Refinancing an interest only home loan

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You can refinance your interest only home loan if you want. You can switch to a loan with principal and interest repayments, or you can refinance to a new interest only loan. Whatever you want to do, refinancing is easier when you have some equity in your home. This is where some borrowers might have a problem.

I want to refinance my interest only home loan

Refinancing just means switching from one loan to a new one. You can refinance with the same lender or to a completely new lender. Home loan refinancing works the same whether your loan is an interest only home loan or a principal and interest loan. To refinance, you simply:

1. Look for a new loan and see how it compares to your current loan (look at the rate, fees and features).
2. Apply with the new lender and get your paperwork together.
3. Once your loan is approved, you discharge the old mortgage and the new one begins.

The challenge for interest only borrowers is that you might not have much equity.

It's hard to refinance if you don't own 20% of your property's value

Equity means the value of your property, minus any remaining home loan debt. If you bought a $600,000 home with a $100,000 deposit, and have repaid a further $50,000 off the loan principal, you'd now have $150,000 in equity and $450,000 in debt remaining. But if your property has grown in value (let's say to $640,000) then you'd have an extra $40,000 there.

• $640,000 (current property value) minus $450,000 (remaining debt) = $190,000 equity

But you only build equity by paying off the loan principal. That's the money you've borrowed. If you have an interest only loan, you are not repaying any principal – you're just repaying the interest on top.

And this is why interest only refinancing can get expensive. If you want to borrow more than 80% of your property's value (meaning your deposit is smaller than 20%), a lender will charge you a lender's mortgage insurance (LMI) premium. This can cost you thousands of dollars.

If you got an interest only loan with a 10% deposit, then you probably paid LMI on your first loan. But if you refinanced, your new lender would charge you LMI again.

Rising property prices can make interest only refinancing easier

The only way to avoid this is by repaying some of the loan so that you reach 20% equity, or hope that property values have risen a lot.

Here's a quick example:

• You bought a $500,000 home with a 10% deposit ($50,000) 3 years ago.
• Your loan has a 3-year interest only period, so you still owe $450,000.
• But your home is now worth $570,000.
• This means you now own just over 20% of the property's value and can refinance without paying LMI.

Calculate how a rate rise might affect your loan repayments

What is your repayment type?

Principal and interest

Interest only

What is your remaining loan amount?

$

What is your current interest rate?

%

How much is your rate going up by?

%

What is your loan term?

With a new interest rate of , your monthly repayments will increase by .

You could save a year based on Finder's lowest refinance interest rate of

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Can I refinance from a principal and interest loan to an interest only loan?

You can switch to an interest only loan. But you need to make sure you understand why you're doing this. Interest only loans are suited to the specific needs of a certain few borrowers (and mainly property investors). Due to this, there are only a few situations when it's beneficial to refinance an interest only loan.

Reducing your repayments in the short term

Switching from principal and interest to interest only payments will drastically reduce your loan repayments – for now. This is because you only have to pay the interest charged on top of the loan. But over time, you will end up paying a lot more because you're paying more interest and delaying the repayment of the money you've borrowed.

Borrowers who are struggling to make repayments may find some relief in refinancing to interest only payments. But it's important to understand that in the long term, it's costing you more.

Also, you could try asking your current lender to switch your loan to interest only payments. This can be easier than refinancing.

To take advantage of investor tax benefits

Interest only loans are popular with property investors, partly because of tax benefits. As an investor, you can deduct the interest paid on your investment loan from your tax bill. However, this is something you can't do as an owner occupier.

Some investors also try to hold an investment property for only a few years while hoping for large capital gains. This can work if you buy the right property in a booming market (although it's a risky strategy). In this case, refinancing to an interest only loan makes sense because it's cheaper. You're not worried about repaying the loan because you're planning to sell the property in a short period of time.

I want to switch from interest only to a principal and interest loan

This is a more common scenario and has a number of benefits. With a principal and interest loan you can:

• Pay off your debt and build equity. Once you start paying off the loan principal, you own more of the property. You're building equity and wealth for the future.
• Access lower rates and more mortgage features. Interest only loans usually have higher interest rates and fewer mortgage features, such as offset accounts. This means you can get a more competitive loan with useful features.

But there are a couple of things to watch out for when leaving an interest only loan:

• Your repayments will increase. Principal and interest repayments are much higher than interest only repayments. Be prepared for this increase in costs by looking at a loan repayment calculator, assessing your income and spending, and doing a budget.
• You might not have much equity. As we covered above, if you've only been making interest only repayments then you haven't built equity. This makes it harder to refinance. If you started with a 20% deposit and your property hasn't lost value, you should be safe. But if you started with a small deposit and haven't repaid any mortgage principal, you may need to pay LMI again.

Still confused about interest only refinancing? Speak to a mortgage broker

Mortgage brokers can help you find a new loan when you're in a complicated situation, and this includes interest only refinancing. They can advise you on the right course of action and help you avoid making a costly mortgage mistake.

Interest only home loan comparison

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Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Easy Street Fixed Home Loan Interest only 2Y Fixed20% min. depositInvestmentOffset accountSpecial Easy Street Fixed Home Loan Interest only 2Y Fixed20% min. depositInvestmentOffset accountSpecial Details Fees Pros & cons Product Name Easy Street Fixed Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 5.79% Comp. Rate p.a. 6.04% Minimum Loan Amount $50,000 Maximum Loan Amount $1,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $500 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $300 Pros There is $0 ongoing service fee You can make extra payments each year during the fixed term without penalty You can withdraw extra funds from the mortgage using the redraw facility Cons A $300 discharge fee applies when you close your home loan account There is a $500 application fee.	Finder score 9.8 Excellent	Interest Rate 5.79%	Comparison Rate 6.04%	Fees Application: $500 Ongoing: $0 p.a.	Monthly Payment $881	Continue Compare
ING Mortgage Simplifier Home Loan Interest only20% min. depositOwner-occupier$150,000+ ING Mortgage Simplifier Home Loan Interest only20% min. depositOwner-occupier$150,000+ Details Fees Pros & cons Product Name ING Mortgage Simplifier Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.54% Comp. Rate p.a. 6.34% Minimum Loan Amount $150,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee covers up to $225, for the first valuation/property only Ongoing Fees $0 p.a. Settlement Fee $299 Discharge Fee $250 Pros $0 application fee $0 ongoing fee Cons $250 discharge fee for closing the home loan accounts $299 Settlement fee	Finder score 8.2 Great	Interest Rate 6.54%	Comparison Rate 6.34%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $953	Contact Broker Compare
AMP Bank Basic Package Variable Rate Loan Interest only40% min. depositOwner-occupierOffset account AMP Bank Basic Package Variable Rate Loan Interest only40% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name AMP Bank Basic Package Variable Rate Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 7.74% Comp. Rate p.a. 7.57% Minimum Loan Amount $40,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee Any valuation costs in excess of $550 Ongoing Fees $0 p.a. Settlement Fee $349 Discharge Fee $390 Pros There is $0 service feeMake extra payments with no penalty and access the funds via redraw upon requestYou can link a 100% offset account to your loan Cons There is a $295 legal fee to set up this loanA discharge fee of $390 applies when you close your home loan account	Finder score 7.2 Great	Interest Rate 7.74%	Comparison Rate 7.57%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $1,075	Contact Broker Compare
HSBC Fixed Rate Home Loan Package Interest only 2Y Fixed40% min. depositOwner-occupier HSBC Fixed Rate Home Loan Package Interest only 2Y Fixed40% min. depositOwner-occupier Details Fees Pros & cons Product Name HSBC Fixed Rate Home Loan Package Interest Rate Type Fixed rate Repayment Type Interest Only Interest Rate p.a. 5.99% Comp. Rate p.a. 6.47% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 60% Loan Redraw Facility No Offset Account No Split Loan Facility Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $300 Pros There is a $0 application fee There is a $0 valuation fee Cons There is a $390 service fee A discharge fee of $300	Finder score 8.8 Great	Interest Rate 5.99%	Comparison Rate 6.47%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Contact Broker Compare
Newcastle Permanent Premium Plus Package Fixed Rate Interest only 2Y Fixed20% min. depositInvestment Newcastle Permanent Premium Plus Package Fixed Rate Interest only 2Y Fixed20% min. depositInvestment Details Fees Pros & cons Product Name Newcastle Permanent Premium Plus Package Fixed Rate Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 5.89% Comp. Rate p.a. 8% Minimum Loan Amount $0 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros No application fee Discounted fixed rates Loan can be packaged with other financial products Cons A $395 annual fee applies No offset account	Finder score 9.2 Excellent	Interest Rate 5.89%	Comparison Rate 8%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $890	Continue Compare
Resimac Prime Flex Home Loan Interest only30% min. depositOwner-occupierOffset account Resimac Prime Flex Home Loan Interest only30% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Resimac Prime Flex Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.39% Comp. Rate p.a. 6.69% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 70% Loan Redraw Facility No Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee at cost - approximately $330 Ongoing Fees $299 p.a. Settlement Fee $199 Discharge Fee $0 Pros Cons	Finder score 8.9 Great	Interest Rate 6.39%	Comparison Rate 6.69%	Fees Application: $0 Ongoing: $299 p.a.	Monthly Payment $939	Contact Broker Compare
AMP Bank Professional Package Fixed Loan Interest only 3Y Fixed20% min. depositInvestment AMP Bank Professional Package Fixed Loan Interest only 3Y Fixed20% min. depositInvestment Details Fees Pros & cons Product Name AMP Bank Professional Package Fixed Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.09% Comp. Rate p.a. 6.99% Minimum Loan Amount $100,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 5 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $295 Valuation Fee Any valuation costs in excess of $550 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $390 Pros A low minimum loan amount Borrow up to 80% Cons No offset account A $390 discharge fee applies	Finder score 7.2 Great	Interest Rate 6.09%	Comparison Rate 6.99%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $909	Contact Broker Compare
St.George Basic Variable Rate Home Loan Interest only10% min. depositInvestment St.George Basic Variable Rate Home Loan Interest only10% min. depositInvestment Details Fees Pros & cons Product Name St.George Basic Variable Rate Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 7.29% Comp. Rate p.a. 7.30% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $500 (waived for loans above $150,000) Lender's Legal Fee Various Valuation Fee From $164 Ongoing Fees $0 p.a. Settlement Fee $100 Discharge Fee $350 Pros Make extra payments without penalty. Withdraw additional payments via internet or phone banking through the redraw facility at no cost. Cons A $100 settlement fee applies when setting up this loan. A discharge fee of $350 applies when you close your home loan account.	Finder score 7.5 Great	Interest Rate 7.29%	Comparison Rate 7.30%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $1,029	Contact Broker Compare
Gateway Bank Low Rate Essentials Variable Rate Home Loan Interest only20% min. depositInvestment Gateway Bank Low Rate Essentials Variable Rate Home Loan Interest only20% min. depositInvestment Details Fees Pros & cons Product Name Gateway Bank Low Rate Essentials Variable Rate Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.31% Comp. Rate p.a. 6.33% Minimum Loan Amount $50,000 Maximum Loan Amount $1,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $275 Valuation Fee $325 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $300 Pros Competitive rates Low fees Cons Lowest rates require a 20% deposit	Finder score 8.8 Great	Interest Rate 6.31%	Comparison Rate 6.33%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $931	Contact Broker Compare
Aussie Select Basic Variable Interest only20% min. depositInvestment Aussie Select Basic Variable Interest only20% min. depositInvestment Details Fees Pros & cons Product Name Aussie Select Basic Variable Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.49% Comp. Rate p.a. 6.50% Minimum Loan Amount $100,000 Maximum Loan Amount $5,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $330 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $535 Pros There is $0 application fee There is $0 monthly fee to pay You can make extra payments without penalty You can withdraw excess funds from the mortgage with the redraw facility (minimum redraw amount applies) Cons Minimum loan size is $100,000	Finder score 8.6 Great	Interest Rate 6.49%	Comparison Rate 6.50%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $948	Contact Broker Compare
Bank Australia Basic Variable Home Loan Interest only40% min. depositInvestment Bank Australia Basic Variable Home Loan Interest only40% min. depositInvestment Details Fees Pros & cons Product Name Bank Australia Basic Variable Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.54% Comp. Rate p.a. 6.47% Minimum Loan Amount $10,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $595 for new mortgages & $295 for existing mortgages Lender's Legal Fee $0 Valuation Fee $250 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $350 Pros No ongoing fee. Redraw facility. Make extra payments. Cons $250 discharge fee when closing your loan accounts. No offset account.	Finder score 8.5 Great	Interest Rate 6.54%	Comparison Rate 6.47%	Fees Application: $595 Ongoing: $0 p.a.	Monthly Payment $953	Contact Broker Compare
HSBC Home Value Loan Interest only20% min. depositOwner-occupier HSBC Home Value Loan Interest only20% min. depositOwner-occupier Details Fees Pros & cons Product Name HSBC Home Value Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.44% Comp. Rate p.a. 6.19% Minimum Loan Amount $50,000 Maximum Loan Amount $15,000,000 Maximum Loan Term 30 years Maximum LVR ≤80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $150 Discharge Fee $300 Pros There are $0 ongoing monthly fees to pay. You can make extra payments at any time without penalty. You can withdraw extra funds from your mortgage via the redraw facility (unlimited online redraw). Cons A discharge fee of $300 applies when you close your home loan account.	Finder score 8.4 Great	Interest Rate 6.44%	Comparison Rate 6.19%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $944	Contact Broker Compare
Easy Street Smart Variable Home Loan Interest only5% min. depositInvestmentOffset account Easy Street Smart Variable Home Loan Interest only5% min. depositInvestmentOffset account Details Fees Pros & cons Product Name Easy Street Smart Variable Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.49% Comp. Rate p.a. 6.27% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $500 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $696 Pros 100% offset account. Free redraw facility. No service fee. Cons There is a $500 application fee. There is a $696 discharge fee.	Finder score 9.1 Excellent	Interest Rate 6.49%	Comparison Rate 6.27%	Fees Application: $500 Ongoing: $0 p.a.	Monthly Payment $948	Continue Compare
Bendigo Bank Express Variable Home Loan Interest only10% min. depositInvestmentOffset account Bendigo Bank Express Variable Home Loan Interest only10% min. depositInvestmentOffset account Details Fees Pros & cons Product Name Bendigo Bank Express Variable Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.42% Comp. Rate p.a. 6.46% Minimum Loan Amount $5,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $134.20 to $440, depending on valuation type & property value Ongoing Fees $10 monthly ($120 p.a.) Settlement Fee Discharge Fee $350 Pros Borrowers can use as little as a 10% deposit Loan amount from $5,000 to $3 million Extra repayments available Full offset account available for variable loans, partial offset for fixed loans Cons Monthly ongoing fee of $10 Exit fees and switching fees applicable Late payment fee of $35 You are not eligible for this loan if you’re buying outside a capital city or major regional centre	Finder score 8.9 Great	Interest Rate 6.42%	Comparison Rate 6.46%	Fees Application: $0 Ongoing: $10 per month	Monthly Payment $942	ContinueMore Info Compare
loans.com.au Green Home Loan Interest only10% min. depositInvestment loans.com.au Green Home Loan Interest only10% min. depositInvestment Details Fees Pros & cons Product Name loans.com.au Green Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.94% Comp. Rate p.a. 6.91% Minimum Loan Amount $50,000 Maximum Loan Amount $1,200,000 Maximum Loan Term 30 years Maximum LVR ?90% Loan Redraw Facility No Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments No Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Discounted rates for energy efficient properties Available with a 10% deposit Cons Offset account available for an additional rate of 0.10% (offset not available for construction loans)	Finder score 7.4 Great	Interest Rate 6.94%	Comparison Rate 6.91%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $993	Continue Compare
Border Bank First Variable Home Loan Interest only5% min. deposit Border Bank First Variable Home Loan Interest only5% min. deposit Details Fees Pros & cons Product Name Border Bank First Variable Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 5.84% Comp. Rate p.a. 5.91% Minimum Loan Amount $50,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 95% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $600 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $294 Pros Cons	Finder score 9.1 Excellent	Interest Rate 5.84%	Comparison Rate 5.91%	Fees Application: $600 Ongoing: $0 p.a.	Monthly Payment $885	Continue Compare
Tiimely Home Own Invest Fixed Rate Home Loan Interest only 2Y Fixed10% min. depositInvestmentOffset account Tiimely Home Own Invest Fixed Rate Home Loan Interest only 2Y Fixed10% min. depositInvestmentOffset account Details Fees Pros & cons Product Name Tiimely Home Own Invest Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.04% Comp. Rate p.a. 6.35% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 25 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $325 Pros Fast application process entirely online Very few fees Cons $325 discharge fee A $10 fee applies if you add an offset account	Finder score 8.9 Great	Interest Rate 6.04%	Comparison Rate 6.35%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $905	Continue Compare
Easy Street Smart Variable Home Loan Interest only5% min. depositOwner-occupierOffset account Easy Street Smart Variable Home Loan Interest only5% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Easy Street Smart Variable Home Loan Interest Rate Type variable rate Repayment Type Interest Only Interest Rate p.a. 6.49% Comp. Rate p.a. 6.27% Minimum Loan Amount $500,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $500 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $696 Pros 100% offset account. Free redraw facility. No service fee. Cons There is a $500 application fee. There is a $696 discharge fee.	Finder score 8.8 Great	Interest Rate 6.49%	Comparison Rate 6.27%	Fees Application: $500 Ongoing: $0 p.a.	Monthly Payment $948	Continue Compare
BCU Fixed Rate Home Loan Interest only 3Y Fixed5% min. depositOwner-occupier BCU Fixed Rate Home Loan Interest only 3Y Fixed5% min. depositOwner-occupier Details Fees Pros & cons Product Name BCU Fixed Rate Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.39% Comp. Rate p.a. 6.30% Minimum Loan Amount $20,000 Maximum Loan Amount $2,500,000 Maximum Loan Term 30 years Maximum LVR 95% Loan Redraw Facility No Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments No Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros Minimum loan amount of $20,000. Maximum LVR of 95%. Cons No offset account.	Finder score 5.7 Standard	Interest Rate 6.39%	Comparison Rate 6.30%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $939	Continue Compare
Qantas Money Fixed Home Loan Interest only 3Y Fixed10% min. depositInvestmentOffset account Qantas Money Fixed Home Loan Interest only 3Y Fixed10% min. depositInvestmentOffset account Details Fees Pros & cons Product Name Qantas Money Fixed Home Loan Interest Rate Type fixed rate Repayment Type Interest Only Interest Rate p.a. 6.44% Comp. Rate p.a. 6.53% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account A limit of $20,000 of extra repayments each year Fixed rate lock fee of $150	Finder score 7.6 Great	Interest Rate 6.44%	Comparison Rate 6.53%	Fees Application: $345 Ongoing: $0 p.a.	Monthly Payment $944	Continue Compare

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Richard Whitten

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Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

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