Real Equity Home Loan
The Real Equity Home Loan is a variable rate line of credit, which is secured against your home. It gives you direct access to the equity in your home so you can use it to build wealth.
It combines your loan and everyday account into one convenient package so you can benefit from every dollar you leave in your account. This can help reduce the balance of your loan, which means you may pay your loan off faster and save money in interest.
Facts at a glance
| Effective: 16 January 2008 |
| About the loan |
The Real Equity Home Loan is a variable rate line of credit, which is secured against your home. |
| Current variable rate |
Real Equity variable rate |
| Establishment fee |
Nil. |
| Ongoing account keeping fees |
$5 per month. |
| Maximum amount you can borrow |
Up to 90% of the value of the property the loan is secured against. |
| Value+ Credit Card# |
Yes. Members have the option of a $5,000 pre-approved Value+ Credit Card with every new home loan approved. |
| Loan purpose |
- Purchase, renovate or refinance a residential property.
- Build wealth or improve your lifestyle.
- Easy banking with your loan and everyday account in one.
|
| Repayment frequencies |
There are no set repayments provided you keep under your approved credit limit. |
| Access to your equity |
24 hour access to the equity in your home. ATM, Visa Debit card, Internet banking, phone banking, EFTPOS, personal cheque book, BPAY®, automatic transfer and over the counter. |
| Split loan |
You can split your loan and combine the benefits of a Real Equity Home Loan with either a fixed or variable rate home loan. |
| Additional repayments |
Yes. You can pay as much off your loan as you like, as often as you like. |
| Redraws |
Because your loan is a line of credit, you have 24 hour access to your funds (up to your approved credit limit). |
| Mortgage Offset Account# |
A Real Equity Home Loan combines all your savings and loan in one account. This means all your savings are working to reduce your loan balance, which saves you interest and helps you pay your loan off sooner. |
| Portability |
Yes. You can keep the same loan when it comes time to sell your existing property and purchase a new one. |
How to apply
If you are after a loan that enables you to use the equity in your home, complete our home loan enquiry form online today to speak to our Mobile Lenders
Here's some more information for you:
Applications for finance are subject to Newcastle Permanent's normal credit approval process. Full Terms and Conditions will be included with our loan offer. Fees and charges are payable. Loans for commercial purposes are excluded.
# Terms and Conditions for personal account, and Conditions of Use for credit cards are available on request.
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