AMB Bank 5 Year Fixed Rate Home Loan
Fixed rate
A Fixed Rate Home Loan gives you the best of both worlds - peace of mind with the certainty of fixed rates, without being locked in for a long period of time. The 5 Year Fixed Rate Home Loan is also available for DHOAS eligible applicants
- Interest rate a year, from
- 6.49%
- Comparison rate
- 6.91%
- Upfront fees
- $1,200
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.49% (5 year fixed, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,788
- Total repayments
- $1,363,847
- Interest
- $763,847
Rates
Every rate AMB Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 5 year fixed | Live in | Principal and interest | Up to 98% | 6.49% | 6.91% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $1,200
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- 98%
- Loan amount
- From $150,000 up to $5,000,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$1,200
Typical upfront fees are $600.
Smallest deposit
2%
Most loans need at least 10% of the price.
Pros and cons
Pros
- A smaller deposit. You can borrow with 2% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Fixed rates on offer. You can fix for 5 years if you'd like repayments that don't change for a while.
Cons
- Higher upfront fees. $1,200, above the typical $600, which adds to the cash you need at settlement.
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- A $20 late payment fee. Setting up automatic repayments avoids it.