mth)
Comparison rate: 5.42%
|
|
2 years
|
5.30% (Est. $1,806.60/mth)
Comparison rate: 5.40%
|
|
3 years
|
5.45% (Est. $1,833.32/mth)
Comparison rate: 5.43%
|
|
4 years
|
5.65% (Est. $1,869.23/mth)
Comparison rate: 5.51%
|
|
5 years
|
5.75% (Est. $1,887.32/mth)
Comparison rate: 5.58%
|
|
Reverts to Variable Interest Rate
|
Currently 5.42%
|
|
Loan Term
|
10 to 30 years
|
|
Maximum Loan To Value Ratio (LVR)
|
80% ($60,000 min. deposit)
|
|
Maximum LVR With Insurance
|
95% (90% for refinance) ($15,000 min. deposit)
|
|
Estimated Upfront Fees
|
$0 details
|
Highlights
- 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)
Other Features
- 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
No Fees
The MyRate Fixed Rate home loan has eliminated most traditional home loan fees such as application, valuation, settlement and redraw.
Additional Repayments
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.
Other Information
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.
Revert Rate
At the end of the fixed period this home loan reverts to the MyRate Advantage Standard Variable Rate.
Fees You’re Likely to Pay
|
Valuation Fee
|
$0 (for first valuation - $275 per second and subsequent)
|
|
Application Fee
|
$0
|
|
Settlement Fee
|
$0
|
|
Legal Fee
|
$0
|
|
Other Upfront Fees
|
$0
|
|
Service Fee
|
$0
|
|
Exit Fee
|
$520 ($250 exit fee plus $270 legal fee)
|
Show:
Summary at 12 months
Principal
You would have paid
$5,836 of the total
principal
$300,000
Interest
You would have paid
$16,057 of the total
interest
$248,314
Fees
You would have paid
$0 of the total fees
$0
Total
You would have paid
$21,893 of the grand total
$548,314
|
Year
|
Month
|
Opening Balance
|
Interest Rate
|
Payment Amount
|
Total Principal Paid
|
Total Interest Paid
|
Remaining Balance
|
|
2013
|
May
|
$300,000.00
|
5.40%
|
$1,824.39
|
$474.39
|
$1,350.00
|
$299,525.61
|
|
|
June
|
$299,525.61
|
5.40%
|
$1,824.39
|
$950.91
|
$2,697.87
|
$299,049.09
|
|
|
July
|
$299,049.09
|
5.40%
|
$1,824.39
|
$1,429.58
|
$4,043.59
|
$298,570.42
|
|
|
August
|
$298,570.42
|
5.40%
|
$1,824.39
|
$1,910.41
|
$5,387.15
|
$298,089.59
|
|
|
September
|
$298,089.59
|
5.40%
|
$1,824.39
|
$2,393.39
|
$6,728.56
|
$297,606.61
|
|
|
October
|
$297,606.61
|
5.40%
|
$1,824.39
|
$2,878.55
|
$8,067.79
|
$297,121.45
|
|
|
November
|
$297,121.45
|
5.40%
|
$1,824.39
|
$3,365.90
|
$9,404.83
|
$296,634.10
|
|
|
December
|
$296,634.10
|
5.40%
|
$1,824.39
|
$3,855.43
|
$10,739.69
|
$296,144.57
|
|
2014
|
January
|
$296,144.57
|
5.40%
|
$1,824.39
|
$4,347.17
|
$12,072.34
|
$295,652.83
|
|
|
February
|
$295,652.83
|
5.40%
|
$1,824.39
|
$4,841.12
|
$13,402.77
|
$295,158.88
|
|
|
March
|
$295,158.88
|
5.40%
|
$1,824.39
|
$5,337.30
|
$14,730.99
|
$294,662.70
|
|
|
April
|
$294,662.70
|
5.40%
|
$1,824.39
|
$5,835.71
|
$16,056.97
|
$294,164.29
|
Summary over the loan term
Principal
You would have paid
$300,000 of the total
principal
$300,000
Interest
You would have paid
$248,314 of the total
interest
$248,314
Fees
You would have paid
$0 of the total fees
$0
Total
You would have paid
$548,314 of the grand total
$548,314
|
Year
|
Opening Balance
|
Interest Rate
|
Monthly Payment
|
Total Payments
|
Total Principal Paid
|
Total Interest Paid
|
Remaining Balance
|
|
1
|
$300,000.00
|
5.40%
|
$1,824.39
|
$21,893
|
$5,836
|
$16,057
|
$294,164
|
|
Interest rate changes to 5.42% (standard variable rate)
|
|
2
|
$294,164.29
|
5.42%
|
$1,827.85
|
$21,934
|
$6,142
|
$15,793
|
$288,023
|
|
3
|
$288,022.71
|
5.42%
|
$1,827.85
|
$21,934
|
$6,483
|
$15,451
|
$281,540
|
|
4
|
$281,539.85
|
5.42%
|
$1,827.85
|
$21,934
|
$6,843
|
$15,091
|
$274,697
|
|
5
|
$274,696.76
|
5.42%
|
$1,827.85
|
$21,934
|
$7,223
|
$14,711
|
$267,473
|
|
6
|
$267,473.42
|
5.42%
|
$1,827.85
|
$21,934
|
$7,625
|
$14,309
|
$259,849
|
|
7
|
$259,848.71
|
5.42%
|
$1,827.85
|
$21,934
|
$8,048
|
$13,886
|
$251,800
|
|
8
|
$251,800.31
|
5.42%
|
$1,827.85
|
$21,934
|
$8,496
|
$13,439
|
$243,305
|
|
9
|
$243,304.68
|
5.42%
|
$1,827.85
|
$21,934
|
$8,968
|
$12,967
|
$234,337
|
|
10
|
$234,336.99
|
5.42%
|
$1,827.85
|
$21,934
|
$9,466
|
$12,468
|
$224,871
|
|
11
|
$224,870.98
|
5.42%
|
$1,827.85
|
$21,934
|
$9,992
|
$11,942
|
$214,879
|
|
12
|
$214,878.98
|
5.42%
|
$1,827.85
|
$21,934
|
$10,547
|
$11,387
|
$204,332
|
|
13
|
$204,331.75
|
5.42%
|
$1,827.85
|
$21,934
|
$11,133
|
$10,801
|
$193,198
|
|
14
|
$193,198.45
|
5.42%
|
$1,827.85
|
$21,934
|
$11,752
|
$10,182
|
$181,447
|
|
15
|
$181,446.50
|
5.42%
|
$1,827.85
|
$21,934
|
$12,405
|
$9,529
|
$169,042
|
|
16
|
$169,041.54
|
5.42%
|
$1,827.85
|
$21,934
|
$13,094
|
$8,840
|
$155,947
|
|
17
|
$155,947.26
|
5.42%
|
$1,827.85
|
$21,934
|
$13,822
|
$8,112
|
$142,125
|
|
18
|
$142,125.39
|
5.42%
|
$1,827.85
|
$21,934
|
$14,590
|
$7,344
|
$127,535
|
|
19
|
$127,535.47
|
5.42%
|
$1,827.85
|
$21,934
|
$15,401
|
$6,534
|
$112,135
|
|
20
|
$112,134.83
|
5.42%
|
$1,827.85
|
$21,934
|
$16,256
|
$5,678
|
$95,878
|
|
21
|
$95,878.43
|
5.42%
|
$1,827.85
|
$21,934
|
$17,160
|
$4,774
|
$78,719
|
|
22
|
$78,718.72
|
5.42%
|
$1,827.85
|
$21,934
|
$18,113
|
$3,821
|
$60,605
|
|
23
|
$60,605.49
|
5.42%
|
$1,827.85
|
$21,934
|
$19,120
|
$2,814
|
$41,486
|
|
24
|
$41,485.76
|
5.42%
|
$1,827.85
|
$21,934
|
$20,182
|
$1,752
|
$21,304
|
|
25
|
$21,303.61
|
5.42%
|
$1,827.85
|
$21,934
|
$21,304
|
$631
|
$0
|
Disclaimer:
WhistleOut is not suggesting that you apply for this home loan provided by this lender, nor are we trying to assist you to apply for this home loan from
this lender. We recommend that you seek professional advice before applying for this home loan.
WhistleOut may receive a commission from the lender.
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About the Home Loan Comparison Results
- All calculations are estimates only.
- WhistleOut is a comparison service and is not a bank or lender. Comparisons are unique to each user and the loan amount, term, features and 'what if'
scenarios specified.
- Where a loan is referenced as 'Sample', the loan amounts, payments and fees are based on a loan amount of $300,000 over a term of 25 years.
- Comparison Rates quoted are the comparison rates published by lenders (typically based on a loan amount of $150,000 over a term of 25 years).
- 1- 30 year cost / progress estimates do not assume that you will exit the loan and do not factor in any Exit Fees / Deferred Establishment Fees / Early
Termination Fees / Early Break Costs, etc.
- 'Cost Estimates' are the sum of all principal and interest payments made on the home loan, along with any upfront fees (application, legal, settlement,
valuation) and any ongoing fees, e.g. service fees, that might be payable.
- 'Initial Monthly Repayments' are based on the first payment you make in the loan when discounts and introductory rates are factored in. The 'Repayment
Calendar' shows where the monthly repayments will change to an ongoing rate.
- 'What if Variable Rates Change' assumes that the interest rate increases or decreases exactly by your selected amount on all variable interest rates.
This is a hypothetical situation only and lenders can choose to pass on interest rate rise and falls at their own discretion.
- 'What if Extra payments' assumes that you make extra payments on the loan every month ABOVE the required monthly payment. This is a hypothetical situation
and are estimates only.