- Fee and Interest Rate Schedule
A redraw facility allows you to access additional loan repayments made over and above your scheduled repayments.
At Big Sky we know and understand you may need access to these additional repayments; customers can therefore redraw these additional repayments (minimum $500) at anytime. Some conditions may apply so it is important to check your particular loan product.
We encourage you to make additional regular or lump sum repayments whenever possible as it could slash years off your loan.
Note: fees may apply.
Loan Offset Facility
An offset account links your home loan and your savings. The balance in your savings is offset against your loan balance which can result in interest being calculated on a lower loan balance.
An offset account can reduce both the term of your home loan and the amount of interest you pay. Putting your savings into an offset account also offers much greater flexibility with the advantage that you can access your money in the event you need it.
What is a Comparison Rate?
A Comparison Rate is an all in one interest rate designed to help people identify the 'true' cost of the loan and is calculated by taking into consideration: the annual interest rate, any discount or honeymoon rate, any discount or upfront fees, and any known ongoing (monthly) fees.
It is a requirement by law that all financial institutions advertise comparison rates when promoting their lending products, to allow people to make a more objective comparison with the lending products offered by other financial institutions. An example of the comparison rate methodology for a Big Sky home loan follows.Comparison Rate:
Annual interest rate
1 year honeymoon rate
Loan application fee
3rd party legal costs
The comparison rate is based on fortnightly repayment calculations. It does not include government fees as they are standard regardless of the lender.
Whilst a comparison rate may assist you in making more objective comparisons when evaluating competing loan products, it is important to recognise this limitation of comparison rates.
Many complimentary loan features that Big Sky offer including the ability to make additional and lump sum repayments without penalty, 100% mortgage offset facility, and free redraw of advance repayments are not taken into account in the comparison rate calculation. For this reason, when comparing lending products it is important to consider additional features which differentiate loan products as well as comparison rates. Comparison rates are calculated for all loans with a fixed term, including home, investment, car and personal loans. Overdrafts and credit cards are classified as continuous lines of credit and therefore a comparison rate cannot be calculated.
You can find detail about all of Big Sky’s comparison rates by viewing our interest rates and comparison rate schedules.
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