Advantage Home Loan
This home loan is at a low rate of interest and comes with all the standard features you would expect in a home loan. It is not linked to an offset account.
Unique Features of our Austral Standard Home Loan
- Austral’s Advantage Home Loan does not require a rate lock fee provided you sign and return contracts within 30 days (and settle within 90 days), of the contract issue date.
Most lenders including the major banks require a rate lock fee to hold the fixed rate from the time your loan is approved until it settles.
- Austral’s Advantage Home Loan still allows you to repay up to $20,000 p.a. while in fixed rate without any breakcost penalty.
Once in fixed rate the major banks generally do not allow you to make additional lump sum repayments of principal unless you pay a break cost penalty on the amount repaid.
- Austral’s Advantage Home Loan offers the same low rates of interest and all the features of our loan products during the construction period.
Most lenders do not offer fixed rates or redraw during the construction period of a home (e.g. in house and land package purchases)and often seek a higher interest rate pending completion of the new home.
- Austral’s Advantage Home Loan is available to purchasers of vacant residential land without any conditions as to commencement date of construction.
Most Lenders require a commitment from borrowers purchasing vacant residential land, to commence construction within 12 months. (Note: As a first home buyer you must commence construction within 12 months to qualify for a FHOG)
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