Illawarra Home Loans Bank Beater Fixed Home Loan

With the New Year upon us, many home owners or would-be home owners are looking for ways to save money on their mortgage.

Popular online home loan provider Illawarra Home Loans is taking on the might of the big lenders with their new Bank Beater Fixed Home Loan. A flexible and affordable product, that gives even those with the most modest of budgets a chance to achieve the Australian dream of home ownership.

Let’s have a look at what’s on offer:

The Facts

• Loan amount - $250,000 – $1,000,000
• Interest rates (fixed):
• 1 year – 5.87% Comparison rate – 6.36%
• 2 year – 5.90% Comparison rate – 6.34%
• 3 year – 5.95% Comparison rate – 6.34%
• 4 year – 6.10% Comparison rate – 6.39%
• 5 year – 6.23% Comparison rate – 6.45%
• Loan term – 15-30 Years
• Maximum LVR – Up to 90%
• Interest Only Option – 1-10 Years
• Annual Fee – $345
• Application fee – $0
• Valuation fee - $0
• Lenders legal fees – $0
• Fix all or split your loan with the flexible Bank Beater Home Loan

Overview

As we’ve learned in recent years, the financial stability of the world is highly unpredictable, with rates as likely to go up as down. But the Bank Beater home loan gives you the opportunity to lock in your interest rates for up to 5 years to protect yourself from any sudden rises in national rates.

If you want rate protection for the maximum 5 years offered with this product your interest rate will be 6.23%, whilst if you only want to fix your rate for 1 year you’ll only pay 5.87%.

Another very useful feature of this home loan is the facility to make your loan repayments interest only for anywhere between 1-10 years. This will reduce your payments in the short term, which can help those just getting onto the property ladder, or those facing financial challenges.

You should of course bear in mind that when you switch your repayments back to principle and repayment your monthly bill will be slightly higher.

Some of the biggest expenses for those buying a new property are the high valuation fees, and home loan arrangement fees are normally very prominent in the mortgage market. However, these fees are absent for those applying for the Illawarra Home Loans Bank Beater Fixed Home Loan.

In fact they’ll even pay the lenders legal fees which will also be a weight of the minds of those on a budget. It’s simple features like these that will help many more people onto the property ladder, even during challenging times.

All in all this looks like a very solid and affordable home loan product, perfect for those taking those first steps towards property ownership, or those who want to move their home loan cheaply.

With supportive customer services (who even sort out all the paperwork for you!), and 20 years experience in the home loan market, Illawarra Home Loans certainly look like a viable alternative to the big banks.

Read the official terms and conditions

• Comparison of Top 10 Credit Card Offers

Top Home Loans

Home Loan	Details	Interest Rate (p.a.)	Comp Rate^ (p.a.)	App Fee / Ongoing Fee	Max LVR	Min & Max Borrowing
Loans.com.au - Dream Catcher​	A home loan offer with a $0 application fee and one of the lowest available home loan interest rates.	5.85%	6.21%	$0 / $375	80%	$50,000 / $750,000
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
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
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