Finty
SWSbank

SWSbank Optimum 3 Year Fixed Rate Home Loan

Variable or Fixed rateRedraw

A home loan from SWSbank with variable and fixed rates from 6.10% a year.

Written byDavid Boyd
Interest rate a year, from
6.10%
Comparison rate
Not published
Upfront fees
Not published
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.10% (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
$3,636
Total repayments
$1,308,949
Interest
$708,949

Rates

Every rate SWSbank 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 interestAny6.10%–
3 year fixedLive inPrincipal and interestAny6.84%6.31%

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
Yes
Highest LVR
Not published
Loan amount
Not published

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

6.10%

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

Pros and cons

Pros

  • A lower variable rate. 6.10%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • 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.
  • Fixed rates on offer. You can fix for 3 years if you'd like repayments that don't change for a while.

Cons

  • 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.