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A Newcastle Permanent Fixed Rate Home Loan allows you to create a long-term budget for your loan with minimal fees and useful features.
The Newcastle Permanent Premium Plus Package Home loan has a low variable rate and many additional features designed to help you save money when paying off your home loan. It offers discounts on interest rates, as well as on other banking and finance products, in exchange for an annual fee.
|Product Name||Newcastle Permanent Building Society Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$10,000,000|
|Maximum Loan Term||30 years|
|Mortgage Offset Account||No|
|Loan Redraw Facility||No|
|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|
|Ongoing Fees||$0 p.a.|
- There is $0 ongoing service fee
- You can make extra payments up to $25,000 during the fixed term
- No redraw during the fixed term
- $595 application fee which is currently waived for all owner-occupier loans
Details to consider about a Newcastle Permanent Fixed Rate Home Loan
The Newcastle Permanent Fixed Rate Home Loan has fixed terms ranging from one to 10 years, and carries no ongoing fees. Once the fixed period ends, the loan reverts to Newcastle Permanent’s Real Options Home Loan. You can also choose to fix your loan for another period of time.
Features of a Newcastle Permanent Fixed Rate Home Loan
- Maximum loan amount. You can borrow up to 95% of a property’s value with this loan, although if you borrow more than 80% you’ll need to pay lenders mortgage insurance (LMI).
- Additional repayments. With the Newcastle Permanent Fixed Rate Home Loan, you can make up to $25,000 in extra repayments during the fixed rate period. However, paying your loan off before the fixed rate expires could see you paying break costs.
- Repayment holiday. If you experience financial hardship and you're struggling to meet your mortgage repayments, you can apply for a repayment holiday to pause your repayment commitments for a set period of time.
- Split loan facility. With a split loan option, you can allocate a portion of your home loan to attract a variable interest rate and another portion to attract a fixed interest rate. This gives you the flexibility of a variable rate and the certainty of a fixed rate.
- Portability. The portability feature gives you the flexibility to transfer the home loan with you in the event that you move into a new property.
- Flexible repayment options. Choose from a weekly, fortnightly or monthly repayment schedule.
- Interest-only option. You can opt to pay interest-only repayments for a period. This can be useful for investors trying to maximise their cash flow.
What fees and charges come with this loan?
There are no ongoing account keeping fees to with this loan; however, there are some fees you may have to pay:
- Establishment fee: $595. This fee is for the loan application process and currently only applies to investor loans.
- Break costs: Varies. This is the cost of closing the loan during the fixed rate term and can be quite substantial.
How to apply for the Newcastle Permanent Fixed Rate Home Loan
If the Newcastle Permanent Fixed Rate Home Loan sounds right for you, click on the green 'Go to site' or 'Enquire now' button and you'll be redirected to Newcastle Permanent directly, or to a form to contact a mortgage broker.
When making an enquiry about this loan, you'll need to provide your personal details. These include your full name, contact number and email address. You'll also need to confirm whether or not you're a member of Newcastle Permanent.
Once you've submitted your enquiry, a home loan expert will be in touch with you within one business day.
When you apply for the Newcastle Permanent Fixed Rate Home Loan, you'll need to provide:
- Personal details. You'll need to disclose your date of birth, residential address and contact details. You'll need to provide a copy of photo ID which clearly shows your signature and photo.
- Employment details. Newcastle Permanent will request two recent payslips that specify your employer's name, the pay period and gross or net income. You may also need to lodge a signed employer consent form.
- Liabilities. You'll need to provide statements for any liabilities or debts that you have, such as credit cards or personal loans.
- Property details. During the application, you'll need to put forward a signed copy of the contract of sale. This should include details such as address, property type, purchase price, and sellers details.