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Aussie Select Basic Fixed Rate Home Loan

Enjoy a fixed rate home loan with the flexibility to make extra repayments

When you fix your home loan you know your repayments won't change. It's a great way to gain control over your household budget. A fixed rate home loan can be an option to consider for people who are looking for certainty with their mortgage repayments.

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Marc Terrano
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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

If you're searching for a low-rate loan and you have a small deposit saved, this product could be a great fit for you. You can apply for this loan with as little as 5% deposit saved; LMI applies for all loans with a deposit of less than 20%, which can be paid either upfront or may be added to your loan, depending on your circumstances. This is a basic loan, which means there are no extra features like offset accounts or redraw, however it comes with no fees. You can also make a certain amount of extra repayments each year, with no penalty.

About this loan

What are the features and benefits of the Aussie Select Basic Fixed Rate Home Loan?

The Aussie Select Basic Fixed Rate Home Loan offers several features to borrowers including:

  • Loan to Value Ratio (LVR): There's a maximum LVR of 80% - 95%, with Lender's Mortgage Insurance (LMI) payable for amounts above 80%.
  • Loan Term: This loan can be taken out for a term of up to 30 years, giving you the flexibility to pay off your loan at a pace which suits you.
  • Minimum amount: This loan can be taken out for a minimum amount of $100,000 up to amounts of $5,000,000, subject to LVR and lending criteria.
  • Repayment flexibility. You can set your payments to principal and interest repayments, or you can choose the interest-only option. The maximum interest-only period allowed is five years. Your payment frequency can also be changed from the standard monthly payments over to fortnightly repayments if this suits you better.
  • Extra repayments. You are able to make extra payments that are over and above your regular minimum repayment amounts. Be aware that your additional payments are limited to 5% of the loan balance each year before penalties may be charged. For example, if your loan balance is $300,000 you can make an additional $15,000 in payments on top of your normal minimum payment amounts each year without being penalised.

Purposes you could use the Aussie Select Basic Fixed Rate Home Loan for

The Aussie Select Basic Fixed Rate Home Loan is suitable for personal residential purposes and for investment use. You're able to purchase an existing home or refinance a current mortgage from another lender. This loan however isn't suitable for constructing a new dwelling. You can borrow up 95% of the property value with this loan. However, any loan amount that exceeds 80% of the property value may incur a Lender's Mortgage Insurance fee.

What fees and charges come with this loan?

  • Ongoing account keeping fees: $0. There aren't any ongoing account keeping fees with this loan.
  • Application fee: $0. There is also no application fee with this loan.
  • Valuation fee: The first valuation fee up to $300 is free with this loan.

Please be advised that additional break costs may apply if you repay your entire home loan balance during the fixed term.

How to apply

If you're ready to apply for this home loan, you can simply click on the 'Enquire Now' button on this page. This will open a form where you can enter your contact information. A local Aussie broker will get in contact with you within one business day.

Disclaimer

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

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4 Comments

    Default Gravatar
    Ana
    June 5, 2015

    Hi,
    Can I make additional repayments through Auspost (or any other means) instead of online?

    Thanks

    Reply
      Default Gravatar
      Belinda
      June 11, 2015

      Hi Ana,

      Thanks for your enquiry.

      If you’d like to make additional repayments other than online, you can do so at an Aussie branch.

      Thanks,
      Belinda

      Reply
    Default Gravatar
    Vito
    November 15, 2014

    Thinking of purchasing an investment property and was wondering what are the fees for borrowing 85%, 90% and 95% LVR based on a property valued at 900k ?

    Thanks
    Vito

    Reply
      Avatarfinder Customer Care
      Shirley
      November 17, 2014

      Hi Vito,

      Thanks for your question.

      There is no specific ‘LVR fee’ associated with the Aussie Select Basic Fixed home loan, so all the standard fees and charges apply. Please refer to the fees tab for a list of fees you could be liable for*:

      Legal fee – $363
      Settlement fee – $100
      Exit fee – $400

      *Correct at the time of writing.

      If you’d like, you can click to ‘go to site’ to get in touch with a home loan consultant from Aussie for a full disclosure of the fees you could be liable for.

      Cheers,
      Shirley

      Reply
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