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.
Unity Bank Flexi Home Equity does not offer tier pricing for lower LVR. With Flexi Home Equity, you can borrow upto $80% LVR.
80%
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 Flexi Home Equity for home equity loan.
Paying pricinpal and interest
Unity Bank
Paying interest only
Unity Bank
Q&As
Does Unity Bank Flexi Home Equity comes with an offset account?
No, Flexi Home Equity does not come with an offset account.
While it does not have the convenient that comes with an offset account, but $Flexi Home Equity comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for Unity Bank Flexi Home Equity?
There is upfront costs of $563 to apply for Flexi Home Equity, 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 Flexi Home Equity. 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.