People First Bank Basic Variable Investment Construction - IO
Variable rateOffset
Our Basic Variable Home & Investment Construction Loans offers our lowest rate with no upfront or no ongoing monthly fee which enables you to make unlimited extra repayments to pay off your loan quicker.
- Interest rate a year, from
- 9.49%
- Comparison rate
- 9.28%
- Upfront fees
- Not published
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 9.49% (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
- $4,745
- Total repayments
- $2,308,200
- Interest
- $1,708,200
Rates
Every rate People First Bank 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 80% | 9.49% | 9.28% |
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
- Not published
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- Yes
- Redraw
- No
- Highest LVR
- 80%
- Loan amount
- From $20,000
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.
Smallest deposit
20%
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.
- 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 $25 late payment fee. Setting up automatic repayments avoids it.