Bank of Sydney BOSBasic Home Loan

Mozo snapshot:

With a fantastic variable interest rate and a number of attractive features, the Bank of Sydney BOSBasic Home Loan is sure to impress. The low 3.11% interest rate (3.13% comparison rate*) for owner occupiers puts this loan among the lowest rates in our database, and while there are a few one-off fees, they hardly detract from the overall value.

Key features:

First things first, the Bank of Sydney BOSBasic Home Loan offers a 3.11% variable interest rate (3.13% comparison rate*) for owner occupiers making principal and interest repayments, making it one of the more impressive home loan options we’ve come across.

But there’s plenty more to love. Along with the option to make free extra repayments and use a free redraw facility ($2,000 minimum redraw applies), you won’t have to worry about account keeping fees or application fees. There’s also the option to take a repayment holiday and to split your loan between fixed and variable rates.

Plus, digital natives will be happy to learn that the account can be managed online, making your property journey that much more simple and convenient.

You’ll be able to borrow up to 80% of the property’s value, with principal and interest repayments made monthly. And to cap things off, there’s plenty of flexibility in terms of loan length, as terms range up to 30 years.

This loan is also available with competitive interest rates for investors, who can choose between interest-only or principal and interest repayments, but must have a deposit of at least 30% of the property's value.

Who it's good for:

If you have an eye for value, the BOSBasic should definitely pique your interest. Successful applicants can be confident that most of their earnings will be going towards paying off the loan rather than any hefty interest rates.