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G&C Mutual Bank First Home Loan Premium (Package)

Rate
2.64% p.a.
Comparison Rate*
2.65% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review G&C Mutual Bank First Home Loan Premium (Package)

Last updated: 9 April 2020.

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What's hot
  • Low 2.64% p.a. variable interest rate (2.65% p.a. comparison rate*)
  • Offset account available
  • 2020 Mozo Experts Choice Award
What's not
  • Only available to first home buyers
Mozo snapshot

G&C Mutual Bank’s 2020 Mozo Experts Choice Award winning First Home Loan Premium Home Loan comes with no annual package fee and no monthly service fee. Variable interest rates start from as low as 2.64% p.a. (2.65% p.a. comparison rate) and even though this loan is only available to first home buyers you can borrow up to $3.5 million as long as your income can meet the repayments!

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Key features

If you’re a first home buyer after an owner-occupier home loan with lots of features to make use of, then you might be interested in checking out G&C Mutual Bank’s First Home Loan Premium Home Loan. This home loan package comes with an offset account, a redraw facility and the ability to make unlimited extra repayments. Just keep in mind that if you do take advantage of the redraw, there is a $100 minimum and the service does comes with a $30 fee.

The minimum deposit you need with this home loan is 5%. Plus if you’re approved for the First Home Loan Deposit Scheme, then you might just be able to avoid paying Lenders Mortgage Insurance on deposits less than 20%. 

Variable interest rates on offer with the home loan start low at 2.64% (2.65% p.a. comparison rate*). And you can reduce the amount of interest you pay even more by making use of the offset account. This is because with an offset account, the amount of interest you pay is calculated daily on the outstanding loan amount, minus the balance in your offset.

If you’re under 30 when you take out the loan there is the option of getting the loan over 40 years but it should also be noted that a 30 year loan term  is the maximum loan term available with the First Home Loan Deposit Scheme.

Plus if convenience is at the top of your dream home loan list, then you’ll be happy to hear that you can apply for this particular home loan online and choose whether to make your repayments weekly, fortnightly or monthly, depending on whatever frequency suits your busy schedule.

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Who is it good for

This home loan would be suited to a first time buyer who is keen to take advantage of a lower interest rate and extra features like an offset account.

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Any catches

This home loan package is only available for first time buyers looking to take out an owner-occupier, principal and interest loan. So you won’t be able to get it, if you’re refinancing or buying an investment property.

Details

Rates and fees information correct as at 23 October 2020. 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
  • 2.64% p.a.

  • n/a

  • n/a

  • n/a

  • 2.65% 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
  • none

  • $3,500,000

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - fees apply

  • $100.00

  • yes

  • yes

  • First home buyers only. 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.

Customer Reviews

How are G&C Mutual Bank home loans rated by the Mozo community?

Overall
8.3/10
Price
8.5/10
Features
7.5/10
Customer service
8.9/10
Convenience
7.3/10
Trust
8.1/10
G&C Mutual Bank

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.

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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.