Members Equity SMHL Interest Only
Fixed rate loans generally have fewer features than the variable rate loans. While this may seem like a limitation, having the security of fixed payments allows you to plan exactly how much you are going to pay with each repayment. Furthermore, if you can manage to fix the interest rate at times when the interest rate is at its lowest you can save a lot of money when the rates are raised. The Members Equity SMHL Interest Only fixed rate home loan is a loan for investors only. The Members Equity SMHL Interest Only home loan gives you a discounted interest rate for people who are simply members of pre-approved superannuation funds or ATCU affiliated unions. By reducing your interest rate and fixing it you should be able to significantly reduce the amount of money you will repay on the loan. This article will explain the features that are available with the Members Equity SMHL Interest Only home loan. The interest rates that are offered with the Members Equity SMHL Interest Only home loan are:
- 1 Year fixed rate loan at5.99%
- 3 Year fixed rate loan at 6.35%
- 5 Year fixed rate loan at 6.69%
Features of the Members Equity SMHL Interest Only
The Members Equity SMHL Interest Only home loan comes with a range of features. These features are:
- Interest only repayments. Most home loans will require you to pay both the interest and principal when you make repayments. The Members Equity SMHL Interest Only home loan allows you to pay only the interest that accumulates on the account during the interest only period. The Members Equity SMHL Interest Only period lasts for 5 years, after which you will have to pay both the interest and the principal portions of the repayments. By using this feature investors are able to save money on the repayments and spend the saved money on other things.
- Who is this loan suited for. This loan is only available to investors.
- Borrowing conditions. You can borrow anywhere from $40 ($20,000 in Tasmania) up to 95% of the property valuation when applying for the Members Equity SMHL Interest Only home loan. If you have built up enough equity in your old home you may be exempt from having to pay a deposit at all. However, if you are planning on borrowing over 80% of the property value you will have to a pay mortgage insurance fee.
- No fees and charges. You will not have to pay any fees or charges while you pay off the Members Equity SMHL Interest Only home loan. At the end of your loan you will have to pay an exit fee of $300.
The fixed rate Members Equity SMHL Interest Only home loan may seem a bit more restrictive when compared to the variable rate Members Equity SMHL Interest Only home loan. However, by fixing you interest rate you may be able to secure a low interest rate if the interest rates are raised in the future. In addition to this you will have the advantage of knowing what your repayments will be when you start to pay off your loan. To summarise, the fixed rate Members Equity SMHL Interest Only home loan will help you reduce the costs associated with paying off your loan for the first 5 years by allowing you to pay only the interest part of the repayments. Furthermore, the Members Equity SMHL Interest Only home loan does not charge you any additional fees while you are paying off the loan so you can be sure that you have one of the best home loans that are available.
Related posts:
- Members Equity Super Members Home Loan (SMHL) Interest Only
- Members Equity Super Members Home Loan (SMHL) Standard
- Members Equity Super Members Home Loan (SMHL) Offset (Fixed)
- Members Equity Super Members Home Loan (SMHL) Standard
- Members Equity Super Members Home Loan (SMHL) Offset
- membersequity.com.au/ Members Equity Online Banking
- ME Bank Super Members 1 Year Fixed Rate Home Loan
- Westpac Fixed Rate Investment Property Loan Interest Only in Advance
- 15 Year Fixed Rate Home Loan
- ME Bank Members Package
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