Australian Mutual Bank
Fixed Home Loan
5.74%
Interest rate
6.31%
Comparison rate
Ratings
Fixed term options
Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. Australian Mutual Bank Fixed Home Loan offers fixed loan terms between 1 - 5 years.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
1 year
Australian Mutual Bank
2 year
Australian Mutual Bank
3 year
Australian Mutual Bank
5 year
Australian Mutual Bank
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Australian Mutual Bank Fixed Home Loan does not offer tier pricing for lower LVR. With Fixed Home Loan, you can borrow upto $95% LVR.
95%
LVR
Australian Mutual Bank
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Interest only repayment option is not available with Australian Mutual Bank Fixed Home Loan for buying next home.
Paying pricinpal and interest
Australian Mutual Bank
Q&As
Does Australian Mutual Bank Fixed Home Loan comes with an offset account?
No, Fixed Home Loan does not come with an offset account.
Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.
What are the costs to apply for Australian Mutual Bank Fixed Home Loan?
There is upfront costs of $786 to apply for Fixed Home Loan, with no ongoing account keeping fees.
- Application fee: $250
- Valuation fee: $250
- Legal fee: $286
Are there costs when I exit or refinance to another lender?
Australian Mutual Bank charge a discharge fee of $180, which covers the cost for removing the mortgage that has been registered on the title of your property.
Australian Mutual Bank may also charge you a fixed-rate break cost if you refinance out of Fixed Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Australian Mutual Bank or a mortgage broker just to be sure. This information should be used as a guide only.