Finty

Northern Inland Credit Union Smart Home Loan Variable

Variable rateOffsetRedraw

Our standard variable rate Smart Home Loan with 100% offset account and fee discounts on your everyday accounts

Written byDavid Boyd
Interest rate a year, from
7.69%
Comparison rate
7.86%
Upfront fees
$600
Annual fee
Not published
Monthly fee
$8

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 7.69% (variable, 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
$4,282
Total repayments
$1,541,384
Interest and monthly fees
$941,384

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.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableAnyPrincipal and interestAny7.69%7.86%

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
90%
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.

Variable rate

7.69%

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

Comparison rate

7.86%

For the same rate. Typical is 6.70%.

Upfront fees

$600

Typical upfront fees are $600.

Smallest deposit

10%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • 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.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A higher variable rate. 7.69%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

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