A low variable rate home loan that doesn't require genuine savings.
If you've been gifted a deposit, the Online Home Loans Flexi Choice Prime Variable could be the home loan for you. It accepts borrowers without genuine savings, and offers a 100% offset account and a redraw facility.
|Product Name||Online Home Loans Flexi Choice Prime|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||15 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
|Early Termination Fee||$608|
- No ongoing fees
- 100% offset account
- A $345 application fee applies
What do I need to know about this loan?
The Online Home Loans Flexi Choice Prime Variable is available to owner-occupiers and investors for the purchase of a property. It's not available for construction.
What are the features and benefits of the Online Home Loans Flexi Choice Prime Variable?
- Loan amount. The Online Home Loans Flexi Choice Prime Variable has a minimum borrowing amount of $50,000 and a maximum borrowing amount of $2,000,000. It has a high maximum loan-to-value ratio of 95%, but be aware that borrowing above 80% will incur a lenders mortgage insurance premium.
- No genuine savings option. If you've been gifted a deposit or plan to use a first home owners grant as part of your deposit, the Online Home Loans Flexi Choice Prime Variable doesn't require proof of genuine savings. By comparison, most other home loans require at least 5% genuine savings.
- Flexible repayments. The Online Home Loans Flexi Choice Prime Variable allows unlimited additional repayments without penalty. You can make your repayments weekly, fortnightly or monthly to suit your pay cycle.
- Redraw account. You can withdraw any extra funds you've deposited using the loan's redraw facility. There is a minimum redraw amount of $100 and a $26 fee for making redraws.
- 100% offset account. You can save on home loan interest by using the loan's linked 100% offset account.
What fees and charges come with this loan?
- Application fee: $345. This fee only applies to the Pro Pack option for this loan.
How do I apply for this loan?
If you think the Online Home Loans Flexi Choice Prime Variable is the right home loan for you, click the green button. You'll be asked to fill out a brief form, after which you'll be contacted by an Online Home Loans representative who will walk you through the application process.