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
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 95% | $100,000 | |
| | Investor | Principal & Interest | < 90% | $100,000 |
Owner Occupier (Principal & Interest)
LVR < 95%
Loan: $100,000
Investor (Principal & Interest)
LVR < 90%
Loan: $100,000
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 should be option in your sights. Owner occupiers can expect variable rates starting from 3.19% (3.25% comparison rate*), plus there are features like extra repayments and a redraw facility available.
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 3.19% (3.25% comparison rate*) while investors can get a rate of 3.77% (3.83% 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.
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.
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.
| 3.19% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| 3.25% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a |
| $500.00 | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| $0.00 | |
| $300.00 |
| $100,000 | |
| none | |
| none | |
| 95.00% |
| 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 | |
| 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.
| 3.77% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| 3.83% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a |
| $500.00 | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| $0.00 | |
| $300.00 |
| $100,000 | |
| none | |
| none | |
| 90.00% |
| Investor | |
| Principal & Interest | |
| Weekly, Fortnightly, Monthly | |
| yes - free | |
| no | |
| yes - fees apply | |
| $100.00 | |
| yes | |
| no | |
| Legal, valuation and settlement fees at cost. | |
| 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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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.
