Queensland Country Bank Rate Home Loan - Refinance - Fixed

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About Rate Home Loan

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.

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.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. Queensland Country Bank Rate Home Loan offers fixed loan terms between 1 - 3 years.

Fees & Costs

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.
Queensland Country Bank charge a discharge fee of $450, which covers the cost for removing the mortgage that has been registered on the title of your property.
Queensland Country Bank may also charge you a fixed-rate break cost if you refinance out of Rate 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.
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.

Borrowing Limits

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.
An LVR of 95% 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.

Eligibility

Interest only repayment option is not available with Queensland Country Bank Rate Home Loan for buying next home.
Interest only repayment option is not available with Queensland Country Bank Rate Home Loan for refinance.

💡 Tip: 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.

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 Queensland Country Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Rate Home Loan

Refinance Fixed · Principal & Interest 1 Year · 80% LVR

6.34%

Refinance Fixed · Principal & Interest 1 Year · 95% LVR

6.54%

Refinance Fixed · Principal & Interest 2 Years · 80% LVR

6.29%

Refinance Fixed · Principal & Interest 2 Years · 95% LVR

6.44%

Refinance Fixed · Principal & Interest 3 Years · 80% LVR

6.24%

Refinance Fixed · Principal & Interest 3 Years · 95% LVR

6.44%

Investment Fixed · Interest Only 1 Year · 80% LVR

6.54%

Investment Fixed · Interest Only 1 Year · 90% LVR

6.74%

Investment Fixed · Interest Only 2 Years · 80% LVR

6.49%

Investment Fixed · Interest Only 2 Years · 90% LVR

6.69%

Investment Fixed · Interest Only 3 Years · 80% LVR

6.44%

Investment Fixed · Interest Only 3 Years · 90% LVR

6.64%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Queensland Country Bank charge a discharge fee of $450, which covers the cost for removing the mortgage that has been registered on the title of your property. Queensland Country Bank may also charge you a fixed-rate break cost if you refinance out of Rate 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.

Does Queensland Country Bank Rate Home Loan comes with an offset account?

Yes, Rate 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 Queensland Country Bank Rate Home Loan?

There is upfront costs of $500 to apply for Rate Home Loan. Application fee: $250
Document fee: $250 Rate Home Loan also comes with ongoing account fees of $120 per year. Monthly fee: $10 per month

Fees

Application fee

Important Information

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 Queensland Country Bank or a mortgage broker just to be sure. This information should be used as a guide only.