Home Loan Products
The benefits of Ratebusters Home Loan Products are clearly detailed below, all you need to do is choose! Differences between products have been clearly highlighted for your convenience.
Are you self employed or have limited financial history?
You need a Ratebusters Low Documentation Loan (LoDoc).
You need a Ratebusters Low Documentation Loan (LoDoc).
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Ratebusters Home Loan Product schedule |
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 Fast Trak Rate Buster |
 Fast Trak Fee Buster |
 Rate Buster |
 Fee Buster |
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| An all-in-one loan allowing salary crediting, redraw etc. Although an application fee is charged. CHECK OUR SUPER LOW RATE! | An all-in-one loan allowing salary crediting, redraw etc. PLUS MINIMAL LOAN APPLICATION SETUP COSTS. | A full transactional account including ATM access to funds Australia wide. Although an application fee is charged. CHECK OUR SUPER LOW RATE! | A full transactional account including ATM access to funds Australia wide. PLUS MINIMAL LOAN APPLICATION SETUP COSTS. | |||
| Variable Interest Rate | 6.97% effective for new business from 18/11/08 |
7.22% effective for new business from 18/11/08 |
7.23% (for LVR < (less than or equal to) 95%) |
7.50% (for LVR < (less than or equal to) 95%) |
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| Comparison Rate | 7.05%** |
7.23%** |
7.31%** (for LVR < (less than or equal to) 95%) |
7.51%** (for LVR < (less than or equal to) 95%) |
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| Application Fee | For loans up to $250K .66% of loan amount (gst inc), max. of $1550 |
$0.00 | .66% of loan amount (gst inc) | $0.00 | ||
| Document Preparation Fee | $275.00 | $0.00 | $275.00 | $0.00 | ||
| Valuation Fee | $220.00 (metro) | $220.00 (metro) | $220.00 (metro) | $220.00 (metro) | ||
| Lenders Processing Fee | Nil | Nil | Nil | Nil | ||
| Allowance
to cover Solicitor Costs (unacertainable, but allow say) |
$230.00 | $230.00 | $350.00 | $350.00 | ||
| Annual Fee (collected in advance) | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Monthly Service Fee | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Redraw Fee | No | No | No | No | ||
|
No
minimum (eg. $1) |
No
minimum (eg. $1) |
No
minimum (eg. $1) |
No
minimum (eg. $1) |
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| Split loan account available | Yes (unlimited) | Yes (unlimited) | Yes (up to 10 splits) | Yes (up to 10 splits) | ||
| Split loan fee | No if option taken at original loan application | No if option taken at original loan application | No if option taken at original loan application | No if option taken at original loan application | ||
| Offset Account | No | No | Yes | Yes | ||
| ATM Access (Any ATM) | No | No | Yes (first 5 free) | Yes (first 5 free) | ||
| Eftpos | No | No | Yes | Yes | ||
| Cheque Book | No | No | Yes (on offset) | Yes (on offset) | ||
| Fixed rate available | Yes (1-5 years) | Yes (1-5 years) | No | No | ||
| Fee to Fix | $125.00 | $125.00 | N/A | N/A | ||
| Additional Repayments Allowed | Yes | Yes | Yes | Yes | ||
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Yes | Yes | Yes (to Offset) | Yes (to Offset) | ||
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No | No | No | No | ||
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Yes | Yes | No | No | ||
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Yes | Yes | Yes | Yes | ||
| Biller payment | Yes | Yes | Yes | Yes | ||
| Repayment by Bpay | No | No | No | No | ||
| Direct Debit | Yes | Yes | Yes | Yes | ||
| Telephone Banking | Yes | Yes | Yes | Yes | ||
| Internet Banking (See bottom of table for internet banking functions) |
Yes | Yes | Yes | Yes | ||
| Salary crediting | Yes | Yes | Yes | Yes | ||
| Interest Only available | Yes (1-5yrs) | Yes (1-5yrs) | Yes (5 or 10 yrs) | Yes (5 or 10 yrs) | ||
| Owner Occupier | Yes | Yes | Yes | Yes | ||
| Construction Loan | Yes | Yes | Yes | Yes | ||
| Investment | Yes | Yes | Yes | Yes | ||
| Term of Loan | 10-30 years | 10-30 years | 30 years | 30 years | ||
| Loan Amount | Minimum
$50,000 Maximum $2,000,000 (higher by negotiation) |
Minimum
$50,000 Maximum $2,000,000 (higher by negotiation) |
Minimum
$50,000 Maximum $2,000,000 (higher by negotiation) |
Minimum
$80,000 Maximum $2,000,000 (higher by negotiation) |
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| LVR | Up to 100% | Up to 100% | Up
to 95% |
Up to 95% |
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| Lenders Mortgage Insurance (LMI) or Reduced Equity Fee (REF) | Mandatory where LVR > 80% | Mandatory where LVR > 80% | Mandatory for all loans with lender paying premium up to 80% LVR (and loan ≤ $750,000) | Mandatory for all loans with lender paying premium up to 80% LVR (and loan ≤ $750,000) | ||
| Security | 1st registered mortgage over residential property | 1st registered mortgage over residential property | 1st registered mortgage over residential property | 1st registered mortgage over residential property | ||
| Vacant Land as security | Yes (providing being constructed on within 12 months) | Yes (providing being constructed on within 12 months) | Yes | Yes | ||
| Repayment frequency | - | - | - | - | ||
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No | No | Yes (Monthly amount divided by 4) | Yes (Monthly amount divided by 4) | ||
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Yes | Yes | Yes (Monthly amount divided by 2) | Yes (Monthly amount divided by 2) | ||
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No | No | No | No | ||
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Yes | Yes | Yes | Yes | ||
| Early Repayment
Fee (refer brochure) |
Yes (First 5 years) |
Yes (First 5 years) |
Yes (First 5 years) |
Yes (First 5 years) |
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| Security Substitution Allowed | Yes (Must be simultaneous) | Yes (Must be simultaneous) | Yes (Must be simultaneous) | Yes (Must be simultaneous) | ||
| Internet Access (This section refers to functions available online) | Yes | Yes | Yes | Yes | ||
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Yes (24 hour processing) | Yes (24 hour processing) | Yes (24 hour processing) | Yes (24 hour processing) | ||
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Yes (must be prenominated) | Yes (must be prenominated) | Yes (must be prenominated) | Yes (must be prenominated) | ||
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Available funds | Available funds | $5,000.00 | $5,000.00 | ||
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Transaction list only. | Transaction list only. | Transaction list only. Can order statements | Transaction list only. Can order statements | ||
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Yes | Yes | Yes | Yes | ||
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No | No | No | No | ||
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Yes | Yes | No | No | ||
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No | No | No | No | ||
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No | No | No | No | ||
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Yes | Yes | Yes | Yes | ||
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No | No | No | No | ||
| Want even more information? |
Refer to our Features & Benefits
sheets, that provide further explanation on features & benefits,
transaction & other costs, construction loan requirements, early
repayment fees etc (links below) Click here for Rate/Fee Buster brochure OR Click here for Fast Trak Rate / Fee Buster brochure |
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Please Note: The above information is subject to change
without notice. All fees and charges have been based on a single security
standard mortgage application within metropolitan areas. Full terms and conditions
will be included in the Loan Offer. Other fees and charges are payable including
disbursements. Lending criteria terms and conditions apply.
**The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years. Fees and charges may be payable. Click here for a comparison rate schedule.
Warning: This comparison rate applies only to the 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.
**The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years. Fees and charges may be payable. Click here for a comparison rate schedule.
Warning: This comparison rate applies only to the 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.
© Rate Busters Pty Ltd 2004