QBANK Classic Home Loan Review

Rates and fees last updated on

The QBANK Classic Home Loan offers a discounted rate, flexible repayments and no ongoing fees.

The QBANK Classic Home Loan is a variable rate home loan with a discounted rate for new loans. It offers a range of interest rate discounts depending on your loan-to-value ratio and carries no ongoing fees.

Interest Rate Max Insured LVR Max LVR
Classic Rate (Investor)
4.74% p.a.
Comparison Rate
4.81% p.a.
95% 80%
Discount Investor <80% LVR
4.19% p.a.
Comparison Rate
4.25% p.a.
80% 80%
Discount Investor <95% LVR
4.44% p.a.
Comparison Rate
4.51% p.a.
95% 80%
Discount Rate <80% LVR (Owner Occupier)
3.78% p.a.
Comparison Rate
3.79% p.a.
80% 80%
Discount Rate <90% LVR (Owner Occupier)
4.1% p.a.
Comparison Rate
4.11% p.a.
90% 80%
Discount Rate <95% LVR (Owner Occupier)
4.25% p.a.
Comparison Rate
4.26% p.a.
95% 80%
Classic Rate (Owner Occupier)
4.49% p.a.
Comparison Rate
4.50% p.a.
95% 80%
Product NameQBank Classic
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$2,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$700
Valuation Fee$220
Ongoing Fees$0 p.a.
Settlement Fee$200
Discharge Fee$200

Pros

  • No monthly fees
  • Interest only repayment options for up to 10 years
  • Fee waivers for owner occupiers

Cons

  • No offset account

Factors to consider about the QBANK Classic Home Loan

This loan is available for owner-occupiers or investors, and can be used for purchase, construction or to refinance.

The QBANK Classic Home Loan offers interest-only payments for up to 10 years and carries no monthly fees. QBANK has also waived the usual $900 establishment fee on the product for owner occupiers. The QBANK Classic Home Loan does include a redraw facility but does not have a 100% offset account.

Features of the QBANK Classic Home Loan

Loan amount and term. The minimum loan amount for the QBANK Classic Home Loan is $50,000, and the maximum loan term is 30 years.

  • Loan-to-value ratio (LVR). The QBANK Classic Home Loan allows you to borrow up to 95% of the value of the property you’re buying. Be aware, though, that if you borrow more than 80% LVR you will have to pay for lender’s mortgage insurance (LMI). Lower LVRs also attract bigger interest rate discounts.
  • Interest rate discount. The QBANK Classic Home Loan offers a discounted rate depending on your loan-to-value ratio (LVR). Loans with an LVR under 80% attract the biggest discounts, while there are also discount tiers for loans under 90% LVR and under 95% LVR.
  • Flexible repayments. Repayments can be made weekly, fortnightly or monthly. The QBANK Classic Home Loan offers an interest-only repayment option for up to 10 years as well as allowing unlimited additional repayments without penalty.
  • Redraw facility. This loan allows you to redraw any additional repayments you’ve made.
  • Split facility. The QBANK Classic Home Loan offers the ability to split your loan into variable and fixed rate portions.

Fees

The QBANK Classic Home Loan has no monthly fees, and establishment fees are waived on the loan for owner occupiers. The regular fees for this loan are:

  • Application fee: $700.
  • Valuation fee: $220.
  • Settlement fee: $200.

How to apply for the QBANK Classic Home Loan

If the QBANK Classic Home Loan seems like it might suit your home loan needs, you can visit QBANK’s website to learn more. You’ll need to provide QBANK with some information to get started:

  • Personal details. You’ll need to provide details such as your name, date of birth, address and contact numbers.
  • Loan details. QBANK will want details about the loan amount you’re applying for, and possibly the property you’re looking to buy.
  • Financial details. You’ll need to give QBANK details about your employment, income, assets and liabilities.

The QBANK Classic Home Loan offers a competitive rate with no ongoing fees, and the flexibility to make additional or interest-only repayments. It could be worth adding to your home loan comparison.

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This page was last modified on 29 May 2017 at 8:57am.

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QBank Classic

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $700 / $0

  • Max LVR

    80%

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