Get a fair go with a mortgage from Newcastle Permanent Building Society.
Newcastle Permanent is a building society, which means it has members rather than customers. As a member you reap the rewards of a profitable financial institution through lower fees and interest rates, rather than the profits going to shareholders of a bank as dividends.
$1,500 cashback offer for refinancers
Get $1,500 cashback when you refinance to a Newcastle Permanent Variable Rate home loan from another lender. This offer is available for loans over $250,000 with a maximum LVR of up to 80%. To be eligible for this offer you must apply by 30 November 2018 and have your loan funded by 1 February 2019.
For a limited time, Newcastle Permanent is waiving establishment fees on certain loans for owner occupiers. The $595 establishment fee still applies for investor loans.
Compare Newcastle Permanent home loans
Who is Newcastle Permanent Building Society?
The Newcastle Permanent Building Society originated in Wickham, a suburb of Newcastle, over 100 years ago. It was founded with a cooperative of the Starr-Bowkett Society and designed to provide security for home owners in the Newcastle Region. The society helped to grow the Newcastle region as many of the initial loans were given to borrowers interest-free. This promoted growth in the area and allowed the society to grow.
By the turn of the century The Newcastle Permanent Building Society had over 50 offices and branches in New South Wales. These range from the Mid North Coast to the Northern Rivers, the Central Coast and throughout the Hunter Valley.
The Newcastle Permanent Building Society lays claim to being the financially strongest building society in Australia, and prides itself on the work it does through charity.
Features of Newcastle Permanent home loans
- Basic variable home loan. Newcastle Permanent charges no ongoing fees on their basic variable, and allows additional repayments to help you clear your loan sooner. You can also take a repayment holiday and redraw your additional repayments for a fee, after completing an application. You can also link to a partial offset account.
- Introductory low interest rate. You will receive a discount off of the standard variable rate for the first year of your loan. The introductory rate loan is also free of account-keeping fees and allows for additional repayments, a repayment holiday, includes a partial offset, and redraw for a fee through an application.
- Premium variable rate loan. The premium options of this loan include a 100% offset account, additional repayments, a repayment holiday and the ability to redraw repayments for a fee through an application.
- Fixed interest rate loan. Your interest rate can be fixed for up to 10 years with Newcastle Permanent and this loan attracts no ongoing fees. You can also make up to $25,000 of additional repayments in a year, but cannot access redraw facilities.
- Equity loan. You can borrow up to 80% of the property value and no repayments are required until you have reached your limit of preapproved funds. You can also use the equity loan as an all in one account and reduce the interest you pay.
Features of Newcastle Permanent Premium Plus Package home loans
You can choose to make interest-only repayments on any Newcastle Premium loan for up to five years, and up to 10 years on a fixed rate loan. You can also add a Premium Plus package to your mortgage, which for an annual fee includes:
- The option to choose a variable interest rate loan, a line of credit or both.
- Allows additional repayments.
- Includes a 100% offset account.
- No minimum redraw amount, but you will need to give 24 hours notice of needing the funds.
- Discounts on insurance from Newcastle Premium.
- Higher interest rates on Newcastle Premium savings and investment accounts.
If you are looking for an alternative to the big banks, you may want to consider Newcastle Permanent. A mutual financial institution is run for the members in every way and you are able to vote on the management of the institution, see direct savings in your financial products when the institution makes a profit and enjoy a more personal approach to your finances.