A home loan that pays school fees!

An Australian credit union has launched a home loan that makes contributions toward school fees or a scholarship fund.

Gateway Credit Union says 28 per cent of Australians find it difficult to cover school and university fees. So Gateway has announced that it will offer Australian Scholarships Group (ASG) Pathway Education Fund members the opportunity to receive extra contributions into their fund account. ASG’s Pathway Education Fund is a scholarship plan that attracts tax concessions to help families save for a child’s education. New or existing ASG can refinance or take out a new home loan with Gateway and be rewarded with a 0.15 per cent loyalty bonus paid each three months into their ASG Pathway account.

Under this offer, a home loan balance of $350,000 would attract a $520 contribution into their education fund in the first year.

Of course, home buyers can set up their own education fund with an offset account from their mortgage and InfoChoice lists many home loans with 100 per cent offset accounts.

The Gateway offer is not the only unusual home loan in the market.

Home loans with frequent flyer points

The Macquarie Bank Flyer Home Loan offers a very competitive low variable comparison rate of 3.94 per cent for loan to valuation ratios of up to 80 per cent.

What makes the Macquarie Bank Flyer Home Loan unusual is the introductory gift of 10,000 Qantas Points for every $100,000 borrowed at settlement.

Borrowers also get 1,000 Qantas Frequent Flyer Points every month and 25,000 Qantas Frequent Flyer points on the third and fifth anniversaries of the loan as long as the loan balance is at least $150,000.

That could mean 160,000 Qantas Points on a $500,000 home loan in the first 5 years. The Macquarie bank Flyer Home Loan also has a fixed option and a product for investors.

The Virgin Money Reward Me variable rate home loan has a comparison rate of 3.92 per cent and features unlimited additional repayments, free redraw and a 100 per cent offset account.

Borrowers receive 1,000 Velocity Points per $10,000 borrowed upon settlement plus 1,000 Velocity points every month. A bonus 30,000 velocity points are paid on the third anniversary of the loan. The Reward Me home loan range has many options and is available for owner-occupiers and investors.

A home loan that pays your ATM fees

The Orange Advantage home loan for owner occupiers has a comparison rate of 5.01 per cent and will pay all your ATM fees.

When the Orange Advantage home loan is linked to an Orange Everyday transaction account, the account becomes a 100 per cent offset account, lowering your interest bill. The account will refund ATM fees that you are forced to pay at ANY of Australia’s 26,000 Automatic Teller Machines.

There are plenty of other home loans with features that probably suit you. Don’t settle for a second best home loan or a loan that you are not happy with. Get a better deal today. Compare home loans from all the major lenders here.

 

Use our Home Loan Calculator to help determine your repayments.

Source: InfoChoice.com.au

 

 

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