Bank Australia Offset Investment Loan IO
Variable rateOffset
A home loan packed with positives for future generations.
- Interest rate a year, from
- 6.74%
- Comparison rate
- 6.77%
- Upfront fees
- None
- Annual fee
- $388
- Monthly fee
- None
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.74% (variable, investment, interest only). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,370
- Total repayments
- $1,813,200
- Interest
- $1,213,200
Rates
Every rate Bank Australia 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 |
|---|---|---|---|---|---|
| Variable | Investment | Interest only | Up to 60% | 6.74% | 6.77% |
| Variable | Investment | Interest only | 60.099999999999994% to 70% | 6.79% | 6.82% |
| Variable | Investment | Interest only | 70.1% to 80% | 6.84% | 6.87% |
| Variable | Investment | Interest only | 80.10000000000001% to 90% | 7.19% | 7.22% |
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
- None
- Annual fee
- $388
- Monthly fee
- None
Features
- Offset account
- Yes
- Redraw
- No
- Highest LVR
- 90%
- Loan amount
- From $10,000
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
None
Typical upfront fees are $600.
Annual fee
$388
A typical annual fee is $350.
Smallest deposit
10%
Most loans need at least 10% of the price.
Pros and cons
Pros
- No upfront fees. Less cash needed at settlement.
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- 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.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
Nothing stands out.