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IR CR Variable 6.20% 7.15% Fixed 1 year 5.85% 7.47% Online home loan variable 6.36% 6.33% Click here for more
Features and benefits of your Fightback II Pro Home Loan
- STANDARD VARIABLE RATE 6.68% (CR 6.71%*). The rate you have been quoted is a standard variable interest rate it is NOT an INTRODUCTORY or HONEYMOON rate and applies to loans of $300,000 or more. For loans less than $300,000, a competitive interest rate of 6.99% (CR 7.02%) is available. Rate current as at 9th November 2011.
- Unlike many lenders with these loans you have NO ongoing monthly or annual account keeping fees.
- For your convenience 24 hours a day all our loans have INTERNET and TELEPHONE account access.
- Need cash, look no more, Assured offers you ATM ACCESS Australia wide from any ATM.
- Assured offers real flexibility when it comes to paying off your loan. Repayments can be made by SALARY CREDIT or by DIRECT DEBIT ORDER from your bank/savings account, weekly, fortnightly or monthly (Note “weekly” is monthly amount divided by 4 and “fortnightly” is monthly amount divided by 2. For example if monthly repayment is $752.00, weekly is $188.00 and fortnightly is $376.00). Interest only payments must be made monthly only.
- PORTABLE LOAN. Looking to move, don’t worry and take your loan with you. Your loan is portable which allows you to transfer the loan from the property you have sold to the new property (providing settlements occur on the same day).
- LOANS CAN BE SPLIT. Design your loan the way you want it, with Assureds’ split loan feature your loan can be split into 4 different portions and if completed at settlement, no additional fee will apply. For splitting of loans after settlement, our fee is only $100.
- 100% REDRAW OFFSET ACCOUNT. Your Fightback II home loan has the option of a 100% Redraw Offset Account attached. THIS MEANS, used correctly you could save $000’s over the term of your loan.
- It is a fully transactional account.
- Your entire income (salaries, rents, and monies) can be paid directly into your 100% Redraw Offset Account instead of making extra payments into your home loan.
- You retain immediate access to your funds.
- Your living expenses can be withdrawn from this account, BUT it can be advantageous to pay as many of your day-to-day living expenses and purchases as possible with a credit card with an interest free period and then pay your credit card off in full by the due date.
- In this way by leaving your salary in your account for as long as possible, you reduce the net debit balance that interest is calculated on.
- Note: for REDRAWS of $5000 and higher, request needs to be directed in writing to Assured. For security reasons, the internet cannot be used.
- EXAMPLE OF A REDRAW OFFSET ACCOUNT
- Your home loan balance on a particular day is $250,000. Your Redraw offset Account on that same day is $0, therefore you pay interest for that day on $250,000.
- You then deposit $50,000 into your Redraw offset Account and therefore you only pay interest for that day on the net balance of $200,000.
- FEE FREE BENEFITS.
- Unlimited FREE internet, phone, EFTPOS, Biller Payment, Direct Debit and Cheque transactions per month
- Five (5) FREE ATM Transactions per month via Westpac, Bank SA/St George or CueCard ATM’s
- Up to 4 multiple splits FREE at time of loan application.
- No monthly or annual on-going fees.
- Unlimited Visa purchases (providing credit is selected).
- OVER THE COUNTER TRANSACTIONS at any Westpac Branch (using pre-encoded deposit book only).
- BILLER PAYMENTS from your redraw offset account. Please note, there is a $5,000 daily maximum.
- CONSTRUCTION LOAN is available. Please note the following:
- Once off Progress Payment Administration Fee payable of $120 at settlement
- Progress inspections required at each progressive drawdown, minimum $110 each (minimum of $550 or $660 depending on number of drawdown’s per contract). Any additional valuations required will be invoiced.
- No other loan splits, nor fixed rates, nor offset, nor salary crediting nor use of redraw available during the construction period.
- Must be under a fixed price building contract with a registered builder with contract covering full establishment of home, including floor coverings, paving/driveway and landscaping etc.
- Repayments are interest only during the construction period and must be by direct debit only.
- Base interest rate is 0.05% higher then standard product with an additional 0.30% loading during the construction period.
- If construction is not completed within 12 months the lender may apply default interest rate loading until construction is completed.
- Builder bank pack required.
- FIXED INTEREST RATES are currently available subject to approval with a $260 fixed fee applying and if requested additional fixed rate lock fee.
- IMPORTANT FACTS REGARDING A FIXED RATE LOAN ACCOUNT (FIXED RATE OPTION)
It is important that you read the following terms and conditions before making your decision to proceed with a Fixed Rate product:- Whilst the loan is subject to a fixed rate of interest, you may from time to time make payments in excess of your normal monthly repayment without penalty providing additional payments do not exceed $10,000 per annum (based on fixed rate anniversary).
- However, if you wish to terminate the fixed rate period prior to the expiry date you may incur break costs.
- The loan may be provided on a fixed rate basis (the interest rate is not variable) and if the principal sum or any part of it in excess of $10,000 is repaid prior to the expiry of the fixed rate period for any reason (including demand for repayments after default), you must pay to the Lender any applicable break costs.
- Where a fixed rate applies, even if interest rates fall, the interest rate on the loan will not change during the fixed rate period. In deciding to borrow on a fixed rate basis, you should rely on your own view as to the future movement of interest rates.
- If interest rates fall during the fixed period and the loan is repaid, break costs could be substantial. The amount of break costs payable by you is the amount determined by the Lender as being its cost and loss as a result of the principal sum of any part of it being repaid early. The Lenders calculation of this amount is final and binding on you. In calculating this amount, reference need not be had to an average cost of money (because different parts of money may be allocated to different purposes).
- At the end of the fixed rate period your loan will automatically revert to the then current Fightback II rate.
- QUICK REFERENCE TO OTHER FEES AND CHARGES
| Counter Deposits (Westpac) | $ 2.00 |
| Deposit Book/Cheque Book (1st one FREE) | $ 5.00 |
| Loan splits/consolidation after settlement | $100.00 |
| Fix an interest rate after settlement | $260.00 |
| Excess ATM Transactions (Westpac, Bank SA or CueCard ATM’s) | $ 1.50 |
| ATM transactions other than Westpac, Bank SA or CueCard ATM’s | $ amount charged by other ATM |
| Fixed Rate Lock Fee | $330.00 for loans up to & including $300,000 or for > $300,000 0.11% of the loan amount |
| Future loan increases, allow approx. | $600.00 + Application Fee (if applicable) |
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Handy tips once your loan has settled
- SETTLEMENT LETTER will be posted to you detailing:
- Loan amount
- Repayment amount and frequency
- Customer numbers,
- together with instructions on arranging internet and phone account access, should be received by you within 3-4 working days after settlement.
- VISA CARDS, CHEQUE & DEPOSIT BOOKS
Where you have a redraw offset, your Assured Home Loans Visa card/s will arrive within 10 working days. The same applies for your deposit and cheque book. - FUND TRANSFERS TO REDRAW OFFSET ACCOUNT
When transferring funds from an external bank account into your redraw offset account, you must use the external bank’s internet or telephone banking system. - SETTING UP A REDRAW OFFSET ACCOUNT
All variable rate loans are set up with a redraw account - two accounts are created:
1. The L Account (the loan account)
2. The S Account (the redraw account)
The S Account is a sub-account of the loan account and is not a separate facility. It is a transactional account and the Visa card is attached to the S Account (or Line of Credit (with ZIP it is a separate account again))
Salary Crediting (or Salary Sacrifice): your salary is preferably deposited into the S Account (you can request salary credit/sacrifice to the L Account direct, but only where the salary credit exceeds the minimum monthly repayment. Where it doesn’t, the standard minimum monthly payment will be drawn).
For loan payments, the minimum payment is made as a direct debit from the S Account and paid to the L Account but only on a monthly basis. This allows additional funds to be accessible for redraw at anytime. You also need to make sure you leave sufficient salary credits in the S Account to cover the monthly loan payment, when due.
- EXAMPLE: Salary & all other income $ 3,000
- $3000 deposit into S (Redraw) Account.
- Loan payment of $1200 is deducted by Direct Debit and paid into the L (Loan) Account
- The balance remaining in S (Redraw) Account is $1800 which is available for further redraws at any time
- MAKING YOUR LOAN PAYMENTS BY DIRECT DEBIT
- For Minimum Monthly Payment, the Direct Debit request will be set up against your external account for regular debit – funds are then credited directly to the loan account.
- For a Fixed Monthly Amount including voluntary extra payment – this is set up exactly the same as salary crediting. Funds are deposited into the S (Redraw) Account and the minimum payment is taken as an internal direct debit from the S (Redraw) Account to pay the L (Loan) Account (please note that whilst the direct debit may be set up to credit the S (Redraw) Account weekly or fortnightly, the internal direct debit from the S account to the L account, only occurs monthly). This allows additional funds to remain in the S (Redraw) Account and for funds to remain accessible for redraw at anytime.
Other facts
With some of the lowest rate, fully featured home loans in Australia and ability to move the loan to a new property if you have sold your current one (portable loan) why would you ever want to leave! If the loan is repaid in full and the mortgage security discharged, the Lenders Discharge Administration Fee of $300.00 and Solicitors Legal Fee of $297.00 apply.
Further, if the loan is repaid in full and the mortgage security discharged in the first three years, as the lender has paid the Lenders Mortgage Insurance premium they may charge you a proportion of that cost.
Note: a full list of costs, terms and conditions are detailed in the Loan Offer Documents.
Disclaimer: The information contained in this leaflet has been provided for information purposes only to help clarify the features of the Assured Fightback home loans only. It should be noted that the lender reserves the right to amend interest rates, fees and/or terms and conditions at anytime. The above comments regarding the Redraw Offset account provide an example of how it can be used – Assured Home Loans are not recommending any particular strategy nor are we intending to provide advice on the benefits or otherwise. This information is current at 31st May 2011.
*CR - These comparison rates are based on a loan amount of $300,000 over a 30 year term.
Warning - The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
We believe this Home Loan offers an exceptional deal.
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