Home Loan Guide (Lenders)

Welcome…

It would appear that the interest rate cycle is reaching its bottom point and we have seen the banks increasing their fixed rates over the last month in anticipation of rates in general increasing in the short to medium term.

The question of whether to fix you rate or remain variable is very prevalent in the current market.

The answer varies greatly from borrower to borrower and is driven by many aspects of the borrower's circumstances. To get vital assistance in the pros and cons of fixed rates, make sure you see your lender, mortagage broker or financial planner before commiting to a long-term strategy.

Looking forward to being of service.
Chris Kelso, Senior Lending Manager

Traditional Lenders

ING BANK Mortgage Simplifier (P&I or I.O. 5 yrs)^*

Additional repayments at no cost
No ongoing monthly fees
Redraw at no cost

Annual Variable Interest Rate (effective 8/12/09): 5.94% p.a.

Comparison Rate^†: 5.94% p.a.

Document Fee: $220 (Qld)

Ideal for rate sensitive borrowers who would like to pay extra off their mortgage.

ANZ Simplicity Plus Home Loan^*

Low varible rate "no frills" loan
Additional repayments at no extra cost

First year interest rate (effective 9/12/09): 5.96% p.a.

Comparison Rate^†: 6.01% p.a.

Application Fee: $500

First year rate is attractive, plus no ongoing monthly fees.

COLLINS Variable Rate Home Loan^* (Variable)

Redraw available at nil cost
No annual or ongoing fees

Annual Interest Rate (effective 9/12/09): 6.02% p.a.

Comparison Rate^†: 6.04% p.a.

Application Fee: $595

Ideal for first home buyer and applicants with no savings history.

WESTPAC Premium Option Home Loan^*

Redraws at no cost
Additional repayments accepted
Loan top-ups available
Loan portability

Annual Interest Rate (effective 4/12/09): 6.76% p.a.

Comparison Rate^†: 6.89% p.a.

Application Fee: $600

Competitive standard variable loan with heaps of extra features.

HERITAGE Basic Variable Home Loan^*

Additional repayments at no cost
Redraw at cost
Flexible repayment frequency
Loan splitting available

Annual Interest Rate (effective 11/12/09): 5.89% p.a.

Comparison Rate^†: 5.935% p.a.

Application Fee: $600

Competitive basic variable loan with additional repayments accepted and redraw available.

ST GEORGE Professional Package^*

Discounted interest rates
Discounts available on other St George products
Reduced establishment fee
Minimum loan amount of $150K required.

Annual Interest Rate: on application

Application Fee: from $400

Very competitive professional package with a host of discounts and benefits. Some eligibility criteria need to be met to qualify for this package.

COLONIAL 1 Year Fixed Interest Rate^*
Banking product of the Commonwealth Bank of Australia

Rate available for Owner Occupied and Investment loans
Additional repayments < $10,000 pa without penalty.
Flexible repayment frequency.

Annual Variable Interest Rate (effective 9/12/09): 6.64% p.a.

Comparison Rate^†: 6.74% p.a.

Establishment Fee: $600

Competitive fixed rate to ensure certainty of repayments during times of interest rate fluctuation.

IMB Budget Home Loan^*

Discounted variable rate
Additional repayments at no cost.
Redraw at cost.
Loan portability.

Annual Variable Interest Rate (effective 14/12/09): 5.77% p.a.

Comparison Rate^†: 5.93% p.a.

Application Fee: $445

Monthly Fee: $8

Good basic variable loan product with competitive rate.

^*Terms & Conditions Rates and fees are provided by various lending institutions and as such Approveit Home Loans takes no responsibility for their accuracy. All rates quoted are indicative annual rates only and are subject to change without prior notice. Rates are for residential loans only. Nothing within this guide states or implies that any credit is available to individual applicants. Other fees and charges may apply to loan products described herein.

^†Warning This comparison rate is for a loan of $150,000 over 25 years. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. A comparison rate schedule for all of Approveit Home Loan's lenders is available at our premises. Your Approveit Home Loans consultant can compare comparison rate schedules on exact amounts and for a variety of loans upon request.

Office: 202 Hume Street TOOWOOMBA
Home Loan Hotline: 1800 19 29 39 Phone: 07 4632 2477
Email: ckelso@approveit.com.au Contact Us »