Fix in a competitive rate on your home loan and enjoy peace of mind.
eMoney's Propack home loans offer a discounted fixed rate in return for charging borrowers a low annual fee. In return, you'll get a competitive home loan with flexible access available to a range of borrowers.
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On top of this, eMoney doesn't charge any monthly account fees. There are also no application fees or settlement fees to worry about. Instead, you pay one annual fee each year in exchange for a further discount off your interest rate.
There are plenty of advantages to fixing your home loan interest rate. Aside from knowing that you can't get stung when interest rates begin to rise again, you also have the benefit of knowing that your repayments can't change during that time.
This is ideal for first home buyers who may need some time to get used to their new household budget. It's also great for any home owner who just wants the peace of mind that their repayments are fixed in for a certain number of years.
Investors may also find it beneficial to lock in their interest rate on an investment loan. This allows them to potentially increase the returns they get on investment properties, as the rate remains static but the rental amount you charge for the property is very likely to go up each year.
The eMoney Pro Pack fixed interest rate home loan is suitable for purchasing an existing house or for refinancing a mortgage over from another lender to take advantage of the low rates. It's also acceptable to use this home loan for personal purposes or for investment use.
This fixed rate loan can't be used for construction purposes for building a new dwelling.
You are able to split your loan up to four times. This lets you create individual parts of your entire home loan that might help you to keep personal and investment loans separate. You may also prefer to set one of your splits to a fixed interest rate and leave another on a variable rate to take advantage of the flexible features available. There is no charge for creating a split loan facility.
Repayments can be set to Principal and Interest payments. This is where some of your payment amount covers any interest charges that have accrued and the rest of the payment amount reduces your balance a little more each month.
Alternatively, you can opt to set your payments to Interest-only. Your payments are calculated based only on the amount of interest due to your account each month, so you don't actively reduce your balance at all. This is often a preferred choice for investors, who may wish to maximise the deductible nature of an investment loan.
eMoney are also flexible about changing how frequently you make your payments. If you're on Principal and Interest payments, you can choose to have your payments made fortnightly. If you chose the Interest-only option, these payments are made monthly in arrears.
Making extra payments
eMoney Pro Pack Home Loans may not always allow you to make additional repayments off your fixed rate home loan. In fact, an early payment fee and a break fee may apply if you repay any or all of your mortgage before the end of the fixed term.
If you would prefer to make extra payments off your home loan, you might benefit by choosing to split your loan. This lets you lock in some of your loan at the fixed rate and leave the remaining portion on the variable rate. You can then direct any extra payments you want to make into the variable component without any penalties arising.
Remember that the discounted interest rate only applies if you select the Propack option and you keep your borrowing amount below 80% of the property value. Otherwise, different interest rates may apply.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
Applying for the eMoney fixed rate home loan
The eMoney website is remarkably helpful. You can use their site to work out your borrowing power and check out what your estimated repayments will be. You can also use the convenient form on their site to leave your name and contact details. A representative will contact you to discuss your application details with you.
Alternatively, you can choose to apply for a Pre-Approval. You fill in your name, contact details and some information about how much you want to borrow and how much your property is worth. Based on this information, the system is able to automatically generate a pre-approval that gives you some assurance about how much you're able to spend.