Finty
Firefighters Mutual Bank

Firefighters Mutual Bank Your Way Plus Fixed Interest Only Home Loan Investor

Fixed rateOffsetRedraw

Get flexibility for your investment PLUS take advantage of our package benefits with special low rates interest only option and much more. Lock in a rate for up to 5 years.

Written byDavid Boyd
Interest rate a year, from
6.79%
Comparison rate
6.81%
Upfront fees
$251
Annual fee
$300
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.79% (1 year fixed, 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
$3,395
Total repayments
$1,822,200
Interest
$1,222,200

Rates

Every rate Firefighters Mutual Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
1 year fixedInvestmentInterest only0.1% to 60%6.79%6.81%
1 year fixedInvestmentInterest only60.1% to 80%6.79%6.81%
1 year fixedInvestmentInterest only80.1% to 90%6.89%7.27%
1 year fixedInvestmentInterest only90.1% to 98%7.14%7.60%
2 year fixedInvestmentInterest only0.1% to 60%6.94%6.87%
2 year fixedInvestmentInterest only60.1% to 80%6.94%6.87%
2 year fixedInvestmentInterest only80.1% to 90%7.29%7.34%
2 year fixedInvestmentInterest only90.1% to 98%7.44%7.64%
3 year fixedInvestmentInterest only0.1% to 60%7.04%6.93%
3 year fixedInvestmentInterest only60.1% to 80%7.04%6.93%
3 year fixedInvestmentInterest only80.1% to 90%7.29%7.36%
3 year fixedInvestmentInterest only90.1% to 98%7.49%7.66%
4 year fixedInvestmentInterest only0.1% to 60%7.24%7.04%
4 year fixedInvestmentInterest only60.1% to 80%7.24%7.04%
4 year fixedInvestmentInterest only80.1% to 90%7.54%7.47%
4 year fixedInvestmentInterest only90.1% to 98%7.59%7.71%
5 year fixedInvestmentInterest only0.1% to 60%7.29%7.12%
5 year fixedInvestmentInterest only60.1% to 80%7.29%7.12%
5 year fixedInvestmentInterest only80.1% to 90%7.64%7.55%
5 year fixedInvestmentInterest only90.1% to 98%7.74%7.79%

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
$251
Annual fee
$300
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
98%
Loan amount
From $150,000

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

$251

Typical upfront fees are $600.

Annual fee

$300

A typical annual fee is $350.

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.
  • 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.
  • Redraw. You can take back extra repayments later if you need the money.
  • Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
  • 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

  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.