Members Equity Super Members Home Loan (SMHL) Interest Only
Variable rate loans are flexible loans with low interest rates. While the interest rates may vary the additional features that come with the loan can help save you money. The Members Equity SMHL Interest Only variable rate loan is a loan that allows you to receive a discount on the interest rate simply by being a member of pre-approved superannuation funds or ATCU affiliated unions. By being a member of these funds or unions you can receive a 0.45% discount on the standard interest only loan interest rate. The interest rate you will receive with the Members Equity SMHL Interest Only is 6.99% In addition to the interest rate discount, the Members Equity SMHL Interest Only come with a variety of features that can help you save money on the loan.
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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. Apart from the discounted interest rate, the main feature of the Members Equity SMHL Interest Only home loan is the 5 year interest only period. During this time you will only pay the interest portion of the repayments. This is a handy feature for investors who will be looking to maximise their return over this period. After the 5 year interest only period is over the interest and the principal will then have to start being paid.
- Borrowing conditions. The Members Equity SMHL Interest Only home loan allows you to from $40 ($20,000 in Tasmania) up to 95% of the property valuation. In addition to this, no deposit is required if you have enough equity built up in your current property. However, it is important to note that the Members Equity SMHL Interest Only home loan is for investors only.
- You can make additional repayments. If you would like the Members Equity SMHL Interest Only home loan allows you to make additional repayments. By making additional repayments you can reduce the loan value and pay off the loan faster. Furthermore, you will also pay less in interest.
- Redraw facility. If you choose to make additional payments you can then redraw the funds if you need them at a later date. This useful feature simply allows you to put money against the loan so you are not charged the full amount in interest. Even if you do withdraw the money later you will have reduced the interest payments for the period the money was on the loan. There is a minimum redraw amount of $500 but no redraw fee will be charged.
- Split the account. The Members Equity SMHL Interest Only home loan allows you to split the loan account into separate portions. This allows you to take advantage of two different loans schemes and the features they offer at the same time.
- No fees and charges. The Members Equity SMHL Interest Only home loan does not charge you fees during the loan. The only fee you will pay is an exit fee of $200. By reducing the money you spend on fees you can significantly reduce the amount you pay on the loan.
The variable rate Members Equity SMHL Interest Only home loan is a great home loan package that rewards you with a low discounted interest rate simply for being a member of pre-approved superannuation funds or ATCU affiliated unions. In addition to the reduced interest rate, the Members Equity SMHL Interest Only home loan offers investors features such as the redraw facility, split loan option and no fees so you can be sure that you are saving money. If you have any questions about the Members Equity SMHL Interest Only home loan please contact us.
Related posts:
- Members Equity Super Members Home Loan (SMHL) Standard
- Members Equity Super Members Home Loan (SMHL) Offset
- Members Equity Super Members Home Loan (SMHL) Offset (Fixed)
- Members Equity SMHL Interest Only
- Members Equity Super Members Home Loan (SMHL) Standard
- ME Bank Super Fund Members Package Home Loan
- ME Bank Super Members 1 Year Fixed Rate Home Loan
- ING Action Equity Home Loan
- HSBC Home Equity Loan
- Super Rate Low Interest Home Loan
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