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Community First - Accelerator Home Loan - 2 Year Owner Occupier Variable Rate from 1.99% P.a

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From their website:
Features and benefits:
A discount off the standard variable interest rate
Deposit your money into a 100% offset facility which allows you to reduce the interest on your home loan
Low annual fee of $395
Use your money your way by making extra repayments without penalty and redraw your money as you need it
Benefit from flexible repayment options – pay weekly, fortnightly or monthly
Available for owner occupied, investment or construction purposes

Fees info:
Application fee and legal fee waived
Other valuation, legal and variation fees may apply
$0 monthly fee
$395 Accelerator Package annual fee
Redraw fee:
Internet - free
Staff Assisted (including BPAY​® , internal and external transfers) $30

Related Stores

communityfirst.com.au
communityfirst.com.au

closed Comments

  • 1.99% appears to be a special offer for two years, then it would increase by 1.00% after that. Good rate for two years but then you'd need to refinance as 2.99% is quite high compared to other variable rates on offer at the moment.

    https://www.communityfirst.com.au/sites/default/files/accele...

    2 year discounted variable rate
    Apply and fund by 31 October 20201
    and get:
    ❙ A discount of 2.65% p.a. off the standard variable home loan rate for a period of 2 years.
    ❙ At the end of the 2 year period, the 2.65% p.a. discount will revert to a life of loan discount
    of 1.65% p.a. off the standard variable home loan rate, and your repayment amounts will
    change at this time.

  • After 2 years????

    • Yeah sorry should've probably said that the two years only at the lower rate would mean I wouldn't look at this as you'd probably be disappointed in the rate after two years … associated fees, etc.

  • What's the downside of switching to these guys and then refinancing in two years? Isn't that what everyone who moves providers for a great fixed rate does?

    The only risk I can see is if your circumstances changes and you can't refinance.

    • Yes, that's what I am planning to do. I can't see what is the downside for switching here for two years then refinancing. This is a variable rate, so if the interest rate goes down, the rate should go down too, unlike in fixed.

  • Has anyone applied for a loan with this lender? I'm curious as to how long the process took.

    Also, did they do a desktop valuation or a full valuation of your property?

    • I applied for my pre-approval a week ago. It's still in the works as there was a bit of back and forward for me to provide certain documentation.

      • Thanks for that. Also just saw your comments in the other thread.

        Do you know whether they required a full valuation of your property?

  • I've added further comments about the Community First - Accelerator Home Loan that might be informative to some -> https://www.ozbargain.com.au/node/557491