Australian Military Bank
Ratesaver Home Loan
Owner Occupied Variable Principal & Interest 0 Years 70% LVR
6.43%
Interest rate
6.47%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Ratesaver Home Loan
Key Features
- While it does not have the convenient that comes with an offset account, but $Ratesaver Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Fees & Costs
- Australian Military Bank charge a discharge fee of $120, which covers the cost for removing the mortgage that has been registered on the title of your property.
- Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
Borrowing Limits
- An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
- Australian Military Bank Ratesaver Home Loan does not offer tier pricing for lower LVR. With Ratesaver Home Loan, you can borrow upto $90% LVR.
Eligibility
- Interest only repayment option is not available with Australian Military Bank Ratesaver Home Loan for buying next home.
- Interest only repayment option is not available with Australian Military Bank Ratesaver Home Loan for first home buyer.
- Interest only repayment option is not available with Australian Military Bank Ratesaver Home Loan for investment loan.
- Interest only repayment option is not available with Australian Military Bank Ratesaver Home Loan for refinance.
IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Australian Military Bank or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Ratesaver Home Loan
Refinance
Variable · Principal & Interest
0 Years · 70% LVR
6.43%
Refinance
Variable · Principal & Interest
0 Years · 90% LVR
6.68%
Refinance
Variable · Principal & Interest
0 Years · 95% LVR
7.23%
Investment
Variable · Principal & Interest
0 Years · 90% LVR
6.68%
Owner Occupied
Variable · Principal & Interest
0 Years · 70% LVR
6.43%
Owner Occupied
Variable · Principal & Interest
0 Years · 90% LVR
6.68%
Owner Occupied
Variable · Principal & Interest
0 Years · 95% LVR
7.23%
First Home Buyer
Variable · Principal & Interest
0 Years · 70% LVR
6.43%
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
Australian Military Bank charge a discharge fee of $120, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does Australian Military Bank Ratesaver Home Loan comes with an offset account?
No, Ratesaver Home Loan does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
Does Australian Military Bank Ratesaver Home Loan comes with an offset account?
No, Ratesaver Home Loan does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Ratesaver Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for Australian Military Bank Ratesaver Home Loan?
There is upfront costs of $1036 to apply for Ratesaver Home Loan. Application fee: $500
Valuation fee: $250
Legal fee: $286 Ratesaver Home Loan also comes with ongoing account fees of $96 per year. Monthly fee: $8 per month
What are the costs to apply for Australian Military Bank Ratesaver Home Loan?
There is upfront costs of $986 to apply for Ratesaver Home Loan. Application fee: $450
Valuation fee: $250
Legal fee: $286 Ratesaver Home Loan also comes with ongoing account fees of $96 per year. Monthly fee: $8 per month
Fees
- Application fee
Important Information
Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Australian Military Bank or a mortgage broker just to be sure. This information should be used as a guide only.