Keep your costs at a minimum with the eMoney PRIME Variable Rate Home Loan
eMoney's PRIME Variable Rate Home Loan gives borrowers competitive interest rates and waives a range of fees in exchange for charging you an annual fee. It also comes with a range of basic features designed to make it easy for borrowers to pay off their home loan and access any extra repayments they make through a redraw facility.
Note that this rate is available for loan amounts of $500,000 and above.
|Product Name||eMoney PRIME Variable Propack Loan|
|Interest Rate Type||Variable|
|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||90%|
|Loan Redraw Facility||Yes|
|Fixed Interest Option||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$330 p.a.|
- There's a $0 application fee.
- Make extra payments without penalties.
- Withdraw extra funds from the mortgage using the free redraw facility.
- There is a $275 valuation fee.
- A $295 discharge fee applies when you close your home loan account.
- There is $330 annual service fee.
Things to consider about this home loan
The eMoney PRIME Variable Rate Home Loan is a flexible loan available to those refinancing, purchasing a property, or building. To enjoy the rate mentioned above, note that you will need to be borrowing more than $500,000.
Features of this loan
The eMoney PRIME Variable Rate Home Loan offers several features to borrowers including:
- Loan to Value Ratio (LVR): You can borrow up to 80% of the purchase price with this loan, or up to if you're prepared to pay additional Lender's Mortgage Insurance (LMI) costs. Note that you must have 5% of the purchase price saved as genuine savings.
- Loan terms: You can borrow amounts for between 5 and 30 years, meaning out can suit a wide range of borrowers at different stages of buying a home or refinancing.
- Loan amount: You can borrow from $200,000 to $5,000,000 with the eMoney PRIME Variable Rate Home Loan. Keep in mind that to take advantage of the rate above, your minimum loan amount must be over $500,000.
- Repayment options: This loan can be paid off using direct debit, BPAY, direct salary crediting and using a chequebook. You can make principal and interest-only for the duration of your home loan term or interest-only for up to 10 years. You can also make repayments every week, fortnight, twice monthly or every month.
- Free redraw: You can make extra payments on this loan and then withdraw them again using the free redraw facility.
Fees you can avoid
- Application fee. $0. This fee is usually charged to cover the cost of processing your loan application.
- Legal fees. $0. These fees cover the costs associated with legally finalising your loan application.
- Lender’s Mortgage Insurance (LMI). Amount varies. This is a fee charged to you if you borrow more than 80% of the property purchase amount, meaning your deposit is less than 20%. LMI is charged to cover the extra risk you present to your lender, and doesn't protect you during the loan, but rather protects your lender in the event that you default on your loan.
Fees you can’t avoid
- Valuation cost. $275. This fee covers one standard valuation for a property worth less than $1 million in a metro area.
- Annual fee. $330. There's an annual fee which is charged as part of this loan.
- Admin discharge fees. $295. When your loan is paid off, this fee will be charged to close your account.
How to apply
If you think this loan is suitable for you, then clicking 'Go to Site' will safely redirect you the eMoney’s homepage where you can complete a contact form.
You'll be securely taken to the eMoney website, and from there you can enter in a few short details to start an obligation-free discussion with eMoney about your options. To start the application process or enquire about an eMoney home loan you'll need to supply:
- Contact details including your name, email address and phone number
- Information about your loan purpose, including the amount you require
- Employment information, including your gross income and employment status