Lock in your interest rate and pay your loan off knowing your repayments won’t change.
A fixed rate loan allows you to eliminate the guesswork involved with interest rates. A Newcastle Permanent Fixed Rate Home Loan allows you to create a long-term budget for your loan with minimal fees and useful features.
|Product Name||Newcastle Permanent Building Society Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$10,000,000|
|Maximum Loan Term||30 years|
|Mortgage Offset Account||No|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- There is $0 ongoing service fee.
- You can make extra payments up to $25,000 during the fixed term.
- No redraw during the fixed term.
- $550 application fee which is currently waived for all owner-occupier loans.
Things to consider about a Newcastle Permanent Fixed Rate Home Loan
With no ongoing fees, the Newcastle Permanent Fixed Rate Home Loan has fixed terms ranging from one to 10 years. Once the fixed period ends the loan reverts to Newcastle Permanent’s Real Options Home Loan. You can also choose to fix your loan for another period of time.
Features of a Newcastle Permanent Fixed Rate Home Loan
A fixed rate loan from Newcastle Permanent comes with a number of options to help you manage your cash flow and save you time, including:
- Maximum loan amount. You can borrow up to 95% of a property’s value with this loan, although if you borrow over 80% you’ll need to pay Lender’s Mortgage Insurance (LMI).
- Additional repayments. With the Newcastle Permanent Fixed Rate Home Loan, you can make up to $25,000 in extra repayments during the fixed rate period. However, keep in mind that paying your loan off before the fixed rate expires could see you paying break costs.
- Repayment holiday. If you experience financial hardship and you're struggling to meet your mortgage repayments, you can apply for a repayment holiday to be reprieved from your repayment commitments for a set period of time.
- Split-loan facility. With a split loan option, you can allocate a portion of your home loan to attract a variable interest rate and another portion to attract a fixed interest rate. This gives you the flexibility of a variable rate and the certainty of a fixed rate.
- Portability. The portability feature gives you the flexibility to transfer the home loan with you in the event that you move into a new property. This saves you the costs and hassle of having to set up a new home loan.
- Flexible repayment options. Choose from a weekly, fortnightly or monthly repayment schedule, whichever suits your income stream.
- Interest-only option. You can opt to pay interest-only repayments for a period. This can be useful for investors trying to maximise their cash flow. Although paying interest-only on a loan won’t see the loan balance decrease.
There are no ongoing account keeping fees to with this loan, however, there are some fees you may have to pay such as:
- Establishment fee: $550. This fee is for the loan application process. Newcastle Permanent are currently waiving this fee for owner occupier loans for a limited time.
- Break costs: Varies. This is the cost of closing the loan during the fixed rate term and can be quite substantial.
How to apply for the Newcastle Permanent Fixed Rate Home Loan
If the Newcastle Permanent Fixed Rate Home Loan sounds right for you, click on the green 'Go to site' or 'Enquire now' button and you'll be redirected to Newcastle Permanent directly or to a form to contact a mortgage broker.
When making an enquiry about this loan, you'll need to provide your personal details. These include your full name, contact number and email address. You'll also need to confirm whether or not you're a member of Newcastle Permanent.
Once you've submitted your enquiry, a home loan expert will be in touch with you within 1 business day.
When you apply for the Newcastle Permanent Fixed Rate Home Loan, you'll need to provide:
- Personal details. You'll need to disclose your date of birth, residential address and contact details. You'll need to provide a copy of photo ID which clearly shows your signature and photo, for example, your drivers licence and passport.
- Employment details. Newcastle Permanent will request two recent payslips that specify your employer's name, the pay period and gross or net income. You may also need to lodge a signed employer consent form.
- Liabilities. You'll need to provide statements for any liabilities or debts that you have, such as credit cards or personal loans.
- Property details. During the application, you'll need to put forward a signed copy of the contract of sale. This should include details such as address, property type, purchase price, and sellers details.