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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

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.

About this loan

What are the features and benefits 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.

What fees and charges come with this loan?

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: $0.
  • Valuation fee: $0.
  • Settlement fee: $195.

How to apply

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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