Police Credit Union
Standard Home Loan
Owner Occupied Variable Principal & Interest 0 Years 90% LVR
7.49%
Interest rate
7.55%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Standard Home Loan
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
- A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
- 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.
- Police Credit Union charge a discharge fee of $150, which covers the cost for removing the mortgage that has been registered on the title of your property.
- There is upfront costs of $821.64 to apply for Standard Home Loan, with no ongoing account keeping fees.
Borrowing Limits
- Police Credit Union Standard Home Loan does not offer tier pricing for lower LVR. With Standard Home Loan, you can borrow upto $80% LVR.
- Police Credit Union Standard Home Loan does not offer tier pricing for lower LVR. With Standard Home Loan, you can borrow upto $90% LVR.
Eligibility
- Interest only repayment option is not available with Police Credit Union Standard Home Loan for buying next home.
- Interest only repayment option is not available with Police Credit Union Standard 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 Police Credit Union or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Standard Home Loan
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
Police Credit Union charge a discharge fee of $150, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does Police Credit Union Standard Home Loan comes with an offset account?
No, Standard 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 Police Credit Union Standard Home Loan comes with an offset account?
Yes, Standard Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Police Credit Union Standard Home Loan?
There is upfront costs of $821.64 to apply for Standard Home Loan, with no ongoing account keeping fees. Application fee: $420
Valuation fee: $205
Settlement fee: $141.64
Document fee: $55
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 Police Credit Union or a mortgage broker just to be sure. This information should be used as a guide only.