Ratings
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.
An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
80%
LVR
Auswide Bank
90%
LVR
Auswide 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 Auswide Bank Freedom Package for home equity loan.
Paying pricinpal and interest
Auswide Bank
Paying interest only
Auswide Bank
Q&As
Does Auswide Bank Freedom Package comes with an offset account?
No, Freedom Package does not come with an offset account.
Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
What are the costs to apply for Auswide Bank Freedom Package?
There is upfront costs of $302.5 to apply for Freedom Package.
- Document fee: $302.5
Freedom Package also comes with ongoing account fees of $395 per year.
- Annual fee: $395 per year
Are there costs when I exit or refinance to another lender?
Auswide Bank charge a discharge fee of $400, which covers the cost for removing the mortgage that has been registered on the title of your property.
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 Auswide Bank or a mortgage broker just to be sure. This information should be used as a guide only.