WLTH Ocean Home Loan - Owner Occupied - Fixed

Ratings

★ ★ ★ ★ ★ (1 reviews)

About Ocean 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.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. WLTH Ocean Home Loan offers fixed loan terms between 1 - 5 years.

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.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
There is upfront costs of $2258 to apply for Ocean Home Loan, with no ongoing account keeping fees.
WLTH charge a discharge fee of $795, which covers the cost for removing the mortgage that has been registered on the title of your property.
WLTH may also charge you a fixed-rate break cost if you refinance out of Ocean Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Borrowing Limits

An LVR of 90% 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.
WLTH Ocean Home Loan does not offer tier pricing for lower LVR. With Ocean Home Loan, you can borrow upto $80% LVR.

Eligibility

Interest only repayment option is not available with WLTH Ocean Home Loan for buying next home.
Interest only repayment option is not available with WLTH Ocean Home Loan for first home buyer.
Interest only repayment option is not available with WLTH Ocean 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 WLTH or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Ocean Home Loan

Refinance Fixed · Principal & Interest 1 Year · 80% LVR

6.69%

Refinance Fixed · Principal & Interest 2 Years · 80% LVR

6.69%

Refinance Fixed · Principal & Interest 3 Years · 80% LVR

6.69%

Refinance Fixed · Principal & Interest 4 Years · 80% LVR

6.69%

Refinance Fixed · Principal & Interest 5 Years · 80% LVR

6.69%

Refinance Variable · Principal & Interest 0 Years · 60% LVR

6.69%

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.69%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.69%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.99%

Investment Fixed · Interest Only 1 Year · 80% LVR

7.39%

Investment Fixed · Interest Only 2 Years · 80% LVR

7.39%

Investment Fixed · Interest Only 3 Years · 80% LVR

7.39%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

WLTH charge a discharge fee of $795, which covers the cost for removing the mortgage that has been registered on the title of your property.

Are there costs when I exit or refinance to another lender?

WLTH charge a discharge fee of $795, which covers the cost for removing the mortgage that has been registered on the title of your property. WLTH may also charge you a fixed-rate break cost if you refinance out of Ocean Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Does WLTH Ocean Home Loan comes with an offset account?

Yes, Ocean 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 WLTH Ocean Home Loan?

There is upfront costs of $1477 to apply for Ocean Home Loan. Application fee: $887
Settlement fee: $590 Ocean Home Loan also comes with ongoing account fees of $395 per year. Annual fee: $395 per year

What are the costs to apply for WLTH Ocean Home Loan?

There is upfront costs of $1922 to apply for Ocean Home Loan. Application fee: $595
Valuation fee: $440
Settlement fee: $590
Legal fee: $297 Ocean Home Loan also comes with ongoing account fees of $395 per year. Annual fee: $395 per year

What are the costs to apply for WLTH Ocean Home Loan?

There is upfront costs of $2258 to apply for Ocean Home Loan, with no ongoing account keeping fees. Application fee: $887
Valuation fee: $484
Settlement fee: $590
Legal fee: $297

What are the costs to apply for WLTH Ocean Home Loan?

There is upfront costs of $2258 to apply for Ocean Home Loan. Application fee: $887
Valuation fee: $484
Settlement fee: $590
Legal fee: $297 Ocean Home Loan also comes with ongoing account fees of $395 per year. Annual fee: $395 per year

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 WLTH or a mortgage broker just to be sure. This information should be used as a guide only.