- 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.