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
Northern Inland CU
90%
LVR
Northern Inland CU
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 Northern Inland CU Dream Home Loan for refinance.
Paying pricinpal and interest
Northern Inland CU
Q&As
Does Northern Inland CU Dream Home Loan comes with an offset account?
Yes, Dream Home Loan comes with a 100% offset account.
A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Northern Inland CU Dream Home Loan?
There is upfront costs of $500 to apply for Dream Home Loan.
- Document fee: $500
Dream Home Loan also comes with ongoing account fees of $350 per year.
- Annual fee: $350 per year
Are there costs when I exit or refinance to another lender?
Northern Inland CU charge a discharge fee of $200, 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 Northern Inland CU or a mortgage broker just to be sure. This information should be used as a guide only.