Home Loans
Standard Variable Loan
This type of Home Loan is designed to give you, the borrowers, a greater sense of flexibility and to help you manage and reach your goals more effectively. Our Fully Verified Standard Variable Home Loan has many useful and specifically designed features for home owners and investors and is comparatively cost effective.
A standard Variable Home Loan has a variable rate of interest, meaning it fluctuates as the Reserve Bank decreases and increases the interest rate in Australia.
This loan is for those who are wishing to purchase an owner occupied or investment residential property, or those who are looking to refinance their existing residential loan.
Features
|
Loan Term |
Up to 30 years |
|
Loan amount |
Up to $1,000,000, subject to property location and type |
|
Max Loan to Value ratio |
90% up to $1,000,000* |
|
Frequency of repayments |
Weekly, monthly or fortnightly. |
|
Other features: |
|
|
Interest Rate |
7.00% pa (Comparison rate 7.04%pa)** |
* Conditions apply and may be subject to change, full terms and features available upon request. Rate effective 7.5.2010
**WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fixed Rate Option
Great Southern Loan’s Fixed Rate Home Loan option allows you to lock in your interest rate for a specified number of years; this can be 1 to 5 years. This means your repayments are fixed for this period - so you know exactly what your fortnightly or monthly costs are regardless of what happens to interest rates generally. You can also fix a portion of your loan and leave the other part at the variable rate of interest. By doing this, you may be able to better manage interest rate risk and still maintain a level of flexibility. Once the fixed rate term has ceased the interest rate on your loan will convert to the variable rate existing at that time.
Interest Only Option
An Interest Only Loan option allows you the opportunity to pay only the interest on your mortgage for a period of up to ten (10) years. This means that you are not required to make payments on the principle during this time, however voluntary payments on the principle can be made.
At the end of the interest only period you are required to begin making payments on both interest and principle.
Line of Credit
Great Southern Loan’s Variable Rate Line of Credit allows you to draw money as you need it and pay it back at any time during the loan term. In essence it is an overdraft facility; however, you only pay interest on the money you draw. It also has optional facilities such as a cheque book and a credit card feature.
Lines of Credit can be used to purchase a property, refinance a property or consolidate debts.
All terms and conditions indicated by Great Southern Loan Pty Ltd are subject to change. Actual terms and conditions of all loans will be set out in the loan contracts.