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There’s no point paying high fees and interest rates on a home loan for features you won’t use. Bank Australia’s Basic Home Loan is a no frills loan which is light on features, fees and interest rates. It has a competitive variable interest rate and allows additional repayment capabilities. It also includes a repayment pause option, flexible loan repayment terms and no monthly fee to help you get the funds that you need with little hassle or high expense.
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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).
The Basic Home Loan, though designed for personal use for the building or purchase of a new home, is also available for investment purposes. With a minimum loan amount of $100,000, this loan can be used by full doc or low doc borrowers, though you may be subjected to a higher interest rate or fee if you cannot provide documentation of your income.
This loan has a maximum term of 30 years, with a repayment pause available if needed. However, you should always make sure that you can make your payments, even with a low interest rate like the one offered with this loan, before you apply.
Bank Australia has been in business since 1957. It is a customer-owned bank without external shareholders. This allows Bank Australia to focus primarily on its customers' needs and lets them put profits back into its products and services.
The bank is also committed to responsible lending and investment, which includes investing in community projects and refusing to lend to the fossil fuel industry.
Always be sure to read the terms, conditions, and complete rate and fee schedule to ensure that this loan will be the best fit for what you need to borrow.
Bank Australia asks that you also have the following documents handy when submitting an application online or in person:
Finding a loan that works best for your financial situation and suits your preferences for a loan is a must to help you build, or find, your new property.
The Basic Home Loan offers an environmentally friendly way to borrow funds, and, while it's an option, you should always compare loans from Bank Australia and other providers to get what will work best for you and your finances.
2 Comments
February 11, 2023
what is your IO rate for investment
February 21, 2023
Hi Khoi,
You can find the interest-only rates for this product by clicking the dropdown immediately below the title of the page (where it says “Bank Australia Basic Home Loan” up top).
I hope this helps.
Richard