Newcastle Permanent Building Society (NPBS) offers market leading fixed rates from 3.64%

October 19, 2017
Raymond Teh

- Owner Occupied 1,2,3 & 5 years fixed @ 3.64%, 3.64%, 3.69%, 4.14%

- Investment 1, 2, 3 & 5 years fixed @ 3.74%, 3.74%, 4.24%, 4.24%. A 0.40% premium is added for IO loans.

The product's advantages:

1. The rate is locked at formal approval at no charge. This is in contrast with most lenders that charge 0.15% - 0.20% rate lock fee.
2. Up to $25,000 additional repayment per annum allowed 
3. No ongoing charges if the fixed product is taken in its entirety

The mortgage can be split with Newcastle Permanent's offset variable loan @ 3.64% (from 4.09% for investors).

Deposit Guarantee Scheme

Up to $250,000 deposits with an ADI (Australia Deposit Taking Institutions) is guaranteed by the government. Newcastle Permanent is an ADI. Non-ADI do not benefit from the scheme.

The lender's limitation:

• Does not lend more than 70% for any apartments > 5 storeys and/or with >50 units in the development
• Full employment check and substantial paperwork required. For example, the lender requires All Pages of credit card statement/s when many lenders don't even require it.

RT 14/10/17

Posted in: Interest rates

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