Can you fix interest-only mortgages?
Can I pay interest-only on a fixed mortgage? Yes, some interest-only home loans come with a fixed rate of interest. If the fixed rate period ends while you are paying interest only, your interest rate and repayments could change.
Are interest-only mortgages a good idea?
Interest only mortgages can seem enticing due to the lower monthly payments that they require you to make. This can seem like a good offer to many people because it means that the amount they pay back each month is hugely smaller than it would be on a standard mortgage.
What is the criteria for interest-only mortgage?
To get an interest-only mortgage, most lenders want you to have an LTV ratio of 75% or lower, some will go up to 80% and a few will go to 85% which means you must put down a deposit of 15%.
Can you pay off a BNZ loan sooner?
You could save on interest and pay your home loan off sooner, when you switch to a BNZ home loan. One of our home loan experts can call you to talk you through your options, at a time that suits you. This mortgage calculator is intended as a guide only and is based on the Residential Owner Occupied rate.
What is the establishment fee for a BNZ home loan?
If you need some help call 0800 275 269. All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. Interest rates are subject to change. An establishment fee of up to $400 may apply for personal lending (the fee may be different for non-personal lending). Not for business purposes.
How does the interest only mortgage calculator work?
This interest-only mortgage calculator will help you find out what payment you will pay based on the interest-only payback portion for your loan principal. This result will likely be lower than a standard mortgage payment as it calculates your obligation for the interest-only portion of the mortgage, rather than the principal and interest.
How much is the BNZ rapid repay revolving home loan?
Rapid Repay revolving home loan: $2 monthly base fee. Mortgage One revolving home loan: $2 monthly base fee. See our personal fees guide (PDF 94KB) and Home Loan Facility Master Agreement (PDF 338KB) for more information. A low equity interest rate premium will apply to all loans with less than 20% equity (more than 80% Loan to Value Ratio – LVR ).