Finty
Regional Australia Bank

Regional Australia Bank Home Loan (Non Offset)

Variable rateRedraw

Reduce interest charges on your variable rate home loan by having a redraw facility.

Written byDavid Boyd
Interest rate a year, from
6.14%
Comparison rate
6.17%
Upfront fees
$425
Annual fee
None
Monthly fee
None

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.14% (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
$3,651
Total repayments
$1,314,535
Interest
$714,535

Rates

Every rate Regional Australia 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 60%6.14%6.17%
VariableLive inPrincipal and interest60% to 70%6.19%6.22%
VariableLive inPrincipal and interest70% to 80%6.29%6.32%
VariableLive inPrincipal and interest80% to 90%6.77%6.80%
VariableLive inPrincipal and interest90% to 95%7.19%7.22%
VariableLive inInterest onlyUp to 60%6.39%6.19%
VariableLive inInterest only60% to 70%6.44%6.24%
VariableLive inInterest only70% to 80%6.54%6.34%
VariableLive inInterest only80% to 90%7.02%6.82%
VariableLive inInterest only90% to 95%7.44%7.24%
VariableInvestmentPrincipal and interestUp to 60%6.34%6.37%
VariableInvestmentPrincipal and interest60% to 70%6.39%6.42%
VariableInvestmentPrincipal and interest70% to 80%6.49%6.52%
VariableInvestmentPrincipal and interest80% to 90%7.08%7.11%
VariableInvestmentInterest onlyUp to 60%6.34%6.37%
VariableInvestmentInterest only60% to 70%6.39%6.42%
VariableInvestmentInterest only70% to 80%6.49%6.52%
VariableInvestmentInterest only80% to 90%7.08%7.11%

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
$425
Annual fee
None
Monthly fee
None

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $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

6.29%

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

Comparison rate

6.32%

For the same rate. Typical is 6.70%.

Upfront fees

$425

Typical upfront fees are $600.

Annual fee

None

A typical annual fee is $350.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.29%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • No annual fee. Nothing extra to pay each year over the life of the loan.
  • 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.
  • 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

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • 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 $20 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.