Don’t pay for features you won’t use with the PMG Standard Variable Home Loan
Awards
- Money Magazine Best of the Best award for cheapest flexible home loan in 2012.
| Product Name | Pacific Mortgage Group Standard Variable Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $50,000 |
| Maximum Loan Amount | $2,000,000 |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $0 |
Pros
- No application fee, ongoing fee, settlement fee and discharge fee.
- Extra repayment are available.
- Redraw Facility.
Cons
- No offset account.
- Not available for investors.
- Minimum loan amount of $50000.
Things to consider about the PMG Standard Variable Home Loan
The Pacific Mortgage Group Standard Variable Home Loan is available to those buying a home or investment property, or refinancing an existing home loan. This is a full documentation loan, so if you’re self-employed or a casual worker and can’t prove a steady income you may want to compare PMG's low doc home loan.
Features of the PMG Standard Variable Home Loan
- Redraw facility. This loan offers an unlimited redraw facility at no cost, enabling you to access all the excess repayments you have made on the loan in the past. This can be great when you need funds for a renovation on your home or an emergency. You get unlimited redraw transactions with funds accessible to you within 24 hours of lodgement.
- Flexible repayments. The PMG Standard Variable Home Loan offers flexible monthly, fortnightly or weekly repayments to suit your income. You can also opt to make interest-only payments or combine principal and interest payments depending on your financial situation. Paying off the loan is also easy with options such as salary crediting and direct debit available.
- Flexible loan structure. You have the option of choosing a loan term that suits you from anywhere between 5 years and 30 years. You can also borrow up to $2,000,000 if you’re buying in a metro area, or $1,500,000 in a regional area.
Fees
Fees you can avoid
- Settlement fee. This home loan does not have a settlement fee. This is usually charged when finalising the loan once all repayments have been made.
- Application fee. This is the fee usually paid when applying for a home loan.
- Monthly and annual fees. These fees normally go into the servicing of a home loan, but this particular loan has waived all monthly and annual fees.
- Valuation fee. This fee goes into the valuation of an existing home or property.
Fees you can’t avoid
- Government fees. These are fees charged to cover stamp duty and mortgage registration fees.
- Legal fees. A home loan application process usually includes a contract that has to be handled by third party legal personnel. Legal fees cover those legal services and the preparation of all legal documents required for the loan.
How to apply for the PMG Standard Variable Home Loan
You can apply for the PMG Standard Variable Home Loan by speaking to your local mortgage broker or contacting Pacific Mortgage directly.
Please make sure you meet the following requirements:
- You must be over the age of 18 in order to be approved for this loan
- You need to have a good credit rating to ensure that you will not default on your loan repayments
You will also be required to have the following documents and information ready:
- Your Australian driver’s licence
- Your employer’s address
- Details of your income, assets and liabilities
The PMG Standard Variable Home Loan delivers a competitive rate and features that may suit your specific needs. However, make sure to compare the home loans featured on our site today and choose a product that fits into your lifestyle and finances.
what are the early termination fees? (e.g. at 2, 3 and 5 years)
Hi Peterxyz,
thanks for the question.
Leaving any fixed rate home loan early will come with break fees. These are calculated using a couple different factors, and can vary by person to person because they calculate the fee using the swap rate at the time of locking your rate in. To get an accurate quote for these fees it’s best to contact Pacific Mortgage Group directly.
I hope this helps,
Marc.
Your table showing fees for the PMG Standard Variable Home Loan indicates the Legal Fee for this loan is $0. I assume this refers to the legal fees which PMG incurs which, under this loan, they will not pass on to the borrower.
Your section on fees for this loan indicates legal fees are one of the fees which can’t be avoided. Are you referring to the fees which the purchaser pays to their own solicitor/conveyancer?
Hi Mary,
Thanks for your question.
That’s correct, legal fees in this sense is referring to the fees that you pay to your solicitor/conveyancer.
Cheers,
Shirley