Hume Bank Introductory Rate Home Loan

Rates and fees last updated on

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.

Interest Rate Max Insured LVR Max LVR
1 Year, P&I
3.99% p.a.
Comparison Rate
5.03% p.a.
95% 80%
1 Year, IO
4.24% p.a.
Comparison Rate
5.06% p.a.
85% 80%
Product NameHume Bank Introductory Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$100,000
Maximum Loan Amount$6,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR97%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
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$600
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$200

Pros

  • Discounted introductory rate
  • Wide range of features

Cons

  • Discharge fee of $200
  • $600

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.

Fees

  • 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.

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This page was last modified on 18 July 2017 at 1:58pm.

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Hume Bank Introductory Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $600 / $0

  • Max LVR

    80%

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