Aussie Classic Standard Variable Rate
The Aussie Classic Variable loan offers a competitive rate with a range of features, no ongoing management fees, and competitive interest rates to suit your particular situation.
You can get discounted variable rates depending on the amount you borrow compared to the value of the property (Loan to Valuation Ratio). The lower the loan to valuation ratio the higher the discount.
Interest Rate
Variable Rate -
Comparison 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: Maximum term of 5 yrs
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
LMI Capitalisation
means you have the option to borrow the cost of the insurance as part of your loan
Yes up to maximum LVR of 92%
Valuation Fee
1st valuation is free, $200 for 2nd and subsequent valuations
Solicitors Fee
Advised by solicitor
Redraw
Yes
No fees to withdraw via internet or telephone banking but $50 charge if via customer service. Manual redraw min. $2,000 via phone #13 33 33, Automatic redraw min. $1,000 via self service or website once access set up.
Split Loan
Pre settlement up to 2 splits
$300 per split after settlement
Max 3 splits available
Convert to fix
Yes at no extra cost
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
- Get discounted variable rates depending on the amount you borrow compared to the value of the property (loan to value ratio). The lower the LVR the higher the discount.
- Redraw - make additional repayments to reduce your interest and redraw the extra funds whenever you need them.
- Split the loan – fix the rate on part of it. It’s free to do this before settlement.
- Convert to a fixed rate – any time that you need to be certain about the amount of your monthly repayments.
- Choose to pay interest only.
- Choose between fortnightly and monthly repayments.
- Access our Bpay functionality.
You’ll also get online access to view all transactions assotiated with your loan, and a printed statement every 6 months. 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.
- Splitting your loan after settlement will cost you $300.
- It’s free to request a redraw online, but if you do it via our customer service team there’s a charge of $50.
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.