Interest Rates

Interest is the cost of borrowing money from a bank, and the rate is usually expressed as an annual percentage of the amount borrowed. Your Bond Choice consultant will negotiate the best possible interest rate from the banks, recommend the most appropriate home loan option to suit your individual needs and advise you on the best way to pay your loan off quicker. The standard interest rate, or base home loan rate, is currently 10.00%. This is what the average person would pay for a loan over a year although each bank may loan you money at a rate above or below this base rate, depending on your loan profile. To establish this they assess your financial circumstances according to their own lending criteria.

Loan Repayment Term

Most banks allow you to repay your loan over 20, 25 or 30 years, although 20 years is the most common loan term. Remember that you pay interest to borrow money, so the longer the loan term, the more your loan will cost you. You can save interest, and repay your loan far quicker by paying extra money on your loan every month.

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Rate Discounts

We are able to negotiate a home loan rate of up to 2.0% below the home loan base rate, depending on your loan profile, which is based on factors such as your credit history and the size of your deposit. For example, if you apply for a bond of over 80% of the value of the property you will pay a slightly higher interest rate than the bank would offer you if you had a 20% or more deposit.