Finty
Summerland

Summerland Fixed Rate Loan

Fixed rateRedraw

For those who want the certainty of a fixed interest rate and repayment for their preferred term - with added flexibility of a redraw facility.

Written byDavid Boyd
Interest rate a year, from
6.35%
Comparison rate
6.62%
Upfront fees
$2,100
Annual fee
Not published
Monthly fee
$8

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.35% (1 year fixed, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,741
Total repayments
$1,346,909
Interest and monthly fees
$746,909

Rates

Every rate Summerland publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
1 year fixedLive inPrincipal and interestAny6.35%6.62%
1 year fixedLive inPrincipal and interestAny6.39%6.63%
1 year fixedLive inPrincipal and interestAny6.39%6.73%
2 year fixedLive inPrincipal and interestAny6.38%6.61%
2 year fixedLive inPrincipal and interestAny6.42%6.72%
2 year fixedLive inPrincipal and interestAny6.42%6.61%
3 year fixedLive inPrincipal and interestAny6.37%6.58%
3 year fixedLive inPrincipal and interestAny6.41%6.70%
3 year fixedLive inPrincipal and interestAny6.41%6.60%
4 year fixedLive inPrincipal and interestAny6.62%6.66%
4 year fixedLive inPrincipal and interestAny6.66%6.78%
4 year fixedLive inPrincipal and interestAny6.66%6.67%
5 year fixedLive inPrincipal and interestAny6.77%6.73%
5 year fixedLive inPrincipal and interestAny6.81%6.85%
5 year fixedLive inPrincipal and interestAny6.81%6.75%

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
$2,100
Annual fee
Not published
Monthly fee
$8

Features

Offset account
No
Redraw
Yes
Highest LVR
Not published
Loan amount
From $30,000

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.

Upfront fees

$2,100

Typical upfront fees are $600.

Pros and cons

Pros

  • 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 1 to 5 years if you'd like repayments that don't change for a while.

Cons

  • Higher upfront fees. $2,100, above the typical $600, which adds to the cash you need at settlement.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.