With a low variable interest rate of 3.74%, C&G Mutual Bank Basic Home Loan is a loan that’s made for the first home buyer to the seasoned pro. As you are able to borrow up to 80% LVR, you’ll need a 20% deposit. With this owner occupier loan, you’ll also have your pick of repayment frequency: weekly, fortnightly or monthly.
Along with their $500 application fee, you’ll also need to pay legal, settlement and valuation fees at cost. Plus, you have the option to make fee-free extra repayments if you really want to stay on top of your mortgage, while also having access to a redraw online or through your mobile banking if you need to, but there is a fee for this and a $100 minimum redraw. There is also no offset account or repayment holiday on this home loan.
Who it's good for:
G&C Mutual Bank Basic Home Loan is a great choice for customers who want to take out a home loan with a community focused bank.
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.