What’s the difference between a property to live in, and an investment purpose?
Loans for an investment purpose (also known as investor loans) include – but aren’t limited to - loans where the predominant part of the loan is used to invest in shares, land, construction or an established dwelling (including refinance of investment loans).
Loans for a property to live in (also known as owner-occupier loans) include - but aren’t limited to - loans to fund the purchase of a property or refinance an existing loan, where the borrower currently resides or intends to reside in the property.
Other conditions apply.
What's the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).
Comparison rate warning:
Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. The comparison rate for interest only repayments on variable loans is based on an initial 5 year interest only period. The comparison rate for fixed rate loans is based on an interest only period equal in length to the fixed rate period. The comparison rate is based on your product choice and the applicable current annual percentage rate. If you amend the rate, the comparison rate no longer applies. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
