Firstmac
Package Home Loan
Owner Occupied Variable Principal & Interest 0 Years 80% LVR
6.28%
Interest rate
6.31%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Package Home Loan
Key Features
- While it does not have the convenient that comes with an offset account, but $Package 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
- 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.
- There is no discharge fee for Package Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out.
- There is upfront costs of $720 to apply for Package Home Loan, with no ongoing account keeping fees.
Borrowing Limits
- Firstmac Package Home Loan does not offer tier pricing for lower LVR. With Package Home Loan, you can borrow upto $80% LVR.
Eligibility
- Interest only repayment option is not available with Firstmac Package Home Loan for buying next home.
- Interest only repayment option is not available with Firstmac Package Home Loan for refinance.
💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
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 Firstmac or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Package Home Loan
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
There is no discharge fee for Package Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out.
Does Firstmac Package Home Loan comes with an offset account?
No, Package 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 Firstmac Package Home Loan comes with an offset account?
No, Package Home Loan does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Package 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 Firstmac Package Home Loan?
There is upfront costs of $720 to apply for Package Home Loan, with no ongoing account keeping fees. Valuation fee: $220
Settlement fee: $300
Legal fee: $200
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 Firstmac or a mortgage broker just to be sure. This information should be used as a guide only.