We currently don't have that product, but here are others to consider:
How we picked theseIntroductory rate home loans are designed with first home buyers in mind. They offer a low rate of interest for a special promotional period (normally about a year), which helps keep your payments down. It’s not unusual for this low rate to be a whole percentage point below the standard rate.
Once the honeymoon rate period is over, the interest rate reverts to the product’s standard variable rate. If this revert rate is too high, you can consider refinancing to a cheaper home loan. This can take a little time and money, but will save you money in the long run.
Your lender may have another, similar loan product you could switch to instead of refinancing with a completely new lender.
The most attractive feature of a honeymoon loan is of course its low introductory rate, but before you choose your new home loan, consider the different ways you can save interest in the first years of your mortgage.
If you would like to see what effect additional repayments have on your mortgage, check our extra repayment calculator.
"If you're looking for a honeymoon home loan with an upfront discount you need to make sure that the loan is a good product for you (regardless of the discount) and check that it doesn't have big discharge or switching fees. This could make refinancing more expensive once the honeymoon rate ends."
Make note of your home loan's honeymoon period. It's usually only for one or two years. Your lender may notify you when the period ends, but they might not. Either way, check your home loan statement or log onto your lender's website and check the new rate your loan is now on. It's likely higher than the honeymoon rate.
Then you should do the following:
By using the equity you have in your property, you could borrow cash for a number of reasons without needing to make regular repayments back into the loan.
Exclusive home loan rates are available for Woolworths staff and their family members through Woolworths Team Bank. Borrowers can benefit from no annual or monthly fees, too.
If you need access to a sum of cash and you've already built equity in your home, you can refinance your home loan to a higher amount and withdraw the difference in cash. Here's how it works.
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