Unity Bank

Advantage Home Loan

Investment loan
Variable
95% LVR

7.74%

Interest rate

7.81%

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.

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.

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.

Tips: 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.

Variable
Paying pricinpal and interest
Unity Bank logo

Unity Bank

Variable
Paying interest only
Unity Bank logo

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, 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 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.

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.

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