The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $1,500,000 with an LVR below 60%

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $1,500,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $100,000 and $1,500,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan between $100,000 and $1,500,000 with an LVR below 79%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 60%

    Loan: $100,000 $1,500,000

  • Owner Occupier (Principal & Interest)

    LVR 60%-80%

    Loan: $100,000 $1,500,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-95%

    Loan: $100,000 $1,500,000

  • Owner Occupier (Interest Only)

    LVR < 79%

    Loan: $100,000 $1,500,000

Rate
2.29% p.a.
Comparison Rate
2.30% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.39% p.a.
Comparison Rate
2.40% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.44% p.a.
Comparison Rate
2.45% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.94% p.a.
Comparison Rate
2.95% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review bcu OMG Home Loan - last updated: 26 August 2021

binocular icon
What's hot
  • 2.44% p.a. variable rate (2.45% p.a. comparison rate*) on 80-95% LVR loans
  • Free extra repayments and redraws
  • Cashback offer for loans over $300,000 (terms and conditions apply)
What's not
  • $395 discharge fee
Mozo snapshot

The bcu OMG Home Loan offers a number of great features to go with its competitive interest rate. Variable rates start at 2.29% p.a. (2.29% p.a. comparison rate*) on loans with an LVR up to 60% and go up to 2.44% p.a. (2.44% p.a. comparison rate*) on loans with an LVR between 80% and 95%. What's more, there is also a cashback offer of up to $5,000 for new customers taking out a loan of $300,000 or more (T&Cs apply).

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Key features

The OMG Home Loan from bcu offers competitive interest rates ranging from 2.29% p.a. (2.29% p.a. comparison rate*) to (2.44% p.a. comparison rate*), depending on your LVR. If you're after an interest only home loan, you can sign up for an interest rate of 2.94% p.a. (2.60% p.a. comparison rate*), however you will only be able to borrow up to 79% of the property's value.

With a big financial commitment like a home loan, having a repayment schedule that works for you is critical for keeping your budget in check. The OMG Home Loan lets you choose from weekly, fortnightly or monthly repayments, and you’ll also be able to make free extra repayments to get ahead on your loan. A free redraw facility is also available if you decide you need that money back. However, to access it you’ll need to make a redraw of at least $1,000 at a time.

Also, if you want to take advantage of the certainty of a fixed rate along with the flexibility that comes with a variable rate, you’ll be able to sign up for a split account.

Finally, new bcu customers borrowing more than $300,000 may be eligible to receive 0.75% of the loan amount as cashback (capped at $5,000). To be eligible, applications must be made by 30 September 2021 and customers must have an LVR of 90% or less. This offer is available for both owner occupiers and investors (T&Cs apply). 

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Who is it good for

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.

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Any catches

Despite the lack of ongoing fees, you’ll need 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.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

2.29% p.a.

n/a

n/a

n/a

2.30% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$0.00

$395.00

Other financial bits

$100,000

$1,500,000

none

60.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$1,000.00

yes

no

none

none

Cashback offer of 0.75% of loan amount, up to $5,000. Loans >$300,000, <90% LVR apply before 30th September 2021.

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.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

2.39% p.a.

n/a

n/a

n/a

2.40% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$0.00

$395.00

Other financial bits

$100,000

$1,500,000

60.00%

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$1,000.00

yes

no

none

none

Cashback offer of 0.75% of loan amount, up to $5,000. Loans >$300,000, <90% LVR apply before 30th September 2021.

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.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

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

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$0.00

$395.00

Other financial bits

$100,000

$1,500,000

80.00%

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$1,000.00

yes

no

none

none

Cashback offer of 0.75% of loan amount, up to $5,000. Loans >$300,000, <90% LVR apply before 30th September 2021.

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.

Details

Rates and fees information correct as at 21 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

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

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$0.00

$395.00

Other financial bits

$100,000

$1,500,000

none

79.00%

Features

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.

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About bcu

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.