You may consider applying for a basic home loan if you are looking for a simple home loan. For such a loan, lenders may offer lower ongoing fees and often a reduced application fee. They may also waive them off completely. However, the flexibility of your mortgage may be limited.
You'll miss out on the opportunity to pay down your mortgage faster.
Basic home loans may be more suited for you if you are:
- Applying for a basic loan under $250,000 - You may be able to get a lower interest rate than the standard variable rate. However, you may not be eligible for a professional package.
- Not looking to change lenders - You may not want to receive the additional products such as cheque account and credit card with your loan.
To learn more about basic home loans, you can visit our website. You can also reach us by calling us on our overseas number +612 8068 2257 or by filling in our free assessment form to find out if you qualify for a loan.