Let’s jump into the nitty gritty details of the loan! To qualify for the low rate package of just 3.63%, you’ll need to have an LVR under 80%, or in other words a home loan deposit of 20% or more. Have an LVR between 80-90%? Your rate will be a tad higher at 3.99%. With a Bank of Sydney Expect More Home Loan, you can split your loan leaving a portion variable and the remainder fixed, giving you a little more security if a rate rise happens down the track.
You’ll also gain access to a range of flexible features including an offset account, fee-free extra repayments and a redraw facility. Repayment frequencies are a little inflexible, as you can only pay off your mortgage monthly.To top things off when you take out the loan you can fly through the application process free of fees but there is a $395 annual fee payable in advance. Just keep in mind, you’ll need to pay a $300 discharge fee when you pay out your loan.
Who it's good for:
Borrowers who plan to live in their home, looking for a low rate mortgage packed with convenient features like an offset account and extra repayments facility. You do have to live in Sydney, Melbourne or the metropolitan area of Adelaide to be eligible for the loan.
This loan is only available to new applicants, which means if you already have a home loan with the Bank of Sydney, you cannot switch over to this product.