Firstmac VIP Package Fixed Home Loan

Rates and Fees verified correct on December 6th, 2016

You can enjoy competitive interest rates, generous terms and 24-hour access for your loans when you choose a Firstmac home loan.

If you are a first home buyer, the thought of applying for a home loan can be daunting. It’s a long-term commitment and any mistake that you make might have lasting consequences on your finances. The Firstmac VIP Package Fixed Home Loan allows borrowers to enjoy a range of features and a discounted fixed rate, so that users can rest easy knowing their rate won’t fluctuate over the fixed term.

Things to consider

Interest Rate Max Insured LVR Max LVR
2 Years (Investor)
4.44% p.a.
Comparison Rate
4.47% p.a.
90% 80%
2 Years (Owner Occupier)
4.19% p.a.
Comparison Rate
4.22% p.a.
90% 80%
3 Years (Owner Occupier)
4.19% p.a.
Comparison Rate
4.22% p.a.
90% 80%
3 Years (Investor)
4.44% p.a.
Comparison Rate
4.47% p.a.
90% 80%
Product NameFirstmac VIP Package Fixed
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$1,000,000
Minimum Loan Term15 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage 100% OffsetNo
Loan Redraw FacilityNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Valuation Fee$220
Ongoing Fees$295 p.a.
Settlement Fee$300
Discharge Fee$300

Pros

  • $0 application fee.
  • $300 discharge fee.
  • Extra repayments are available.

Cons

  • A $295 annual fee applies.
  • $220 valuation fee.
  • No offset account.

The VIP Package Fixed Home Loan is a fixed term loan, giving you the ability to lock in the interest rate over a two or three year period. Fixed term home loans can give you peace of mind because you know exactly how much you need to repay over a specific period.

The VIP Package requires you to borrow a minimum of $50,000 to be able to take advantage of this loan. The repayment period for this package can be extended over the course of 30 years.

Features of the Firstmac VIP Package Fixed Home Loan

  • Fixed rate. Fixing your interest rate means that your repayments will stay the same for a period of time. This is great if you need stability when you budget, or you’re just starting out with a home loan and want to get used to the nature of repayments.
  • Discounts. This is a package loan which means you pay an annual fee in return for discounts on your rates and other Firstmac products. With this loan you’ll enjoy a 0.10% discount on Firstmac’s standard fixed rates, plus a 10% discount on Firstmac Home and Contents Insurance, bonus interest on Firstmac Term Deposit accounts, and a free financial plan worth up to $750. You can also enjoy a $150 discount on Firstmac Lifestyle Protection Insurance, which protects you in the event that you lose your job or are injured and can’t work.
  • Option to pay weekly, fortnightly, or monthly. You can choose to make your repayments at a frequency that suits your budget, whether that be weekly, fortnightly or monthly.
  • Owner-occupier or investor. The VIP package is available for both individuals who want to occupy the property or investors who want to expand their portfolio of assets.
  • Additional repayments allowed. Firstmac lets you make additional repayments without any additional costs, potentially helping you to save on interest and pay off your loan sooner.
  • Redraw facility. There is a free, unlimited redraw account with this package, which means you can access any additional repayments you’ve made with ease in case of an emergency.
  • Convenience. You can manage everything online, with free BPAY, direct credit and debit transactions. You’ll also have a linked Visa debit card for everyday purchases.

Fees

Fees you can avoid

  • Application Fee. As this loan is a package loan, it charges no application fee, but does have an annual fee.
  • Legal Fees. This loan doesn't charge fees to cover any legal expenses.

Fees you can’t avoid

  • Valuation Charge. $220 or at cost. This charge covers the cost of having your property valued, which is required by all lenders.
  • Settlement Fee. $300. This fee covers the cost of arranging your funds to be available.
  • Ongoing Annual Fee. $295. This fee is charged in return for receiving a rate discount and other benefits as part of the package.

Find out what your repayments will be in a few seconds

How to apply for the Firstmac VIP Fixed package

To apply for this home loan, you can click the ‘Enquire’ button on this page. Firstmac requires basic documents in order to process your home loan application. These include documents that prove your identity, your ability to pay, and details of your outstanding assets or liabilities. We’ve summarised the list of papers that you need to present. These include the following:

  • Proof of identity. Firstmac requires your driver’s license or passport when you apply.
  • Proof of income. This can include your employment contract, recent payslips, or tax returns.
  • Details of your assets and liabilities. If you have any assets that can help you pay off the loan, you must present this to Firstmac as well. Assets can include any other property you may have or stocks. Similarly, you have to present documents of any liabilities that may affect your ability to pay.
  • Property information. You will also need to provide detailed information about the property, including the property valuation.

The VIP Package offered by Firstmac is a competitive fixed rate home loan with a range of discounts. Add it to your comparison of package home loans today.


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Firstmac VIP Package Fixed Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 1 October 2015 at 9:23.

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Firstmac VIP Package Fixed

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $295

  • Max LVR

    80%

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