Illawarra Home Loans Bank Beater 50% Split ($250,000 – $1,000,000)
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
Available to both owner occupiers and property investors, the Illawarra Home Loans Bank Beater 50% Split Home Loan will appeal to those who are looking for a no nonsense approach to their mortgage coupled with some of the lowest fixed and variable rates being offered.
Features of the Bank Beater 50% Split Home Loan
The Bank Beater 50% Split Home Loan comes with a range of free features that would otherwise set you back hundreds of dollars in your search for the right home loan. There are no set up costs associated with this loan and the team at Illawarra will handle everything from “hello” to “please sign here”, leaving you more time for the important things, like finding your new home.
- Annual fee of $345.
- Get access to your account anywhere and anytime with online banking
- No setup costs – application fees, legal fees and lender’s basic legal fees have been waived amounting to a saving of $935.
- Obligation free pre-approval over the phone, online or in person.
- Borrow up to 90% of the value of the property or total value of your loan.
- Lock in a low rate of interest using ‘rate lock’ so you can be sure of the terms of your loan up until settlement.
- Free online redraw and dynamic payments meaning you can pay more off your mortgage now and draw it back if times become a little tight in the future.
- There are a range of flexible repayment options.
- Set the frequency of your repayments: either weekly, fortnightly or monthly.
Low interest rates.
Save thousands with a fixed low rate of interest for the life of your contract.
- Take control of your financial situation and lock in up to 50% of your mortgage to a fixed rate of interest as low as 5.75% for a term of 1 – 5 years.
- The rate lock feature lets you lock in to a fixed rate upon unconditional approval so you know exactly what you’ll be paying upon the time of settlement. $385 for loans under $300,000; larger loans a calculated using a different method.
For the variable portion of your mortgage pay a low 6.35% plus be eligible for a bonus rate cut after five years with Illawarra Home Loans.
- Variable interest rate is 6.07% and comparison rate is 6.35%.
- Free online redraw facility in addition to a 100% offset account.
- Line of credit available and dynamic repayments giving you the flexibility to manage the amount of your repayments on a monthly basis.
- Recognition from ‘Financial Review Smart Investor’ and ‘Channel 7’s Sunrise’ and ‘Morning Show’ for providing industry leading variable rate products.
Fees and charges
- Free application
- There is no fee for valuation for loans that proceed to settlement.
- No legal fees.
- LMI is paid by the borrower when the loan to value ratio is above 80%. If the LVR is above the maximum of 90%, lenders mortgage insurance can be added to the loan.
- Title insurance fees start at $132 for loans under $600,000 in value whilst these fees are higher for larger loans.
- Early rate lock in from $385 for loans under $300,000 in value.
How to apply
The Illawarra Home Loans team are there to help your application along on its way. Applications can be done online, in person or you may request an obligation free call back.
Read the official terms and conditions
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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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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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