The Illawarra Bank Beat fixed rate home loan offers a competitive interest rate and lets you make additional repayments.
With the option of fixing between to 1 to 5 years, you can enjoy the stability of fixed repayments for the agreed timeframe. This means that you can plan the family budget every month with no surprises from your mortgage.
Illawarra home loans have also decided to waive the application fee, valuation fee and legal fees saving you money that you can use towards your loan.
Things to consider about the Illawarra Bank Beater fixed rate home loan
This home loan is suitable for owner-occupied, investors, refinancers and is also approved by the National Rental Affordability Scheme (NRAS). Currently, this loan is only available as a full documentation loans. For low documentation home loans, please click on the link below. Be mindful that a lender’s mortgage insurance will incur if your loan-to-value ratio is more than 80%.
Features of the Illawarra Bank Beater fixed rate home loan
- Loan amount. Borrow from a minimum amount of to a maximum of .
- Loan term. Borrow for a minimum period of to .
- Maximum loan-to-value ratio. Up to which means you only need a 10% deposit for the home loan.
- Repayments. Choose to repay interest-only for up to 10 years, suitable for investors who need the extra cash flow. You can also choose to repay on a weekly, fortnightly or monthly basis.
- Offset account. Save on interest by putting your savings into an offset account, thus reducing your principal on the variable rate component.
- Redraw facility. Benefits from a redraw facility on the variable component so you can withdraw the repayments you have made.
- Rate lock. To protect yourself from interest rate rises in the next month or you’ve negotiated a good deal, you have the option to lock in the rate before settlement.
- Paperwork. Illawarra home loans try to make it easy by completing the paperwork for you over the phone. All you need to do provide the relevant documentation and give your approval.
Fees you can avoid
- Application fee, valuation fees. Illawarra home loans is currently waiving these fees.
- Lender’s Mortgage Insurance. This fee is only applicable for home loans that are over 80% LVR.
- Break costs. These costs are applied to your loan if you’ve repaid during fixed rate period and are calculated on a case by case basis.
Fees you can’t avoid
- Annual fee $345. This is to cover the cost of opening and maintaining your home loan account.
- Title insurance fee $132. This is to cover the cost of insuring against financial loss from defects in title of the property.
How to apply for the Illawarra Bank Beater fixed rate home loan
If you would like to apply for this loan, please click ‘enquire now’ to be safely redirected to the Illawarra home loans call back request form. You can choose to apply for pre-approval or just for a call back. Please have the following information ready;
- Personal information
- Financial information
- Best time to contact you
The application should take about 10-15 minutes to complete.