Finty
Unity Bank

Unity Bank Essential Worker Home Loan - Owner Occupier

Variable rateOffsetRedraw

A variable rate home loan specifically designed to support essential workers to own their own home.

Written byDavid Boyd

6.05%

interest rate a year, from

6.10%

comparison rate

Upfront fees
$600
Annual fee
Not published
Monthly fee
Not published

What it would cost

At the lowest rate of 6.05% (variable, live in, principal and interest), repayments on $600,000 over 30 years would be about $3,617 a month. Use the comparison on the home loans page to see the rate for your own deposit and loan.

Rates

Every rate Unity 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 interestAny6.05%6.10%

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
$600
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
95%
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

6.05%

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

Comparison rate

6.10%

For the same rate. Typical is 6.70%.

Upfront fees

$600

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.05%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • 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.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $15 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.