La Trobe Financial Fixed 3 Year

This 3-Year Fixed Rate Home Loan is also available through La Trobe Financial, one of the Australia’s big financial services organizations that focus on mortgage management. Like the other fixed rate loans, this one has set period where the interest rates remain fixed despite market changes. In this case, the term is for three years.

Once the fixed term expires, the loan converts to the La Trobe standard variable interest rate. This aspect gives the borrower more options on how to manage their repayment schedules. During the fixed rate term, the payments are always the same, but when the variable term kicks in there could be opportunities for much lower payments depending on the interest rates.

KEY BENEFITS

Below you will find some of the main features that are included with this fixed rate loan product.

Pay Interest Only

You can pay only the interest owned on the principal of your loan during the interest only period. This can be used for up to five years.

Split Loan Option

By paying a $750 service charge, you can split your loan between multiple loan accounts if they are of the same type.

The Redraw Facility

This option let you use money you already paid on the loan again for a different purpose. You are required to take a minimum of $1,000 as a redraw.

Extra Repayment Option

With a fixed rate home loan you will have a $10,000 yearly limit on the amount you can pay head on your mortgage, but you do have this option available.

Flexible Payments

Weekly, fortnightly, and monthly payment schedules are available with this loan.