Newcastle Permanent Building Society Mortgages

Newcastle Permanent Building Society (Newcastle Permanent), Australia’s largest building society, offers a path to homeownership through its range of mortgage products. Here’s a breakdown of what you need to know about Newcastle Permanent mortgages and how they can help you achieve your property goals.

Who They Are:

Unlike major banks focused on shareholder profits, Newcastle Permanent is a customer-owned mutual organization. This means their focus is on providing competitive rates and favorable terms to their members, which translates to potential benefits for borrowers.

Loan Options:

Newcastle Permanent offers a variety of mortgages to suit different needs, including:

  • Owner-Occupier Loans: Designed for those purchasing a property to live in, with variable and fixed-rate options available.
  • Investment Loans: Geared towards investors looking to expand their property portfolio.
  • Construction Loans: Support the financing of your dream home from the ground up.

Features and Benefits:

  • Competitive Interest Rates: Newcastle Permanent is known for offering competitive interest rates on their mortgages, potentially saving you money over the long term.
  • Flexible Repayment Options: Choose from flexible repayment structures that fit your financial situation, allowing you to make additional repayments to reduce the loan term.
  • Redraw Facility: Access additional funds from your loan balance (subject to conditions) for unexpected expenses or further investment.
  • Offset Account: Link your savings account to your mortgage to reduce the interest payable by using your savings balance.
  • Potential for Lower LVR Requirements: Newcastle Permanent may consider a lower Loan-to- Valuation Ratio (LVR) in some cases, which could lead to a better interest rate.

How to Apply:

  • Become a Member: Membership with Newcastle Permanent is generally free or has a minimal fee. There are also eligibility requirements you’ll need to meet.
  • Pre-approval: Get pre-approved to understand your borrowing capacity before house hunting. This strengthens your offer when purchasing a property.
  • Gather Documents: Prepare the necessary documents, including income statements, tax returns, and identification.
  • Apply Online or In-Branch: Apply through their online platform or visit a branch to discuss your options with a mortgage specialist.
  • Settlement: Once your application is approved, Newcastle Permanent will guide you through the settlement process to ensure a smooth transition into homeownership.

Things to Consider:

  • Comparison Rate: Don’t just focus on the advertised interest rate. Look at the comparison rate, which includes fees and charges, to get a clearer picture of the loan’s true cost.
  • Eligibility Criteria: Ensure you meet the eligibility requirements for membership and the specific loan product you choose.
  • Fees: Be aware of any upfront and ongoing fees associated with your chosen mortgage product.
  • Seeking Help: Consider consulting a mortgage broker to compare lenders and find the best option for your circumstances.

By understanding Newcastle Permanent’s mortgage offerings and the key considerations involved, you can determine if they are the right fit for your homeownership journey. Remember, it’s crucial to compare rates and features from various lenders to secure the most competitive mortgage that aligns with your financial goals.