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Standard Term Loans
Pioneer's standard term loans are simple, low cost loans that offer the right mix of features and flexibility.
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Generally one of the most popular types of mortgages, Pioneer's standard term loans have the added flexibility of enabling you to pay off your loan sooner by making extra repayments, or alternatively, redraw money if you need to (some restrictions may apply). Pioneer's standard term loans have no ongoing monthly or annual fees - saving you thousands over the life of your loan. Our low interest rates aren't for a basic term loan where you have to pay for extra features, such as redraw. Pioneer's term loans are fully-featured loans at a competitive interest rate.
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How Pioneer's standard term loan can work for you:
- LVR up to 95% plus capitalise the Mortgage Insurance. Our Term Loan allows you to borrow up to 95% of your property value PLUS you have the option of capitalising the mortgage insurance premium on top of this amount. Note: Where LVR exceeds 90% loan must be Principal & Interest repayments, Owner Occupied security and for a purchase only.
- Principal and Interest or Interest Only repayment structures. Put simply, you can choose whether initially you would like to repay just the interest on the amount you borrow or installments of the amount you borrowed plus interest. Paying back the loan on an interest only basis is a popular option for investors. Pioneer's range of term loans allow up to a maximum period of 10 years for interest only repayments.
- Dynamic Repayment structure. Reduce your minimum monthly repayments on your Principal & Interest loan with this feature. By having a Dynamic Repayment structure your loan is amortized on a monthly basis, based on the loan balance at the time. This means that any additional payments made to your loan will be used to reduce the regular Principal & Interest repayment amount.
- Fixed or variable interest rates. A fixed interest rate helps with budgeting and gives you the security of knowing exactly how much your repayments will be each month as the rate is fixed for a set period of time. A variable interest rate can fluctuate at any given stage throughout the life of your loan, which means that your minimum required repayment will also fluctuate.
- 100% Offset Available. Our Term Loan provides you with the added flexibility of having an Offset account attached to your Term Loan. Plus there's no loading of the interest rate to do this either! Plus you have the option of using the 100% Offset feature with a fixed rate &/or during construction.
- LVR up to 95% and Non Genuine Savings. Whether you are a First Home Buyer or a borrower who has little in the way of a deposit, we have a non genuine savings product that will suit you up to a maximum LVR of 95% (available for purchases only)
- Internet and Phone Banking. We know that managing repayments shouldn't take up your life so our internet and phone banking facilities are available 24 hours a day to save you time and hassle. All Internet banking transactions are also free of charge, including BPAY and Pay Anyone facilities.
- Split loan. If you like the idea of the potential savings of a variable interest rate but would like the security of a fixed rate you can split your loan into fixed and variable rate portions.
- NZ & Non-Resident Applicants are ok. You don't need to be an Aussie to get a Pioneer loan, however LVR restrictions may apply if you are considered a Non-Resident borrower.
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