Can I switch from variable to fixed rate?
You may be able to switch from a standard variable rate to a fixed rate depending on your loan product (Line of Credit products do not offer fixed rates). If fixed rates are available for your loan then at any time after settlement you have the option of fixing all or part of your loan. You need to remember that costs may apply if you break your fixed contract before the end of the fixed term and a fee may apply initially to convert your rate |
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Can I make extra repayments on my loan?
You may make extra repayments on your variable interest rate at no extra charge. In fact we encourage this, as the more you pay the sooner you will own your home. If you have a fixed loan you can still make extra repayments, however some products limit this to a certain amount before you are charged a fee. |
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Do Opal's products have a redraw facility?
Yes, you are able to redraw any accelerated repayments whenever you require them from your loans redraw facility or redraw offset facility available. |
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How can I get Interest Only on my current account?
Opal Home Loans allows you to change your loan to interest only without having to refinance your loan, terms and conditions may apply. Usually your interest only term cannot exceed 5 years but this may vary according to your loan. Click here for further enquiries. |
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Can I pay out my home loan early?
Yes you can. Depending on how long you have had your loan, deferred establishment fees may apply, these are generally not charged after the initial 5 years. A discharge fee is applicable for variable rates and if you have a fixed loan you may also need to pay break costs. To obtain your pay out figure call Loan Avenues on 08 8358 4899 and we will endeavour to provide you with your payout figure within 24 hours. |
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Does Opal offer construction loans?
Yes. Subject to you meeting our loan assessment criteria, we can advance up to 95% of the total cost of the construction (cost of the land, plus fixed price building contract) for owner- occupied purposes and 95% for investment purposes. |
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Does Opal do Investment Loans as well as Owner Occupiers?
Yes, our rates are the same for all borrowers. You may have fixed, variable or interest only options for your loan. We also consider multiple securities when applying for a loan. You can read about our Investment Loan offering here. |
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Do I have the ability to take my home loan with me to another property?
Yes, you can replace the security for your loan with another security property approved by us. Portability fees will apply. |
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Why have I exceeded my limit on my Line of Credit in the first month?
This is not uncommon with a fully drawn Line of Credit. Interest is calculated daily and debited monthly. Your statement will show that we require payment by a due date which is usually 28 days thereafter, which means if you have not had any salary credits into that account during that month, then your account will exceed its approved limit. |
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Are you able to give my information to a third party with my permission?
No, the Privacy Act dictates that we can only provide information to those named on the loan agreement. |
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Who do I contact to ask further questions about applying for a loan?
Call our
1300 665 451 and one of our Home Loan Advisors will help you apply for a loan. Or you apply directly via our website from the Home Loan page. |
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Why am I constantly over my limit on my Line of Credit account? I don't use the account for anything and I pay my monthly due amount?
When a Line of credit is fully drawn at settlement, the interest is debited after the first month. The interest will take the balance over the account limit. The repayment is not due until the next due day, 28-30 days after statement date, however any over limit amount must be cleared immediately. |
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Why do you send statements to my parents?
They are only guarantors and have nothing to do with the loan. We are obliged to provide all parties to the loan, including guarantors, information and/or statements UNLESS you all sign an Account Nomination Form instructing us to send to just one party. |
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Can you let me know what my repayments are if I lock my loan in for a fixed rate?
We can provide you with an indicative amount if you are looking to fix your loan over a period of time. |
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Why is the interest amount on my account higher some months than others?
Because interest is calculated on the daily balance and the number of days in some months differ, eg. 28 in February, 31 in December etc. Also, if you have a weekly Direct Debit for example, there may be 5 credits in a month thus reducing the balance compared to only 4 weekly repayments the following month. This will affect the interest amount. |
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Why do I owe as much as I did 2 years ago?
If you have selected an interest only loan then you are only paying interest, not the principle. Similarly with a revolving line of credit where your initial account limit is available for the term of the loan, each month you are required to cover ONLY the interest charge. It is up to you to ensure that you deposit extra funds to reduce the balance and eventually repay the loan. |
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