Aussie Classic Line of Credit Home Loan
The Aussie Classic Line of Credit Home Loan is the way to unlock equity in your home to expand your investment portfolio or enhance your lifestyle, with unlimited free transactions, up to 15 years interest only, and ready access to your funds.
Interest Rate
Variable Rate -
Loan Size
Minimum - $100,000
Maximum - $2,000,000
Maximum Loan to Valuation Ratio
90%
Loan Repayments
Principal & Interest or Interest Only
Interest Only: 10 yrs owner occupied, 15 years for investment property
Payment Frequency
Fortnightly or Monthly
Paid By
Direct Debit or Direct Salary Crediting
Additional Payments
Yes, any time free of charge
Access
Internet, Phone, B Pay, ATM, EFTPOS, Cheque Book & Australia Post deposits
Valuation Fee
1st valuation is free, $200 for 2nd and subsequent valuations
Solicitors Fee
Advised by solicitor
Ongoing Fee
$150 per annum
Redraw
Yes
No fees via internet or telephone banking. Automatic redraw min. $1,000 via self service telephone or website, after access set up.
Split Loan
Yes at no extra cost
Pre settlement up to 2 splits
Maximum 10 splits available
Convert to fixed
Yes at no extra cost. This loan type cannot be 100% fixed
Portability
means you can transfer your mortgage to another property
$600
Deferred Establishment Fee
you only need to pay DEF if you pay out the loan with in the first five years.
$1,500 (Year 1 & 2)
$1,000 (Year 3 & 4)
$500 (Year 5)
Discharge Fee
$715 for (Year 1-5)
$215 thereafter
Variation
you can apply for an increase to the principal 6 months after settlement. All loan variations are subject to approval
$410 variation fee
What you get with this home loan
The flexibility of a transaction account built into your home loan, and a number of features.
With the Aussie Classic Line of Credit Loan you can:
- Draw money from your loan whenever you need, with no transaction fees.
- Access your home loan free through the Aussie website or request a cash card and cheque book.
- Split the loan – no fee to split your loan and fix the sub accounts after settlement.
- Choose to pay interest only for up to 15 years, before the loan switches to principal and interest repayments.
- Choose between fortnightly & monthly payments.
- Access our Bpay functionality.
- Capitalise interest and make no repayments, up to your credit limit.
You’ll also get online access to view all transactions associated to your loan, and monthly statements. For additional statements you’ll be charged $15.
This loan is portable, but if you choose to switch the property acting as security there is a $600 fee.
What you need to know about this loan
- It’s only for residential properties.
- The maximum loan term is 30 years.
- No transaction fees.
- It’s free to split the loan after settlement.
- An annual fee of $150 is payable.
Amount you can borrow
We assess the maximum amount that can be borrowed on a case by case basis. We generally consider a few things such as the size of your deposit and the Loan to Value Ratio (LVR). The LVR is the percentage of the property’s value you wish to borrow.
How to make this loan work best for you
Get your salary paid into your loan account and redraw the funds you need. Remember, redraws are free if you request them online. This way you can reduce the amount of interest you need to pay and save money.