86 400 Home Loans

86 400

86 400 is an Australian neobank. It currently provides home loans, transaction accounts and savings accounts.

What home loans does 86 400 offer?

86 400 currently offers variable and fixed rate home loans for owner-occupiers and investors as part of if ‘Own’ home loan set of products. These are available as principal and interest or interest-only home loans. 86 400 home loans are only available through an 86 400 accredited broker, the neobank says.

86 400 Owner-occupier home loans – variable rates

Features include a free redraw facility with no minimum amount required, the ability to make unlimited additional repayments and 100% interest offset.

86 400 Owner-occupier home loans – fixed rates

Features include a free redraw facility with no minimum amount required, the ability to make additional repayments up to $20,000 during the fixed rate period, and the ability to lock in the rate for 90 days from the date an application is submitted (a rate lock fee applies).

86 400 Investor home loans – variable rates

Features include a free redraw facility with no minimum amount required, the ability to make unlimited additional repayments and 100% interest offset.

86 400 Investor home loans – fixed rates

Features include a free redraw facility with no minimum amount required, the ability to make additional repayments up to $20,000 during the fixed rate period, and the ability to lock in the rate for 90 days from the date an application is submitted (a rate lock fee applies).

86 400 charges different fees on its home loan products. For example, it currently charges a $250 loan advance fee to prepare loan documents and arrange settlement of the loan, a $250 annual fee to manage the account and process any requested variations to the home loan, and a $500 rate lock fee if you decide to lock in the rate. Contact 86 400 to find out more information.

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86 400 home loan features

Depending on the option you choose, a 86 400 home loan may provide:

  • Fixed rates loans available for 1, 2, 3 or 5 years
  • Access to a fee free redraw facility, with no minimum amount required
  • Ability to make additional repayments (this is unlimited for variable rate loans)
  • 100% interest offset on variable rate loans
  • Ability to rate lock for fixed rate loans
  • Repayments may be made weekly, fortnightly or monthly

The inclusions above represent a selection of the features available with 86 400 home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Check upfront with 86 400 and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering and whether it meets your needs, before committing to it.

86 400 home loans FAQs

Before getting started, you might first like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare home loans with other providers before choosing a product that suits your needs.

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If you decide to apply for a 86 400 home loan, first make sure you meet the eligibility criteria. 86 400 says you must:

  • Have at least a 20% deposit or equity (maximum LVR is 80%)
  • Be buying or refinancing a residential property (it doesn’t lend for vacant land)
  • Be an Australian citizen or permanent resident
  • Have a good credit history
  • Be a ‘Pay as you go’ (PAYG) employee

If you meet the eligibility criteria, you can apply for an 86 400 home loan through an 86 400 accredited broker. You can find a broker through the 86 400 website. You will need to enter your contact details and a local broker will contact you.

At the time of writing, 86 400 allows additional repayments for its variable and fixed rate owner-occupied and investor home loans. 86 400 offers unlimited additional repayments for its variable rate loans and up to $20,000 repayments during the fixed rate period for fixed rate loans. Terms and conditions may apply. Contact 86 400 for details.

To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.

Home Loans Extra Repayments Calculator

At the time of writing, 86 400 offers a redraw facility for all of its home loans with no fees and no minimum amount required. Contact 86 400 for more details.

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After becoming an Authorised Deposit-taking Institution (ADI) in July 2019, 86 400 launched in Australia in September 2019 and launched its home loans in November 2019. 86 400 is named after the number of seconds in the day.

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Written by: Tamika Seeto | Last updated: March 16, 2020