Many fixed interest rate home loans have restrictions on the amount of additional repayments that can be made and redraw is not always available when a home loan interest rate is fixed.
There are exceptions to the rule though and one of our panel lenders offers unlimited lump sums during a fixed rate term, provided the loan is not paid out and discharged, and redraw is available.
Redraw is $20.00 per transaction, minimum redraw is $100.00 and if the redraw amount exceeds $20,000 a Title search fee will apply. Repayments may be skipped if additional repayments covering the skipped payments have been made.
Interest only repayments are available for up to 5 years plus there is an option to set up a partial offset.
Transactional accounts are available and a credit card with a discounted interest rate for the first 12 months is offered and phone and Internet banking are available.