Bank of China
Standard Home Loan
8.39%
Interest rate
8.45%
Comparison rate
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.
Bank of China Standard Home Loan does not offer tier pricing for lower LVR. With Standard Home Loan, you can borrow upto $90% LVR.
90%
LVR
Bank of China
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.
Tips: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
Paying pricinpal and interest
Bank of China
Paying interest only
Bank of China
Q&As
Does Bank of China Standard Home Loan comes with an offset account?
No, Standard Home Loan does not come with an offset account.
While it does not have the convenient that comes with an offset account, but $Standard Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for Bank of China Standard Home Loan?
There is upfront costs of $650 to apply for Standard Home Loan, with no ongoing account keeping fees.
- Application fee: $350
- Legal fee: $300
Are there costs when I exit or refinance to another lender?
Bank of China charge a discharge fee of $250, 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 Bank of China or a mortgage broker just to be sure. This information should be used as a guide only.