Finty
Regional Australia Bank

Regional Australia Bank Home Loan (Offset)

Variable rateOffsetRedraw

Reduce interest charges on your variable rate home loan and pay your mortgage off sooner.

Written byDavid Boyd
Interest rate a year, from
6.35%
Comparison rate
6.38%
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 6.35% (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
$3,733
Total repayments
$1,344,029
Interest
$744,029

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%6.35%6.38%
VariableLive inPrincipal and interest60% to 70%6.40%6.43%
VariableLive inPrincipal and interest70% to 80%6.50%6.53%
VariableLive inPrincipal and interest80% to 90%6.98%7.01%
VariableLive inPrincipal and interest90% to 95%7.40%7.43%
VariableLive inInterest onlyUp to 60%6.60%6.40%
VariableLive inInterest only60% to 70%6.65%6.45%
VariableLive inInterest only70% to 80%6.75%6.55%
VariableLive inInterest only80% to 90%7.23%7.03%
VariableLive inInterest only90% to 95%7.65%7.45%
VariableInvestmentPrincipal and interestUp to 60%6.55%6.58%
VariableInvestmentPrincipal and interest60% to 70%6.60%6.63%
VariableInvestmentPrincipal and interest70% to 80%6.70%6.73%
VariableInvestmentPrincipal and interest80% to 90%7.29%7.32%
VariableInvestmentInterest onlyUp to 60%6.55%6.58%
VariableInvestmentInterest only60% to 70%6.60%6.63%
VariableInvestmentInterest only70% to 80%6.70%6.73%
VariableInvestmentInterest only80% to 90%7.29%7.32%

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
Yes
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

6.50%

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

Comparison rate

6.53%

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

  • No annual fee. Nothing extra to pay each year over the life of the loan.
  • 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.
  • 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

  • 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.