Home Loan Variable: 5.94% (5.95%*) • Home Loan Fixed: 5.79% (6.39%*) • Fixed: 5.79% (6.39%*) • Variable: 5.94% (5.95%*) • Investment IO: 6.14% (6.58%*) • Investment PI: 5.99% (6.61%*)
WHAT IS A RISK FEE?
A Risk Fee is a once-off charge payable by you when the amount of money you borrow for the purchase of a home or asset if higher than that lender’s acceptable LVR. For a home loan, this is usually 80% of the value of the home (80% LVR). The fee is charged to reduce the possible financial loss that a lender may incur if you are unable to repay your loan.
While Lender’s Mortgage Insurance (LMI) is a type of risk fee, usually when a lender charges you a risk fee, it’s a fee in place of LMI. Low Doc Loans are an example where some lenders may charge you a risk fee when the amount you borrow is higher than 60% of the value of the property i.e. a 60% LVR.
The risk fee can be significant is size, so it’s important to be aware of the amount and the impact it may have on how much you can borrow. We help you you determine if this fee is applicable in your circumstances.
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The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest payments. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Important Information: Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change. Offer does not apply to internal refinances and is not transferable between loans. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice.
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