Features of a Beyond Bank Australia Home Loan
Beyond Bank Australia Home Loans are available in 4 different options. These loans are offered at fixed and variable rates of interest. Find a complete overview of all the loan options below.
Variable Rate Home Loan
Home loans with interest rates that fluctuate throughout the loan’s duration are referred to as variable-rate home loans. Also referred to as Beyond Bank Australia Home Loan, it aims to offer economic interest rates to its customers.
Key features of this type of home loan are listed below.
- Best suited for loan seekers with little money deposit money
- Up to 98% LVR: Borrowers with small deposits can get a loan amount of 95.01-98% of the property’s value. Borrowers with large deposits can avail of a loan amount within 60.1%-80% of the property value.
- Repayment amounts may change with changes in the rates of interest.
- Minimum Amount: A home loan seeker must apply for a minimum loan of more than $20,000 for residential and investment purposes.
- Easy repayments and redraws with no extra cost
100% offset account: Beyond Bank Australia’s variable rate home loans put no restrictions on the borrower’s offset limit to ensure greater interest savings and faster loan settlement.
Complete Variable Home Loan Package
Beyond Bank Australia’s Complete Variable Home Loan Package adds a top-up of additional benefits and features over the traditional variable rate home loan. Check out the prominent features of this loan below.
- Up to 90% LVR for residential as well as investment home loans
- Offered on loan amounts of more than $200,000
- Up to 9 offset accounts can be used as regular savings accounts. Balance from each account can be reduced from the loan amount to bring down interest charges significantly.
- Split or switch the home loan between fixed and variable interest owing to any change in circumstances. Additional break fees may be applicable on fixed-rate home loans.
- Repayments can be made fortnightly, weekly or monthly in Principal and Interest and Interest Only modes.
Fixed Rate Home Loan
A home loan can be fixed at a pre-decided rate of interest for the entirety or part of its duration. The constant rate of interest reduces the risk for a borrower and makes the loan less volatile.
Find the list of prominent fixed-rate home loan features below:
- Offers an LVR of up to 80% for residential purposes and up to 90% for investment purposes.
- Offered on a loan amount of more than $20,000
- A fixed rate can be pre-decided for up to 5 years
- Repayments can be made fortnightly, weekly or monthly
- The interest and repayment charges up to not change throughout the set period
- No redraw facility is available on fixed-rate home loans. However, redraws can be introduced once the fixed term of interest is over.
- Shift to the standard variable rates or set a new rate at the end of the fixed rate term.
Complete Fixed Home Loan Package
This loan lifts up the traditional fixed-rate home loan with a host of exciting features. Explore the highlights of this loan which offers the stability of fixed interest rates and excitement of add-on benefits.
- LVR of up to 80% for residential purposes and up to 90% for investment purposes
- Issued on loan amounts of more than $200000
- Up to 9 offset accounts with a maximum of 40% offset limit with no additional offset fees. An offset account can be opened through the bank’s app, and some other charges may be applicable.
- Fix the interest rate for up to 5 years, post which you can choose to set a new rate or shift to a variable rate of interest.
- No change in interest and repayment amounts up to the fixed tenure
- Up to $10,000 of additional repayments can be made on a fortnightly, weekly and monthly basis.
The redraw facility is only available once the fixed term of interest rate ends.
Benefits and Drawbacks of Beyond Bank Australia Home Loan
Whenever one applies for a home loan with a bank, there ought to be some benefits and drawbacks. Some of the major ones are listed below:
- Most of their home loan options have no monthly costs.
- Flexibility with regard to additional repayments and the power to alter the frequency of repayment
- For some of their packages, first-time homebuyers are exempt from the establishment cost.
- Interest-only terms will be advantageous to investors.
- There are choices with low deposits, such as guarantor loans.
- Their employers are mortgage brokers.
- Will take into account retiree borrowers and self-employed borrowers who haven't been in business for more than two years.
- Dependable pre-approbations
- A bank that takes part in the First Home Loan Deposit Scheme
- Accepts borrowers working for family members
- Refuses to consider rent as real savings
- It can be expensive to pay establishment, settlement, valuation, and redraw fees.
- Fees can generally be expensive.
- Compared to other mutual banks, a high standard variable interest rate
- Limited access to branches
- Some products need you to have additional Beyond Bank accounts.
- Because the bank is smaller, processing times may be longer.
- Low worker numbers might lead to poor customer communication.
- Unusual property types, such as rural homes or high-density apartments, are problematic.
- No longer provides loans to SMSF