Austvina Finance
Mortgage and Finance Brokers
Residential Loan
What is home loan
A home loan is money borrowed from a lender to finance the purchase of a house or an investment property. The borrower repays this debt with interest over a set period of time, typically 25-30 years.
To provide security to the lender, the property is held as collateral by the lender until the loan is paid off - an arrangement known as a mortgage.
How can you save money on a home loan?
Interest is the most expensive component of a home loan, with the typical borrower paying hundreds of thousands of dollars in interest over the life of the loan. Naturally, a lower interest rate can save you a lot of money on a home loan.
If you already have a home loan, you can save money by refinancing to a loan with a lower interest rate.
Making extra repayments or using an offset account are two other ways to save.
Basic variable rate
Features
Low variable rate and no ongoing fees
Make unlimited additional repayments
Access to unlimited redraws if you’re paid ahead ($500 minimum redraw )
Fees
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$0 Annual Choice Package fee
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$0 Monthly fee
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$0 Application fee
Tailored variable with offset
Features
Access to an offset account
Make unlimited additional repayments
Option to split loan into fixed and variable portion.
Fees
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$0 Annual package fee
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$8 Monthly service fee
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$0 Application fee
Tailored fixed rate
Features
Option to split loan into fixed and variable portion.
Pay ahead up to $20,000 during fixed term
Option to split loan into fixed and variable portion.
Fees
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$0 Annual package fee
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$0 Annual package fee
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$0 Annual package fee
