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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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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).
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.
The Aussie Select Basic Fixed Rate Home Loan offers several features to borrowers including:
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.
Please be advised that additional break costs may apply if you repay your entire home loan balance during the fixed term.
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.
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.
8 Comments
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.
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
October 19, 2021
hi i want to get a home it cost $56,000 and would like to chat about it all
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. Â
I hope this helps!
Cheers,
Sarah
June 5, 2015
Hi,
Can I make additional repayments through Auspost (or any other means) instead of online?
Thanks
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
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
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