Ratings
Fixed term options
Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. Unity Bank Advantage Home Loan offers fixed loan terms between 1 - 5 years.
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.
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.
Unity Bank Advantage Home Loan does not offer tier pricing for lower LVR. With Advantage Home Loan, you can borrow upto $95% LVR.
95%
LVR
Unity 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 Unity Bank Advantage Home Loan for first home buyer.
Paying pricinpal and interest
Unity Bank
Q&As
Does Unity Bank Advantage Home Loan comes with an offset account?
No, Advantage Home Loan does not come with an offset account.
Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.
What are the costs to apply for Unity Bank Advantage Home Loan?
There is upfront costs of $563 to apply for Advantage Home Loan, with no ongoing account keeping fees.
- Settlement fee: $200
- Legal fee: $363
Are there costs when I exit or refinance to another lender?
There is no discharge fee for Advantage Home Loan. Which is a good news as most lenders charge a discharge fee range anywhere from $150 to $400 when you exit or refinance out.
Unity Bank may also charge you a fixed-rate break cost if you refinance out of Advantage 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.
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 Unity Bank or a mortgage broker just to be sure. This information should be used as a guide only.