Aussie Optimizer Plus Combo Home Loan
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
Here’s a useful idea. A low rate, cost effective mortgage that also acts as a constant line of credit for those times where you need to lay your hands on some fast cash.
Up until recently finding a product to fit this mould would have been very difficult. That’s until super broker Aussie came up with their Optimizer Plus Combo Home Loan.
What is it?
As the name suggests this product gives you all the benefits and features of the standard Optimizer Home Loan but with the additional benefit of a line of credit. In other words customers are able to access any equity in their property anytime they like, and for any purpose.
If you have some sort of urgent home improvement that needs doing, or your car needs upgrading you simply borrow money you’ve already paid off your home loan, and pay it back over time.
Let’s look at the basic features of the product:
- Maximum LVR – 95%
- Loan size – $350,000 to $2,000,000
- Loan term – Up to 30 years
- Payment options – Capital and interest or interest only
- How often – Payments to be made monthly or fortnightly
- Over payments – Yes and free of charge
As you can see the Aussie Optimizer Plus Home Loan gives you a pretty high loan to value rate at 95%, but remember this still means you need to find a 10% deposit so take this into account before you apply.
You have both the interest only and capital and interest repayment options and you are able to switch between the two if necessary. Your best bet is always to take the capital and interest option as this reduces the loan where the interest only option doesn’t.
The facility to make over payments is also very attractive. The faster you pay the loan off the less interest you’ll have to pay, but with some lenders charging you for the privilege it can often become ineffective.
With Aussie if you have a good month at work, or just find some more money in your wallet you can overpay your home loan, reducing your overall interest, and you won’t have to pay an extra fee to do it.
How Much Will it All Cost?
So you won’t have to pay a fee to make over payments, but surely there are some kind of fees charged?
Well, a few but in comparison with many other mortgage providers around, not many at all. Here’s a look at charges you may run into.
- Application fee – $0
- Redraw fee – $0
- Account fee – $15 per month
- Valuation fee – Your first valuation is free although your second will cost you $200
- Discharge fee – $400
- Portability of Loan – $600
Not having to pay for your application, redraws, or your first valuation is going to save you hundreds of dollars in itself, and the low monthly account fee of just $15 is hardly going to be noticed.
One great feature of this product is it’s portability. Finding portable mortgages is getting harder and harder and having to pay $600 to port your Aussie loan is going to be much more cost effective than having to pay it off in full before re-applying for another loan if you moved.
Having a portable home loan allows you to shift your mortgage to another property if you decided to move at any stage. The same rate of interest will apply, and in some cases you may even be able to access increased borrowing if your credit rating and income allows.
Aussie Optimizer Plus Combo Home Loan
- Interest Rate of 6.70%
- Comparison Rate of 6.78%
- Application Fee of $0
- Maximum LVR With LMI: 95%
- Minimum Borrowing: $350,000
- Maximum Borrowing: $2,000,000
Who Will This Loan Work Best For?
Like any home loan product this is really aimed at those in full time employment, or those with some sort of secure alternative income. You will need a good credit rating but being able to borrow up to 95% means this is also a suitable product for those looking to invest in property, or perhaps even take on a property build.
In order to get the most from the Aussie Optimizer Plus Combo Home Loan there are a couple of tips you should consider.
1. Because you’re able to access unlimited draw backs with this product, an effective way of using it is to have your wages paid directly into your account to reduce your debt, and then only draw the amount you need to get you through the month. If you find you need a little extra simply draw some more.
The benefit of doing this is you’ll generally find your debt comes down quicker this way, and you never have to worry about making mortgage payments as they’re made for you automatically each month.
2. The other tactic you could consider if times are harder is to have the loan as interest only for the first period of the loan, switching to repayment when you’re in a better position financially. In the mean time don’t forget you can make over payments when you have spare cash in order to lower your overall debt.
Why Aussie?
Affordable rates and quality customer service are a couple of good reasons you should consider Aussie for your next home loan, but there are a number of other reasons besides. Aussie is a multi award winning company, gaining both the recognition of consumers and industry experts alike.
They took the Best Mortgage Broker Award 3 years on the bounce, and have also won the Best Non Bank Lender Award 2008 to name just a couple. Established in 1992, Aussie has fast become one of the biggest and most trusted non bank lenders in the whole country.
The application process is very easy and you can choose to apply by phone, in person, or via the Internet. Applying online is likely to get you the fastest response, and in fact if you visit the Aussie website you’ll also see they have a number of calculators so you can see exactly how much you can afford to borrow.
If you’re in the market for a new home loan then make Aussie your next port of call! From what we’ve seen you won’t be disappointed.
Read the official terms and conditions
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