The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $1,500,000 with an LVR below 90%
The details shown below are for an owner occupier taking out a interest only loan between $150,000 and $1,500,000 with an LVR below 80%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 90% | $150,000 | $1,500,000 |
| | Owner Occupier | Interest Only | < 80% | $150,000 | $1,500,000 |
Owner Occupier (Principal & Interest)
LVR < 90%
Loan: $150,000 $1,500,000
Owner Occupier (Interest Only)
LVR < 80%
Loan: $150,000 $1,500,000
The bcu OMG Home loan has a number of great features, such as a low interest rate from 2.44% (2.45% comparison rate*) and a range of flexible features including the ability to free extra repayments to pay off your loan sooner. The loan also comes with two repayment options: interest only and principal and interest. While there are no ongoing fees, there is a $395 discharge fee.
Before jumping into getting a home loan as an owner occupier, you’ll want to decide if you want to make principal and interest or interest only repayments. With this loan, if you decide on principal and interest your rate will be 2.44% (2.45% comparison rate*) and you can borrow up to 90% of the property value. While choosing an interest only home loan will leave you with a 2.94% interest rate (2.64% comparison rate*) and you'll only be able to borrow up to 80% of the property value.
With a big financial commitment like a home loan, being able to have a repayment schedule that works for you is critical for keeping your budget in check. The OMG Home Loan gives you flexible options to make this possible, with the ability to make either weekly, fortnightly or monthly repayments.
Getting ahead on your loan by making early repayments is an excellent way to save yourself on interest. And with the bcu OMG Home Loan, you’ll be able to make extra repayments, for free! You’ll even be able to redraw your extra repayments for free too, if you decide you need that money back. However, to do so, you’ll need to make a redraw of at least $1,000 at a time.
Also, if you are interested in having your account be partially a fixed rate and partially a variable rate, then you’ll be able to sign up for a split account.
The bcu OMG Home Loan is a top low rate option for borrowers who want the flexibility of being able to choose their repayments schedule and make extra repayments to pay their loan off quicker.
Despite the lack of ongoing fees, you’ll need to ensure you budget for the $395 discharge fee. Also bear in mind that if your home deposit is less than 20%, you may have to pay for Lenders Mortgage Insurance.
2.44% p.a.
n/a
n/a
n/a
2.45% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
$395.00
$150,000
$1,500,000
none
90.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
none
yes - free
$1,000.00
yes
no
none
none
none
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
2.94% p.a.
n/a
n/a
n/a
2.95% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
$395.00
$150,000
$1,500,000
none
80.00%
Owner Occupier
Interest Only
Weekly, Fortnightly, Monthly
yes - free
none
yes - free
$1,000.00
yes
no
none
none
none
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
Great bank, the staff are lovely and very helpful. The only drawback is the cards don’t work with Apple Pay. They have recently updated their app, which was dreadful but seems better now.
Read full reviewGreat bank, the staff are lovely and very helpful. The only drawback is the cards don’t work with Apple Pay. They have recently updated their app, which was dreadful but seems better now.
Easy to deal with and fast approval.
Read full reviewEasy to deal with and fast approval.
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Read full review
bcu began in 1970 when a group of north coast banana growers pooled their resources, and formed a credit union. Since those humble beginnings bcu has grown to 54,000 members, and includes 21 stores from the Sunshine Coast to Port Macquarie, plus telephone and Internet banking facilities. bcu is now a division of Police & Nurses Limited after a 2019 merger. bcu has a wide range of personal finance options to simplify your banking, including credit cards, home loans, personal loans, savings and transaction accounts and term deposits.
See bcu home loans
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fixed 3 years
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1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
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1.79% p.a.
1.84% p.a.
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2.09% p.a.
2.12% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
Homestar
Star Classic Fixed Home Loan
n/a
n/a
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1.89% p.a.
fixed 3 years
3.03% p.a.
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Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$0.00
Homestar
Star Gold Home Loan
1.79% p.a.
1.84% p.a.
$0.00
Yard
Variable Home Loan Special
2.29% p.a.
2.32% p.a.
$0.00
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
