Finty
Lending and bank accounts, both associated with BSB number 939 200

Lending and bank accounts, both associated with BSB number 939 200 Land Loan

Variable rateRedraw

A variable interest rate credit facility secured by land (with no offset facility).

Written byDavid Boyd
Interest rate a year, from
7.19%
Comparison rate
7.24%
Upfront fees
$3,693
Annual fee
Not published
Monthly fee
None

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 7.19% (variable, investment, 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
$4,069
Total repayments
$1,464,721
Interest
$864,721

Rates

Every rate Lending and bank accounts, both associated with BSB number 939 200 publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestAny8.20%8.26%
VariableLive inInterest onlyAny8.40%8.34%
VariableInvestmentPrincipal and interestAny7.19%7.24%
VariableInvestmentInterest onlyAny7.39%7.33%

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
$3,693
Annual fee
Not published
Monthly fee
None

Features

Offset account
No
Redraw
Yes
Highest LVR
Not published
Loan amount
From $40,000

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.

Variable rate

8.20%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

8.26%

For the same rate. Typical is 6.70%.

Upfront fees

$3,693

Typical upfront fees are $600.

Pros and cons

Pros

  • 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.
  • 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

  • A higher variable rate. 8.20%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • Higher upfront fees. $3,693, 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.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.