A fixed rate loan with 100% offset account and the ability to make extra repayments? No problem!
If your idea of a good home loan is one that fits nicely into your household budget without giving you any surprises along the way, then perhaps you should take a look at the Community First Fixed Home Loan. It allows you to shield yourself against rising interest rates by locking in a fixed rate for one to three years, which gives you the peace of mind of stable home loan repayments for the fixed period of the loan.
|Product Name||Community First Fixed Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$1,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- You can pay extra payments every year during the fixed term with no penalty
- You can access additional funds using the unlimited free redraw facility
- You can borrow up to 95% of the property value
- A $300 discharge fee applies when you pay off your home loan (break costs may also apply if you pay it off during the fixed term)
The Community First Fixed Home Loan comes with no annual fees, no account-keeping fees and a 100% offset account, which allows you to save money by using the balance in your savings account to 'offset' against the amount you owe on your mortgage, drastically reducing the daily interest charges. It also provides the convenience of a redraw facility with no minimum redraw amount and the ability to make additional repayments of up to $25,000 per year without attracting a redraw penalty.
The Community First Fixed Home Loan is available for both owner-occupiers and property investors, with loan amounts of up to 80% of the purchase price (80% LVR) or up to 95% for those with Lenders Mortgage Insurance (LMI). It includes handy repayment options with your choice weekly, fortnightly or monthly repayments and accommodates those looking for a loan term of up to 30 years.
For those who grow accustomed to making fixed mortgage repayments, you can easily select a further fixed term once the initial term expires, or simply revert to the standard variable interest rate at that time – the choice is yours.
What makes the Community First Fixed Home Loan different?
Put simply, its flexibility. Many fixed home loans on the market prevent borrowers from making additional repayments during the fixed period of the loan, whilst others charge fees or penalties for doing so. By allowing borrowers to make additional repayments up to $25,000 per year, the Community First Fixed Home Loan accommodates borrowers whose goal is to pay off their mortgage as fast as possible, without slugging them with fees, charges and penalties for trying to get ahead.
Secondly, the Community First Fixed Home Loan provides an unlimited redraw facility with no minimum redraw amount. Again, many fixed home loans do not provide this facility and for those that do, they often include either restrictions or charges for using the facility. This flexibility allows borrowers to better manage their cash flow to ensure life’s little surprises are covered if they rear their head at the wrong time.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
Lock in a fixed rate using the Community First rate lock option
You can enjoy the benefit of locking in a fixed rate at the time of conditional approval for a period of up to 90 days, which means if the fixed rate on this product increases during the 90 day period, you're still guaranteed the lower rate offered upon conditional approval. Alternatively, if the fixed rate drops during the 90 day period, you have the flexibility to lock in the lower rate upon funding the loan. The rate lock fee is either $500 or 0.15% of the loan amount (whichever is higher), which is charged upon conditional approval of your loan. To take advantage of the rate lock you simply need to complete the rate lock form and either return it to the store you visited, or via fax, email or regular mail.
How to manage your Community First Fixed Home Loan
There's a number of ways you can manage your home loan with Community First, including Internet banking, mobile banking, telephone banking, via E-statements or over the counter at Community First's 13 Financial Service Stores.
Looking to have your fixed home loan pre-approved?
It takes just 24-48 hours to have your pre-approval arranged through Community First. You can also arrange to have a mobile manager come to you to sit down and assist you with the application process face to face and to answer any questions that you may have along the way.
To make an enquiry or to get the ball rolling with a pre-approval, simply contact one of their professionals.