G&C Mutual Bank Basic Home Loan

G&C Mutual Bank Basic Home Loan Review

Review published: 13 October 2017

What's hot:

Low 3.74% variable rate
Redraw allowed
Borrow up to 80% LVR

What's not:

No repayment holiday
No offset account available

Mozo snapshot:

If you’re on the hunt for a great value home loan, then look no further than G&C Mutual Bank Basic Home Loan. While you will be given flexibility with your repayments schedule, valuation, legal or settlement fee are at cost. You can also expect a competitive variable rate at 3.77%, while being able to redraw any extra repayments if you need to.

Key features:

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.

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.

The Mozo community has not yet rated G&C Mutual Bank for this home loan.

Currently showing

Rates

Variable rate
3.74% p.a.
Intro rate
n/a
Intro rate term
0 Months
Intro rate type
none
Comparison Rate*
3.77% p.a.
Fixed 1 year rate
n/a
Fixed 2 year rate
n/a
Fixed 3 year rate
n/a
Fixed 4 year rate
n/a
Fixed 5 year rate
n/a
Fixed 7 year rate
n/a
Fixed 10 year rate
n/a
Fixed loan revert rate
n/a

Fees

Application fee
$500.00
Legal fee
$0.00
Valuation fee
$0.00
Settlement fee
$0.00
Other upfront fee (% of loan)
none
Service fee
$0.00
Discharge fee
$300.00

Other financial bits

Minimum loan amount
$100,000
Maximum loan amount
$3,500,000
Minimum LVR
none
Maximum LVR
80.00%

Features

Availability
Owner Occupier
Repayment Type
Principal & Interest
Repayment Frequency
Weekly, Fortnightly, Monthly
Extra repayments
yes - free
Repayment holidays
no
Redraw facility
yes - fees apply
Minimum redraw amount
$100.00
Split account
yes
Offset account
no
Other restrictions
Legal, valuation and settlement fees at cost.
Other benefits
none

Rates

Variable rate
4.19% p.a.
Intro rate
n/a
Intro rate term
0 Months
Intro rate type
none
Comparison Rate*
4.22% p.a.
Fixed 1 year rate
n/a
Fixed 2 year rate
n/a
Fixed 3 year rate
n/a
Fixed 4 year rate
n/a
Fixed 5 year rate
n/a
Fixed 7 year rate
n/a
Fixed 10 year rate
n/a
Fixed loan revert rate
n/a

Fees

Application fee
$500.00
Legal fee
$0.00
Valuation fee
$0.00
Settlement fee
$0.00
Other upfront fee (% of loan)
none
Service fee
$0.00
Discharge fee
$300.00

Other financial bits

Minimum loan amount
$100,000
Maximum loan amount
$5,000,000
Minimum LVR
none
Maximum LVR
75.00%

Features

Availability
Investor
Repayment Type
Principal & Interest
Repayment Frequency
Weekly, Fortnightly, Monthly
Extra repayments
yes - free
Repayment holidays
no
Redraw facility
yes - fees apply
Minimum redraw amount
$100.00
Split account
yes
Offset account
no
Other restrictions
Legal, valuation and settlement fees at cost.
Other benefits
none

About G&C Mutual Bank

Operating for over 55 years, G&C Mutual Bank is owned by its members, which means they pass profits back to customers in the form of competitive interest rates on its products and deliver superior financial solutions to consumers. G&C Mutual Bank offers a full suite of financial solutions including home loans, investment loans, personal loans and credit cards to its members. It also has everyday banking products such as savings accounts and transaction accounts that can help with short and long term savings goals.