Regional Australia Bank Mortgage Offset Home Loan - Owner Occupied - Variable

Ratings

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About this rate option

Regional Australia Bank's Mortgage Offset Home Loan offers owner-occupiers a variable rate of 6.35% (comparison rate 6.15%) with interest-only repayments, which keep the balance unchanged before reverting to principal-and-interest. This option applies to borrowings up to 60% of the property value, requiring a deposit of at least 40%. The variable rate can move when the lender changes its rates. Borrowers can access up to eight 100% offset accounts per variable loan account and make extra repayments at no additional cost.

This summary was generated from Regional Australia Bank’s published product data for this specific rate option. Always confirm current rates with the lender.

About Mortgage Offset 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.

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.
Regional Australia Bank charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.
There is upfront costs of $250 to apply for Mortgage Offset Home Loan, with no ongoing account keeping fees.

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 Regional Australia Bank Mortgage Offset Home Loan for buying next home.
Interest only repayment option is not available with Regional Australia Bank Mortgage Offset 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 Regional Australia Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Mortgage Offset Home Loan

Refinance Variable · Principal & Interest 0 Years · 60% LVR

6.20%

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.46%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.68%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.68%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

7.46%

Investment Variable · Interest Only 0 Years · 60% LVR

6.30%

Investment Variable · Interest Only 0 Years · 70% LVR

6.35%

Investment Variable · Interest Only 0 Years · 80% LVR

6.45%

Investment Variable · Interest Only 0 Years · 90% LVR

7.04%

Investment Variable · Principal & Interest 0 Years · 60% LVR

6.30%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.35%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.45%

Frequently Asked Questions

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

Regional Australia Bank charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does Regional Australia Bank Mortgage Offset Home Loan comes with an offset account?

Yes, Mortgage Offset 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 Regional Australia Bank Mortgage Offset Home Loan?

There is upfront costs of $250 to apply for Mortgage Offset Home Loan, with no ongoing account keeping fees. Document fee: $250

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