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.

No reviews yet. Write a review
Avatar

By

Richard Whitten

Updated

Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

8 Comments

    Default Gravatar
    Seb
    April 19, 2022

    Id like to borrow around 580,000 i have 38,000 currently saved, plus first home buyer just wanted to see if i could get a fixed interest rate for at least 3 years.

    Reply
      AvatarFinder
      Richard
      April 20, 2022

      Hello Seb,

      There are many lenders offering 3-year fixed home loans. With a low deposit of around 5%, you need to find a loan with a maximum insured LVR of 95% (in other words, a loan offered to borrowers with 5% deposits).

      Don’t forget to factor in the cost of lenders’ mortgage insurance and stamp duty as well.

      If you need more help, it’s a good idea to talk to a mortgage broker.

      Kind regards,
      Richard

      Reply
    Default Gravatar
    adam
    October 19, 2021

    hi i want to get a home it cost $56,000 and would like to chat about it all

    Reply
      AvatarFinder
      Sarah
      October 21, 2021

      Hi Adam,

      If you already have a preferred lender, you can visit their website to submit an application and/or request to speak with their home finance representative so you can discuss your options.

      It might be worth seeking professional advice from a mortgage broker to get personalised advice, too. You can call one of the mortgage brokers found on our page to schedule an appointment, or search for a mortgage broker in your area on Google.  

      I hope this helps!

      Cheers,
      Sarah

      Reply
    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
      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
Go to site