Get a low introductory rate to help you adjust to your first year of homeownership.
The Hume Bank Introductory Rate Home Loan offers a discounted rate for the first year of a loan, to help new homeowners get on top of their mortgage commitments. It also comes with an array of flexible features.
|Product Name||Hume Bank Introductory Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$100,000|
|Maximum Loan Amount||$6,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||97%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|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.|
- Discounted introductory rate
- Wide range of features
- Discharge fee of $200
Details to consider about the Hume Bank Introductory Rate Home Loan
The Hume Bank Introductory Rate Home Loan is a variable rate home loan available to owner-occupiers for purchase, refinance or construction. It comes with a 100% offset account, free redraws and no ongoing fees. You can also borrow up to 80% of the value of the property you’re buying.
Features of the Hume Bank Introductory Rate Home Loan
- Loan amount and loan-to-value ratio (LVR). This loan has no minimum or maximum loan amount, and you can borrow up to 80% of the value of the property you’re buying. However, if you borrow above 97% you’ll have to pay a lenders mortgage insurance (LMI) premium.
- Repayment type and frequency. The Hume Bank Introductory Rate Home Loan allows weekly, fortnightly or monthly repayments. Repayments can be made on the principal and interest, or you can choose the interest-only repayment option.
- Available in a package. The Hume Bank Introductory Rate Home Loan is available in the Hume Property Package, which waives many of the product’s fees and discounts on other banking and insurance products.
- 100% offset account and redraw facility. The Hume Bank Introductory Rate Home Loan includes a free 100% offset account and free online redraws. Borrowers can also get one free in-branch redraw per month, with a $25 charge per redraw thereafter.
- Split facility. The Hume Bank Introductory Rate Home Loan can be split into fixed and variable rate portions. Fees may apply.
- Application fee: 600. The Hume Bank Introductory Rate Home Loan has a 600 application fee. This fee is waived for loans refinanced to Hume from another lender. It’s also waived for borrowers who choose the Hume Property Package.
- Top-up fee: $300. This fee is charged to customers who wish to top up an existing Hume Bank home loan.
- Switch fee: $300. This fee is charged to borrowers switching from another Hume Bank home loan product.
How to apply for the Hume Bank Introductory Rate Home Loan
If the Hume Bank Introductory Rate Home Loan sounds right for you, you can head to Hume Bank’s website for more details. You should have a few pieces of information handy when applying for the loan:
- Personal information. Hume Bank will need to know your full name, date of birth and contact information.
- Financial information. You’ll have to provide information on your income, assets and liabilities.
- Loan information. Hume Bank will want to know the loan product and loan amount you’re applying for, as well as the purpose of the loan.
The Hume Bank Introductory Rate Home Loan offers a low rate for the first year, along with a host of useful features. If you’re looking for an introductory rate loan to help you acclimatise to repaying a mortgage, Hume Bank could be worth adding to your comparison list.