Variable ALT Home Loan F585 80% 85% Variable ALT Home Loan - F585 - 80% - 85% (Principal & Interest) (Owner Occupied)

  • 6.31%
    p.a Standard Variable
  • 6.41%
    p.a Comparison**
  • $1,793
    Upfront fees
  • $180
    Annual fees
  • 85%
    Max LVR
  • $2,337
    Per Month*

About Better Choice Home Loans

Better Choice is a mortgage manager that offers a large scope of home loan and commercial loan alternatives. Through our Accredited Introducer system and a constantly developing database of existing clients, we connect brokers and purchasers across the nation to understand their common objectives.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$2,337
rate per annum
6.31%

Loan to Value Ratio

Borrow up to the maxium of 85% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
85%
Capitalise LMI
Yes

Availability

For Construction, Equity, Investment, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

Term
10 - 40 years
Min
$50,000
Max
$1,000,000

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Not Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$1000.0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
Yes
Redraw Available
Yes
Internet Banking
Yes
Telephone Banking
Yes
Credit Card
No
BPay Option
Yes
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
No
Free Transactions
Yes
Minimum Redraw
Yes
Redraw Fee
No

Repayments

You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option
No
Max Interest Only
0 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$1,793
Valuation
$303
Legal/Solicitor
$440
Settlement
$1,050

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$180
Ongoing Monthly
$15

Exit Fees

Fees associated with prematurely ending the loan.

Total
$1,000
Exit
$850
Early Repayment
$0
Switch To Fixed
$150

Notes

Max 90% LVR for purchase of owner occupied or investment properties. Max 90% LVR for Refinances inclusive of Risk Fee. Available with 100% offset account with optional Visa debit card. Monthly fee applies (see fees sheet). Business - Purchase, Refinance and Consolidation. NRAS included to max LVR. Unlimited cash out to 90% LVR. Loans up to 40 years. Non Genuine Savings. Minor defaults up to $1,000 accepted, Unlimited defaults and judgments > $1,000, registered > 24 months (paid or unpaid), Discharged from bankruptcy (1 day accepted). Income Documentation (PAYG) Last 2 pay slips plus one of the following: Letter of employment or Tax assessment notice or Latest group certificate or 3 months bank statements. Income Documentation (Self-Employed) Last 2 years tax returns & Last 2 years tax assessment notices. Construction Available: Max 90% LVR plus Risk Fee for purchase or refinance of an existing land loan with immediate construction. Owner Occupied only. Max loan amount $850,000. Min loan amount $50,000. Max loan term 30 years. 1 year Interest Only repayments with P&I repayments for the remaining term. Monthly and Drawdown fees apply (see fees sheet). A minimum of 4 valuations will be required. Can be used for completion of major renovations and improvements of a structural nature to an existing property. Single residential dwelling only. Construction valuation fee of $950 PLUS up to 5 progress inspection fees are required (with a minimum of 4 required)

LVR Notes

Max 85% includes Purchase & Refinance O/O & Investment. Construction max loan $850K

Notes

Not required

Fee Notes

$400 title insurance fee is waived for new applications received by 26th January, 2018. Note this is not the case for construction. Note: Please see lender's Risk Fee document for applicable fees.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided