![]() This may mean you pay more interest over the life of the loan.Ĭalculations are not a loan approval. During an Interest Only period, your Interest Only payments will not reduce your loan balance. Comparison rates for fixed or guaranteed Interest Only loans are based on an initial Interest Only period equal in length to the fixed or guaranteed period. Comparison rates for variable Interest Only loans are based on an initial 5-year Interest Only period. Different terms, fees or other loan amounts might result in a different comparison rate. ![]() WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. * Comparison rate calculated on a $150,000 secured loan over a 25-year term. At the end of an Interest Only period, your repayments will increase to cover principal and interest components. During an interest only period, your interest only payments won’t reduce your loan balance. We have different rates that apply, depending on whether you’re making interest only payments or principal and interest repayments. Interest rates referenced are current rates and may change at any time Please refer to the Wealth Package Fact Sheet or Mortgage Advantage Fact Sheet and Package Terms and Conditions for full details. It cannot be established in the name of a business or family investment trust. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. A non-refundable annual fee of $395 is payable in advance. Eligible home loans include: Standard Variable Rate home loan, Fixed Rate home loans and Viridian Line of Credit. Package lending balance is the sum of the account balance of eligible home lending accounts and the credit limit of Viridian Line of Credit accounts that you have with us at the time you apply for Wealth Package. The current reference rates including for Interest Only payments can be found here.Ģ To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application.
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