New Home Loan product from Yes Home Loans
Non-bank lender Yes Home Loans today announced the launch of its new product the “Get Better Home Loan”.
The greatest feature of this product is the built-in protection policy. The insurance premium is already incorporated with the interest rate, and at 7.67% is still a lot cheaper than most banks standard variable rates. The client has the convenience of making one repayment, reducing the principle of the loan and paying the insurance at the one time.
“We have developed a product that ensures a loan will not fall into arrears due to the borrower becoming ill or injured and having to take time off work. It gives the client piece of mind knowing that their repayments are guaranteed for up to 2 years at any time,” says Lee Boueri, director of Yes Home Loans.
Competitive interest rate of 7.67%
Loan Protection insurance paid for life of the loan
$100 establishment fee refundable upon settlement
No legal fees
Minimum Loan $ 50,000
Maximum Loan $350,000
Term 25 Years
Loan to Valuation Ratio:
90% for owner-occupiers and investors where <$300,000 85% for owner-occupiers and investors where >$300,000 to $350,000
80% or less without mortgage insurance
Telephone access (fee-free) and Internet access available
Direct salary crediting is not available however additional repayments and redraw may be made at any time. Reductions are limited to 50% of the amount borrowed in the first five years. A penalty of one month’s repayment is applicable if the loan is fully repaid in the first five years of the life of the loan.