Finty
People First Bank

People First Bank Home Build Access (HBA) SIL

Variable rate

CEOH (NT ONLY) lends 98% of the purchase price on new home or construction of home.

Written byDavid Boyd
Interest rate a year, from
9.05%
Comparison rate
Not published
Upfront fees
Not published
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$400,000 over 30 years

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What it would cost

At the lowest rate of 9.05% (variable, live in, 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
$3,233
Total repayments
$1,163,841
Interest
$763,841

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.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 98%9.05%–

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
No
Redraw
No
Highest LVR
98%
Loan amount
Up to $465,500

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

9.05%

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

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.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.

Cons

  • A higher variable rate. 9.05%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • 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.