Beat Home Loans Fixed Loan

A fixed interest rate home loan will suit Australian home buyers who are looking for reliability in their repayments and stability in their budget. The Beat Home Loans fixed rate loan offers:

• A 3 year fixed rate term.
• Borrowings of up to $0.
• Interest only repayment options.
• The option to split the loan.
• The ability to move the loan when you move home.
• Application Fee of .

How You Could Benefit from the Features of a Fixed Rate Beat Home Loan

A fixed rate loan from Beat can benefit you if you are on a tight budget, or if you simply like to be in control, and know what’s going on. This is because a fixed interest rate really is fixed for the entire 3 year term with Beat, there are no catches, and no concerns that your rate or repayment will rise in that time. A fixed interest rate is likely to be higher than a variable rate initially, but if official interest rates are on the rise, you can be sure that standard variable rates aren’t far behind. However, when the rate is fixed you can lock your mortgage repayment into your budget and know from month to month how much you will have to pay.

Benefits of interest only repayments:

• Can make property an affordable and tax effective investment. When you buy property as an investment, you can claim back almost all expenses, including the interest you pay on an investment loan. Therefore, in using the Beat Fixed Loan as an investment loan and making interest only repayments, you are not paying anything towards your property which you won’t get back at tax time.
• Can free up cash. Traditional home loan repayments are principal and interest, so you repay a portion of your original loan amount, and interest which has accrued on that amount over the payment period. However, if you pay only the accrued interest, your repayments are lower, and this can ease the pressure on your cash flow for a period of up to five years.

Benefits of splitting a Beat Fixed Home Loan:

• Fixed loans can be restrictive. A fixed Beat home loan does not allow you to make additional repayments without penalty, or redraw from your loan, but with a fixed loan you are giving up flexibility in return for reliability.
• Split loans give you the features of other loan types. When you split a fixed home loan, you can keep a portion earning a fixed rate, but you can allocate a variable interest rate and more flexible variable features to the remainder of your loan. The split ratio is up to you, but 50-50 or 60-40 are popular choices, to minimise the impact of rate rises, while also giving you the flexibility to take advantage if rates drop within your 3 year fixed rate term.

Benefits of loan portability:

• You’re bound to move home. Very few Australians will live in the same home for the rest of their lives – those days are gone. So it is important to understand the costs of moving your loan, when you move home because if you close your current loan and reapply for a loan with your new house as security, you can be paying tens of thousands of dollars in exit fees, especially on a fixed rate loan.
• You apply for the same loan in the same place. When you move your home loan to a new home, your situation will be reassessed to make sure you can manage the new repayments, and are a good risk, however, you minimise the exit fees and application costs because you are not changing loans or providers.

Fees on the Beat Fixed Loan

The fixed rate home loan from Beat charges:

• application fee.
• No settlement fee.
• No valuation fee.
• No legal fees.
• No ongoing fees.
• No fee to split your loan.
• No fees to make a variation to your loan, for example switching to interest only repayments.

Read the Beat Home Loans Fixed Loan terms and conditions.

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