FAQ

What is the difference between an interest only repayment and a principal & interest repayment?

Interest only repayments pay only the interest charged by the bank in monthly increments while principal & interest pays the interest plus a portion of the principal of the loan which reduces the loans balance each time a repayment is made.

What is the difference between a variable interest rate and a fixed interest rate?

A variable interest rate can change either up or down during the life of your loan where as a fixed interest rate won’t change during the term of the fixed period.

How is my interest only repayment worked out?

The balance of your loan is multiplied by the interest rate and divided by 100 and divided by 12 to get a monthly repayment.

What is the difference between a principal & interest repayment and interest only?

P&I repayment are constant over the term of the loan. A large percentage of the repayment is applied to pay interest in the early years of the loan. But in the later years, as the balance slowly declines, more and more of each repayment is applied to the principal.

Will I pay any account fees?

U Can Home Loans strives to deliver low interest home loans with no ongoing account fees. We will provide you with the most appropriate home loan to suit your personal circumstances.

Will my accounts have redraw?

Most modern loan products allow for redraw and we will take careful consideration of your requirements when choosing a home loan specifically for you.

How much can I borrow?

We will assess your current financial position and assess your capacity to borrow based on your personal situation and best practice methods.

What is Mortgage Insurance?

Traditionally lenders require borrowers to have 20% deposit or 20% equity in property. However lenders are able to offer higher loans to borrowers by insuring the mortgage via Lenders Mortgage Insurance. LMI protects the lender (not the borrower) if a borrower is unable to meet their mortgage repayments.

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