Make unlimited extra repayments so you pay your loan off sooner.
Important information about this loan
Please note that this loan is no longer offered through Australian Unity. Australia Unity still offers a discounted package loan known as the Health, Wealth and Happiness Package.
The Professional Package Home Loan offered by Australian Unity is a variable rate loan which offers a competitive interest rate and has low fees. This loan doesn’t charge application fees, valuation fees, or monthly fees. You're free to make extra repayments as and when you see fit, and you also have the option to redraw this money. It also has repayment flexibility which allows you to make repayments in accordance to how often you receive your pay.
If you're looking for a variable rate loan, and not a package, consider applying for the Australian Unity Variable Home Loan.
Things to consider about the Australian Unity Professional Package Home Loan
The interest rate this loan attracts depends on how much you borrow, with the interest rate falling under two brackets. These include to and to . Anyone who is looking for a loan to buy a property to live in or for investment purposes can apply for this loan, and you can also apply if you want to consolidate your debts or need to refinance an existing home loan. You will receive a direct debit card that gives you access to funds that come in the form of additional payments. Account access comes in the form of online and phone banking, BPAY, debit card, as well as ATM and EFTPOS and the loan term can extend up to 30 years.
Features of the Australian Unity Professional Package Home Loan
- Minimum and maximum loan amount. This loan rewards you with a lower interest rate if you borrow over , and has a maximum amount of . Bear in mind that the maximum limit only applies for properties in metro regions. If you're looking at buying property in a regional region, a maximum limit of $1,500,000 applies.
- Loan to Value Ratio. Irrespective of how much you wish to borrow the maximum LVR stands at , although you can contact Australian Unity if you require more.
- Flexibility in making repayments. When making principal and interest payments, you can make them weekly, fortnightly, or monthly. You can also make interest-only payments for a given period, as long as you qualify. Making extra payments doesn’t attract a fee and you can make as many extra payments as you like. This helps you pay your loan off sooner, and you also end up paying less interest. When it comes to making repayments, you can opt for direct salary crediting or direct debit, taking away the need to remember making payments.
- Redraws. You can access money that you've paid in the form of extra repayments at any time, and you can do this as often as required. Redraws don't cost you anything, there is no maximum limit to how much you can redraw, and you can access funds 24 hours after lodgement.
Fees you can avoid
- Application fee: $0. This loan has no application fee, saving you hundreds.
- Valuation fee: $0. Your lender will require an independent valuation of your property to find out how much they can lend you. This is carried out for free by Australian Unity.
- Monthly fee: $0. There are no ongoing monthly fees with this loan.
- Redraw fee: $0. There are no redraw fees with the Professional Package Home Loan.
Fees you can't avoid
- Annual fee: . will be charged each year until you pay your loan off completely.
- Settlement fee: . will be charged only once to settle the loan.
How to apply for the Australian Unity Professional Package Home Loan
You have to meet the following eligibility criteria to apply for this loan:
- You need to be a permanent resident of Australia
- You must be over 18 years of age
- You must have a good credit history
To complete the application process you have to submit different personal, employment, and financial information so Australian Unity can ascertain your identity and your ability to borrow. Make sure you have the following handy at the time of application:
- Copies of your passport, driver's license, and Medicare card
- Details about your employment
- Details about your gross annual earnings
- Details about your assets and liabilities
The Australian Unity Professional Package Home Loan is a variable rate home loan that allows borrowers to pay their loans off sooner, but since there are other home loan packages with similar features, make sure you compare a few before deciding.