Beat Home Loans Beat Options
Posted August 6th, 2010
and last modified January 31st, 2012The standard variable loan is the most popular loan type in Australia because for many borrowers it is the perfect mix between a low variable interest rate, and a range of features which help you manage your loan and repay it sooner.
From Beat Home Loans the standard variable loan retains a low interest rate, a low annual fee and adds a free, linked Visa debit card to its list of features.
Features and Benefits of the Beat Options Home Loan
With such widespread popularity, Australian lenders know their standard variable loan product needs to stand out from the crowd to be noticed, and Beat have made their Options home loan stand out in all of the important ways, with features such as:
- Free additional repayments. Making repayments to your home loan which are above the minimum amount required is one of the best ways to save time and money on your loan. You can set up a regular monthly repayment of more than the minimum amount, or you can deposit lump sums to your loan account when you have extra funds, or you can do both. Either way, Beat will not penalise you for making additional repayments, or impose restrictions on the amounts, because such restrictions can negate the benefits of additional repayments.
- A linked Visa debit card. A debit card is a financially responsible way to spend your own money online or over the phone, with all of the security of a credit card, without building up a balance. Instead, a debit card links to your own funds in your transaction account, and when you link a Visa debit card to your Beat Options Home Loan you do not pay the monthly fee for the card, and you can access your additional repayments using the redraw option straight from your card for fee free redraw.
- Redraw facilities. You may be more inclined to deposit extra funds to your loan if you know they are not locked away and with a redraw facility you can access the full amount you have paid above the minimum loan repayment. You can redraw using your linked Visa debit card for free and just pay the debit card costs for the transaction, or you can use online banking for up to 5 free redraws a month. Additional online redraws are $20 each. There is no minimum redraw amount, and using your debit card there is a $1,500 limit per day.
- Split your loan. If you like the flexibility of a standard variable loan, but want to enjoy other loan features too, such as a fixed interest rate, you can split your loan for free to spread the risk of rate rises and reap the rewards of additional loan features.
- Portability vs refinancing. When you move house, you typically have to refinance your loan and pay out your old loan on your old home, and apply for a new loan on your new home as the values and loan ratios are different. However, with the portability feature from Beat, you don’t have to worry about the fees and exit costs associated with refinancing, and can
- Free variations. You can make changes to your loan amount, you can change from principal and interest payments to interest only, switch to a fixed repayment term or change the security held over the loan for free.
With only application fee, no settlement fee, no valuation fee and no legal fees you can potentially have thousands of dollars in the home loan application process so you can focus on your repayments rather than on being bogged down by lender fees.
Read the Beat Home Loans Beat Options terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.00% | |
| Comparison Rate | 7.78% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $1,895 | |
|---|---|---|
| Service Fee | $0 |
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing |
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