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G&C Mutual Bank Basic Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $100,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $100,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $100,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $100,000

Rate
2.49% p.a.
Comparison Rate
2.51% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.99% p.a.
Comparison Rate
3.01% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review G&C Mutual Bank Basic Home Loan - last updated: 2 August 2021

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What's hot
  • Low deposit friendly (max. 95% LVR)
  • Extra repayments & redraw (fees apply) allowed
What's not
  • $500 application fee
Mozo snapshot

If you’re looking to purchase a home with a low deposit and you're on the hunt for a relatively cost-friendly home loan, then G&C Mutual Bank's Basic Home Loan could be a good fit. Owner occupiers can take advantage of variable rates starting from 2.49% (2.51% comparison rate*), plus there are features like extra repayments and a redraw facility available. 

What's more, the $500 establishment fee will be waived for new borrowers and refinancers from other financial institutions, so long as you apply and your loan is funded by 31 October 2021.

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Key features

Investors and owner occupiers willing to make principal and interest repayments on their loan can both apply for the Basic Home Loan from G&C Mutual Bank, which has a minimum loan amount of $100,000 and no maximum amount. Loans are also available for up to 95% of the property's value for owner occupiers, but keep in mind that for anything over 80% LVR, you will need to factor Lender's Mortgage Insurance into your budget. 

There are two different variable rates available with the loan depending on the type of borrower you are: owner occupiers can grab a rate of 2.49% (2.51% comparison rate*) while investors can get a rate of 2.99% (3.01% comparison rate*). 

Borrowers will be able to choose their repayment frequency (weekly, fortnightly or monthly options), plus they'll have the option to make fee-free extra repayments to pay down their loan faster. There's also a redraw facility attached to the loan which allows borrowers to dip back into any extra repayments they've made, though fees may apply and there's a $100 minimum redraw amount. Because it's a basic loan, there's no offset account on offer though. 

As for fees, there are no ongoing service fees to worry about, but you will need to pay a $500 application fee as well as loan settlement fees (legal, settlement and valuation) at cost. For a limited time, however, the application fee will be waived for new borrowers and refinancers from other financial institutions.

snapshot
Who is it good for

The G&C Mutual Bank Basic Home Loan could be a great choice for customers who are looking for a low-cost, low deposit home loan option from a community-focused bank.

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Any catches

With G&C Mutual Bank Basic Home Loan you will not be able to access a repayment holiday. This means that you will not be granted time off from your home loan if you experience financial hardship and are temporarily unable to make repayments.

Details

Rates and fees information correct as at 25 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

2.49% p.a.

n/a

n/a

n/a

2.51% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

n/a

n/a

n/a

n/a

$0.00

$300.00

Other financial bits

$100,000

none

none

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - fees apply

$100.00

yes

no

Legal, valuation and settlement fees at cost. Lenders Mortgage Insurance required for loans with an LVR over 80%.

none

$500 Establishment fee waived for new loans or refinances from other financial institutions funded by 31 October 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 25 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

2.99% p.a.

n/a

n/a

n/a

3.01% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

n/a

n/a

n/a

n/a

$0.00

$300.00

Other financial bits

$100,000

none

none

90.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - fees apply

$100.00

yes

no

Legal, valuation and settlement fees at cost.

none

$500 Establishment fee waived for new loans or refinances from other financial institutions funded by 31 October 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.

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About G&C Mutual Bank

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.