eMoney will let you fix in a competitive rate. This gives you a way to avoid any future interest rate increases, but it also gives you a buffer against your repayments rising over that time.
Most lenders won’t give you too many flexible features with a fixed rate home loan. But eMoney allows you to take advantage with plenty of flexibility. By fixing your rate you can enjoy financial security and plan your budget. After the fixed period, the loan will revert back to the variable interest rate.
|Product Name||eMoney PRIME Full Doc Fixed Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$200,000|
|Maximum Loan Amount||$5,000,000|
|Minimum Loan Term||5 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Loan Redraw Facility||No|
|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.|
- Link a 100% offset account to your fixed home loan.
- Make extra payments during the fixed term without penalty.
- Withdraw extra funds from the mortgage using the redraw facility.
- There is a $275 valuation fee.
- A $295 discharge fee applies when you pay off your home loan.
Note: The rates provided above are based on a scenario where under 50% of the total loan is fixed.
Things to consider about this loan
This home loan is suitable for investors and refinancers looking to purchase a property. It is also suitable for a vacant land, debt consolidation and as a construction loan. Currently, it is only available as a full documentation loan however, eMoney has a low doc option as well.
Features of the eMoney Fixed Rate Home Loan
- Additional repayments. You are able to make additional repayments of up to $20,000 each year off your mortgage balance during the fixed term without penalty. Those extra payments are over and above the minimum payment you’re required to make.
- Redraw Facility. If you ever need access to those extra repayments you made into your mortgage, you can always withdraw them again easily via the redraw facility. Many lenders won’t allow you to redraw additional funds from your home loan during a fixed term, but you can with eMoney. A minimum of $500 is required per redraw.
- 100% Offset Account. eMoney also allow you to link a 100% offset account to your fixed rate mortgage. This allows you to reduce the amount of interest you pay overall on your home loan by simply keeping your savings in the account to offset those interest charges.
- Interest-only option. You have the choice between making full Principal and Interest payments or paying Interest-only, which covers only the interest charged for that month. An additional contract split fee of $50 will be incurred.
- Link a Visa Card. You’re even able to link a secured Visa card with a credit limit up to $20,000 to your home loan that is charged at exactly the same rate as the variable home loan.
Fees you can avoid
- Application fee, account-keeping fees, settlement fee, annual fee $0. Enjoy saving on upfront costs as eMoney is currently waiving these fees when you apply for this loan. These fees cover the cost of creating and the maintenance of the account.
- Discharge fee $295. If you repay or exit the loan early, a discharge fee of $500 will incur - also known as an ‘exit fee’.
- Legal Discharge fee min . This fee is the cover the legal costs of you repaying or exiting the home loan early.
Fees you can’t avoid
- Loan documentation . When you account is created, this fee is to cover the costs of writing up the paperwork for your loan.
- Valuation cost $275. This covers the cost of your lender sending a third party valuer to the property to estimate what’s it worth, usually your LVR is calculated upon this valuation.
- Lender’s legal $0. This is a once off payment to cover the legal costs of the paperwork to create your account.
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How to apply
If you think the eMoney Fixed Rate home loan is for you, then click the ‘Go to site’ button and you will safely redirected to the eMoney home loans. If you have a question about this loan please click 'details'. For an obligation free follow up call, you will need to click the Find out more button on the eMoney site and inform them of your:
- Name and contact details
- Loan purpose
- How much deposit you have
- Credit history
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eMoney Fixed Rate Full Doc Home Loan Interest Rate History vs RBA Cash Rate Graph
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