Newcastle Permanent Real Deal Home Loan
A special discount on your interest rate and a waived establishment fee could make the Real Deal home loan worth considering
If you choose a Newcastle Permanent’s Real Deal home loan to finance the purchase of your next property, you could save up to 0.25% p.a. off of the variable interest rate for the first three years of the loan. Both of these offers are available for a limited time only to new mortgage loan applications.
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.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.
Newcastle Permanent’s Real Deal Home Loan offers flexibility and no ongoing fees, allowing you to work towards paying off your home loan as soon as possible.
The loan is ideal for both owner occupiers and investors, whether you’re refinancing or buying your first home. With an LVR of up to 95%, it is a great solution for new buyers who want to buy with a small deposit and make the most of the features offered.
The Real Deal Home Loan offers you the ability to make additional repayments towards your loan. If you need the cash, you can then redraw from those repayments either online or in a branch.
There is a high application fee to consider, so make sure you work that into your costs. But overall, thanks to no other fees, it does not largely impact the comparison rate.
About this loan
What are the features and benefits of the Newcastle Permanent Real Deal Home Loan?
- Loan-to-Value Ratio (LVR). The maximum LVR is 95% of the property value. Keep in mind that for those who borrow over 80% of the property value may have to pay Lender's Mortgage Insurance (LMI).
- Loan terms. The maximum loan term for this loan is 30 years.
- Repayment frequency. You can choose to make your repayments monthly, fortnightly or weekly with the Real Deal Home Loan. You're also permitted to make extra repayments which can help pay your loan off earlier.
- Repayment types. If you want the option of extra cash on hand, you can choose to make interest-only repayments for up to five years. You may also take a holiday on making repayments altogether if you have enough additional funds from extra repayments to cover them.
- Redraw. There's a redraw facility available with no minimum amount available with this loan. However, you are charged a fee when you take advantage of this option.
- Loan amount. The minimum amount you can borrow with this loan is $50,000.
- Package deal available. You can combine this Newcastle Permanent home loan with other products to create a package that best suits your circumstances.
What fees and charges come with this loan?
- Establishment fee, $595. A one-off establishment fee applies.
- Ongoing fee. There is no monthly or yearly charge to the home loan for account-keeping.
- Redraw fees. You will be charged a fee if you redraw any extra repayments that you have made towards the value of the loan. This is $10 per redraw processed online, or $35 for redraws conducted at a Newcastle Permanent Branch.
- Discharge settlement fee. This will apply only if you need Newcastle Permanent to produce the title deed when the loan is paid in full.
How to apply
Before making the decision that this is the right home loan product for you, make sure that you meet the following eligibility requirements:
- Age. You'll have to be at least 18 years of age to be considered eligible for this home loan.
- Credit history. To increase your chances of being approved for any home loan product, you should work on keeping a good credit history.
If you meet these requirements and would like to apply for the Real Deal Home Loan click the "Go to Site" button. This will take you safely to the loan inquiry page. Here you will be asked to fill out a contact form so that a Newcastle Permanent home loans expert can get in touch with you to discuss your options.
When applying for a home loan product be prepared to present the following documentation:
- Personal information. This should be your full name, date of birth and permanent address. You will also need to present a verifiable form of identification such as a valid driver's licence.
- Employment history. Recent employment information including how to contact your present employer, amount of time you have been with them and your rate of pay.
- Income. Documentation that verifies both your gross and net income. This could be recent pay slips or tax forms.
- Liabilities. Liabilities refers to any current debts you hold. This includes open loans, credit cards and overdraft accounts. Lenders will ask for current balances, monthly repayments and available credit.
While the competitive interest rate and waived establishment fee are appealing features of this home loan, there are other points to take into considerations such as the offset account.
When comparing this loan with others, be sure that you look at all of the features offered to make sure that you are getting the best value for your situation.