Northern Inland Credit Union Smart Home Loan Fixed 12M
Fixed rateOffsetRedraw
Enjoy the security of a fixed rate for 1 year, 100% offset account, plus fee discounts on your everyday accounts for the life of the loan
- Interest rate a year, from
- 6.29%
- Comparison rate
- 7.48%
- Upfront fees
- $600
- Annual fee
- Not published
- Monthly fee
- $8
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.29% (1 year fixed, any, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,718
- Total repayments
- $1,338,454
- Interest and monthly fees
- $738,454
Rates
Every rate Northern Inland Credit Union 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 |
|---|---|---|---|---|---|
| 1 year fixed | Any | Principal and interest | Any | 6.29% | 7.48% |
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
- $600
- Annual fee
- Not published
- Monthly fee
- $8
Features
- Offset account
- Yes
- Redraw
- Yes
- Highest LVR
- 98%
- Loan amount
- From $20,000 up to $2,000,000
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
$600
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.
- 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 year if you'd like repayments that don't change for a while.
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.
- A $15 late payment fee. Setting up automatic repayments avoids it.