Aussie Select Standard Variable Home Loan
A variable rate home loan which offers repayment flexibility, unlimited extra repayments and an unlimited redraw facility.
Aussie offers other variable rate loans as well, which include the Aussie Select Basic Variable Home Loan and the Aussie Select Premium Variable Home Loan.
Product no longer on the market
This product is no longer available. Information on this page is not up to date and may not reflect accurate product information. You can find Aussie 's current mortgage offers here.
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It should be noted that this loan is a full documentation loan, meaning the full range of income evidence is required. Aussie offers low doc loans for those who can’t adequately prove their income.
About this loan
What are the features and benefits of the Aussie Select Standard Variable Home Loan?
- Loan amount. The minimum you can borrow through this loan is $100,000and the maximum stands at $5,000,000. What you have to keep in mind is that the maximum any individual can borrow depends on aspects including your LVR and the size of your deposit to name a few.
- Maximum LVR. The maximum LVR allowed is 95%, although any amounts over 80% will require you to pay for Lender's Mortgage Insurance (LMI). As part of the LMI capitalisation option you can add the cost of the LMI onto the loan.
- Repayment flexibility. In addition to making principal and interest payments, you have the option to make interest-only repayments for the first five years. Your repayments can be fortnightly or monthly. When it comes to making regular repayments, you can set up direct salary crediting or direct debit, and this helps to ensure that you won't miss a payment. You can also make repayments via BPAY. This loan also allows unlimited extra payments without penalty, helping you to pay your loan off sooner.
- Redraw facility. If you wish to access money you've paid in the form of extra repayments, you can do so at any time through the redraw facility.
What fees and charges come with this loan?
- Valuation fee$0: Your first valuation is free with Aussie.
- Redraw fee: $0. It's free to conduct online and phone redraws.
- Convert to fix rate: $0. It's free to convert this loan to a fixed rate loan with Aussie.
- Portability fee: $300. This is charged to you for bringing your loan over to a new property.
- Lender's Mortgage Insurance: This is charged if you wish to buy a property but have less than a 20% deposit.
How to apply
Applying for the Aussie Select Standard Variable Home Loan requires that you get in touch with an Aussie mortgage broker. Applying for a home loan through Aussie requires that you meet certain eligibility criteria, which require that you:
- Have good credit history
- Are a permanent resident of Australia
- Are at least 18 years of age
- Have a regular source of income.
The application process also requires that you submit different information that Aussie uses to verify your credentials and establish the maximum amount you can borrow, so prepare to part with the following:
- Copy of passport, driver's license, or Medicare card
- Employer's name and contact details
- Details of your gross annual income from all sources
- Details of your average monthly expenses
- A list of all your debts and liabilities.
While the Aussie Select Standard Variable Home Loan allows you to make unlimited extra repayments and also offers unlimited redraws, so do a few other home loans, so make sure you compare this loan with others before making a decision.
Credit for Aussie Select home loans is provided by Residential Mortgage Group Pty Ltd ACL 414133. AHL Investments Pty Ltd ("Aussie") Australian Credit Licence 246786 is a subsidiary of the Commonwealth Bank of Australia.
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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