With a competitive rate and several useful features, including an offset account, the Switzer Home Loan is worth enquiring about.
The Switzer Home Loan features a competitive variable interest rate and no ongoing fees, and can be tailored to suit your unique borrowing needs.
Switzer Home Loans was created by financial advice guru Peter Switzer and his team, and the non-bank lender specialises in working with each individual customer to help them find a loan that matches all their requirements.
| Product Name | Switzer Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Interest Rate (p.a.) | 3.89% |
| Comp Rate^ (p.a.) | 3.89% |
| Minimum Loan Amount | $100,000 |
| Maximum Loan Amount | $3,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | No |
| 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 | $545 |
Pros
- $0 application fee
- $0 ongoing fees
- 100% offset account
- Extra repayments are available
- Redraw facility
Cons
- You'll need a minimum deposit of 20% to be eligible for this loan.
- Discharge fee of up to $545
- Only available to those borrowing more than $100000
Details to consider about the Switzer Home Loan
The Switzer Home Loan comes with a low-interest rate and minimal fees. With a 100% offset account, flexible loan structure and the ability to make extra payments, this loan can be used to purchase residential property, for a renovation or to access equity.
Features of the Switzer Home Loan
- Loan amount. The Switzer Home Loan is available for loans of $100,000 or more.
- Maximum LVR. The maximum LVR on this loan is 80%, so you’ll need to have saved up a deposit of at least 20% of the property purchase price.
- Loan purpose. The Switzer Home Loan is available for home buyers, renovators, those looking to build a new home and people who want to refinance their existing loan.
- Extra repayments. You can make extra repayments on this loan so you can focus on paying down your debt sooner.
- Redraw facility. The redraw facility allows you to access any extra repayments you've made.
- Offset account. A 100% offset account is offered with this loan, which allows you to minimise your interest repayments over the life of the mortgage. You can deposit up to $1,000,000 in the offset account.
- Loan structure. Switzer Home Loans allows you to select the structure that will help you meet your homeownership objectives. Choose from a fixed or variable rate (or a combination of both) as well as principal and interest or interest-only options. You can choose to have your salary deposited into your loan account to minimise your interest.
- Accessibility. You can access your loan through the Switzer Home Loans website, or by contacting your own lending service manager.
- Repayment frequencies. The Switzer Home Loan offers a range of repayment frequency options to suit your requirements. Choose from a weekly, fortnightly or monthly repayment schedule.
Fees
- Ongoing fees: $0. The Switzer Home Loan has no ongoing account-keeping fees.
- Application fee: $0. With no application fee, you can focus on meeting your periodic repayments.
- Legal fee. Switzer Home Loans is currently waiving any legal fees associated with organising your loan.
- Valuation fee. There is no property valuation fee charged for this home loan.
- Rate fix fee. If you switch to a fixed interest rate, you will have to pay a $150 rate fix fee.
- Exit fee. You will be charged up to $545 as an exit fee.
- Switching fee. If you decide to switch from one loan to another, you’ll have to pay $150.
How to apply for the Switzer Home Loan
If you’d like to find out more about the features and benefits of the Switzer Home Loan, click the "Go to site" link on this page to be securely redirected to the Switzer Home Loans website. If you meet the eligibility requirements and you have compared a range of borrowing options and decided this is the right loan for you, there are several ways you can apply for a Switzer Home Loan:
- Online
- Over the phone
- Get in touch with the lender via email
The online application process involves filling out a short form to receive conditional approval. Once the form has been submitted, a Switzer Home Loans service manager will be in touch within 24 hours to discuss your borrowing needs.
During the application you will need to provide:
- Personal details. You’ll need to provide your name, date of birth and current residential address.
- Loan purpose. You’ll need to confirm the loan amount and purpose.
- Income. Switzer Home Loans will need information about your employment and income to determine whether or not you can service the loan.
- Expenses. During the application process, you’ll need to provide information regarding your living expenses and any debt that you may have.
- Property details. Switzer Home Loans will need details about the property you want to buy.
