You can make additional repayments to your loan, which will then be available for redraw if you need to use the extra money later on. Please note that fixed rate home loans have a $10,000 maximum extra repayment limit per year, without incurring any penalties or break costs.
If you’d like to switch your loan repayments from Principal and Interest to Interest Only, your home loan rate may also change. Interest Only repayments do not reduce the loan principal amount, so if you’re looking to reduce your home loan repayments, get in touch with your Relationship Manager or our Home Loan Specialists to discuss the best option for you.
Each type of loan has different features, pros and cons. If your circumstances change and you want to switch your home loan from variable to fixed rate, or vice-versa, please contact your Relationship Manager or give us a call on 13 95 00 to speak with our Home Loan Specialists.
It’s important to note that if you have a fixed rate home loan, you may incur break costs [add link to break cost fact sheet] if you decide to change your loan before the end of the fixed term.
You can apply to receive a Pre-Approval for the following loans:
- BOS Basic Home Loan – Owner Occupier or Investment Home Loan
- Expect More Home Loan – Owner Occupier or Investment Home Loan
In accordance with current BOS product offerings, you’ll be able to choose your repayment type (Principal and Interest or Interest Only) and Interest (Variable or Fixed Rate) type preferences.
If you’re looking for a loan for construction, or if you have a guarantor, please contact our Home Loan Specialist team so we can discuss your options.
If you’re ready to start your home buying journey, you can apply online and get a conditional pre-approval. The application only takes 20 minutes to complete.
Before you begin please make sure you have your contact details, identification (Driver’s License or Passport), relevant financial details and purchase property price and postcode on hand.
On submission of your application you’ll promptly receive an email advising you of the pre-approval outcome.
What comes next? A Home Loan Specialist will then be in touch to walk you through next steps and help you through the process.
An offset account may be a good way to reduce the interest amount you pay on your loan. If you have a variable rate Expect More Home Loan, you’ll be able to link to a full offset account. Your home loan interest will be calculated on the difference between your loan balance and the daily balance held in your offset account.
Plus, your offset account is available for use as a transaction account where you can deposit your salary and link it to a Visa Debit card.
If you’ve made additional repayments to your home loan, you can withdraw extra money that’s available on your account.
You can redraw from your additional repayments via Internet Banking, or by visiting your nearest branch.
Please note that in-branch redraws may attract a fee, depending on the home loan product you hold. In-branch redraws have a minimum amount of $2,000.
All the gifts received or other amounts you use for your home loan should be disclosed as an Asset, under ’Savings’ category.
LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.