Summerland Bank
Equity Extra Overdraft
9.47%
Interest rate
9.61%
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.
Summerland Bank Equity Extra Overdraft does not offer tier pricing for lower LVR. With Equity Extra Overdraft, you can borrow upto $90% LVR.
90%
LVR
Summerland 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 Summerland Bank Equity Extra Overdraft for home equity loan.
Paying pricinpal and interest
Summerland Bank
Paying interest only
Summerland Bank
Q&As
Does Summerland Bank Equity Extra Overdraft comes with an offset account?
No, Equity Extra Overdraft 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 Summerland Bank Equity Extra Overdraft?
There is upfront costs of $500 to apply for Equity Extra Overdraft.
- Application fee: $300
- Settlement fee: $200
Equity Extra Overdraft also comes with ongoing account fees of $120 per year.
- Monthly fee: $10 per month
Are there costs when I exit or refinance to another lender?
Summerland 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.
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 Summerland Bank or a mortgage broker just to be sure. This information should be used as a guide only.