Newcastle Permanent Real Options Home Loan
The home loans market has always been competitive, and independent financial companies have been putting the squeeze on the big lenders for quite some time already. Newcastle Permanent is digging their heels even deeper into the sides of the “big 4” with their excellent range of home loans, suitable for every pocket.
Here we look at the Newcastle Permanent Real Options Home Loan.
Who Are Newcastle Permanent?
Newcastle Permanent is an independent mutual building society. Because it’s owned solely by it’s members, there are no shareholders at the top of the company guzzling up the companies profits. Instead, any profit made by the firm is fed straight back to it’s members in the form of lower rates, and cheaper fees.
So what does the Newcastle Permanent Real Options Home loan offer?
Low Rates
At the time of press the current variable rate offered by Newcastle Permanent is just 6.96%, (7.00% by comparison).
The rate is variable so applicants should be aware a national rate rise could have an affect on the rates offered by Newcastle. The good news is that other than the standard arrangement fee of $500 there are no other recurring, or ongoing account fees or charges to pay.
Flexible Repayments
You’re able to decide whether to make payments weekly, fortnightly, or monthly with this product, and you can even make interest only payments for anything up to 5 years.
This is an excellent feature, and one that’s delivered in a far more ethical way than some other lenders. Paying your home loan interest only will mean lower repayments, but staying with this method of repayment long term will put you in a situation where you still need to find a way of clearing the capital of your loan at the end of the deal.
By limiting your interest only payments to just 5 years, Newcastle Permanent ensure you get the savings, without being lured into a full sense of security.
High Loan-to-Value Ratio
There’s a very high loan-to-value ratio with the Real Options Home Loan with those blessed with an excellent credit rating being able to borrow up to 95% of their property’s value. That’s a percentage not readily available anymore.
You also have the benefit of making over-payments when times are good, or taking redraws when money is a little tight. One major benefit of this home loan product is that you can take a payment holiday as long as you’re ahead of your payments. A payment holiday can be a godsend, particularly around the Christmas and New Year holidays when most people are strapped for cash.
The loan is also portable so if you do decide to move property you won’t lose any of the advantages you’ve come to enjoy with Newcastle Permanent.
All in all the Real Options Home Loan is a very accessible and flexible mortgage product, giving customers plenty of room for manoeuvre should life suddenly send them a financial challenge. The added attraction of borrowing from an organization run by members, for members, makes the Newcastle Permanent range of home loans very worthy of your consideration.
Related posts:
- Newcastle Permanent Real Deal Home Loan
- Newcastle Permanent Real Equity
- Newcastle Permanent Real Deal Home Loan
- Newcastle Permanent Real Equity Home Loan
- Newcastle Permanent Fixed Rate Home Loan
- Newcastle Permanent Intro Rate Home Loan
- Newcastle Permanent Fixed Rate Home Loan
- Newcastle Permanent Premium Plus Package Home Loan
- Newcastle Permanent Home Loans and Mortgages
- Newcastle Permanent Premium Variable Rate Home Loan
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