Pacific Mortgage Group Fixed Home Loan

The PMG Fixed Home Loan lets you lock in a fixed rate for up to five years, so you know what your repayments will be for the fixed period.

The Fixed Home Loan from Pacific Mortgage Group (PMG) is a loan product available to property investors, owner-occupiers and homeowners looking to refinance their mortgage. With a fixed rate, you are assured that your repayments will remain unaffected by rate changes for the specified duration of time. This means you can create a budget which won't be interrupted or made useless by rising rates.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

PMG allows you to enjoy consistent interest rates for a specified period of time and this could be two, three or five years depending on your preference. This means that you will not have to worry about the fluctuations of interest rates and you can easily plan for your repayments for the fixed term. The lender also offers borrowers competitive interest rates and in addition to that, you will not have to worry about monthly or annual fees.

Borrowers get to enjoy a lot of features and these are highlighted below.

About this loan

What are the features and benefits of the PMG Fixed Home Loan?

  • Loan-to-Value Ratio (LVR).
    You can borrow up to 80% LVR with loans of up to $5,000,000
  • General repayment flexibility.
    PMG gives you flexibility when repaying your loan where you can choose to have monthly, fortnightly or weekly schedules. You also have the freedom to make interest-only repayments or you can choose to repay both interest and principal. There are various repayment methods that can be used, including direct salary crediting and direct debiting.
  • Loan term.
    PMG gives you loan terms starting from five years and up to 30 years. Fixed rate terms are available for two, three and five years.
  • Loan amount.
    The PMG Fixed Home Loan allows you to borrow a maximum of $5,000,000.
  • Suitability.
    There are no restrictions on the purpose of the loan and you can take out this home loan to purchase a home for your own use, to refinance an existing loan or for a property investment.
  • Account access.
    You can access your account using various platforms. These include: internet banking, phone banking, BPAY, ATM, EFTPOS and using your debit card as well.
  • Fees.
    There are no fees that have been listed with the PMG Fixed Home Loan. The lender does not charge valuation fees, annual fees, settlement fees and others.

What fees and charges come with this loan?

  • Application fee:
    You will not be required to pay an application fee with this loan.
  • Settlement fee:
    This fee is charged to cover the costs of your loan at settlement, and is not charged by PMG.
  • Valuation fee:
    PMG will cover the cost of a valuation for your property, leaving you with no valuation costs to bear.
  • Ongoing fees:
    These types of fees are charged monthly or yearly as part of administration costs. There are no monthly or annual fees which are payable with this home loan.
  • Lenders Mortgage Insurance (LMI):
    This insurance is taken out by lenders as protection against borrowers who may be unable to settle their loans. The fee could be thousands of dollars, but you can avoid this with the PMG Fixed Rate Home Loan. This is because the lender only allows borrowers to borrow up to 80% LVR and LMI is only charged on loans exceeding 80% LVR.
  • Break fees:
    If you repay your loan within the fixed rate period you will need to pay break fees, which can vary depending on your loan size and the fixed period you still have left.
  • No fees: There are minimal fees associated with this loan, but you may still need to pay charges for various options, so please check the Product Disclosure Statement to confirm.

How to apply

The PMG Fixed Home Loan is available to Australian citizens and permanent residents only. Below are the requirements you'll have to meet in order to apply:

  • Age limit:
    You must be above the age of 18 to apply for the PMG Fixed Home Loan.
  • Personal identification:
    PMG must be able to verify your identity. You will be requested to provide your Australian driver's licence, an Australian passport or any other acceptable form of identification.

More information is required to process your home loan so PMG will ask for:

  • Property information:
    The sale contract will be required to establish ownership as well the title deed and land rates notice if you are taking out the loan for refinancing purposes.
  • Financial information:
    Some of the financial information you will be requested to submit includes: a list of your assets and liabilities, annual income and sources of income.

The PMG Fixed Rate Home Loan allows you to have peace of mind with your repayments for a period of two, three or five years. Compare what different lenders have to offer with their fixed home loan features and rates.

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