GMCU logo

GMCU Basic Variable

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $50,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan of at least $100,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $30,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan of at least $30,000 with an LVR below 95%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $50,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $100,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $30,000

  • Investor (Principal & Interest)

    LVR < 95%

    Loan: $30,000

Rate
2.33% p.a.variable for 24 months and then 3.82% p.a.
Comparison Rate
3.71% p.a.
Service fee
$8.00 monthly
Upfront fee
$0
Rate
2.69% p.a.variable for 24 months and then 4.59% p.a.
Comparison Rate
4.40% p.a.
Service fee
$8.00 monthly
Upfront fee
$300
Rate
3.82% p.a.
Comparison Rate
3.94% p.a.
Service fee
$8.00 monthly
Upfront fee
$300
Rate
4.59% p.a.
Comparison Rate
4.71% p.a.
Service fee
$8.00 monthly
Upfront fee
$300

Mozo editorial review GMCU Basic Variable - last updated: 31 May 2021

binocular icon
What's hot
  • 2.33% (3.71% comparison rate*) intro variable rate for 24 months
  • Borrow from $30,000
  • Offset account, extra repayments and redraw facility available
What's not
  • Higher ongoing rate of 3.82% (3.98% comparison rate*)
Mozo snapshot

The Goulburn Murray Credit Union (GMCU) Basic Variable home loan could be a worthy option for first home buyers or refinancers looking to keep their costs down. It features a super low introductory variable rate and some useful extras like an offset account, plus the ability to make additional repayments and redraws free of charge.

key icon
Key features

The GMCU Basic Variable loan is available to both owner occupiers and investors willing to make principal and interest repayments on loans with a minimum as low as $30,000. 

Like most home loans, the interest rates on offer differ depending on the borrower type and the loan-to-value ratio (LVR). Here’s where they start for both owner occupiers and investors: 

  • Owner occupiers (<80% LVR): 2.33% introductory variable (3.71% comparison rate*) for 24 months then an ongoing variable rate of 3.82% (3.98% comparison rate*).

  • Investors (<80% LVR): 2.69% introductory variable for 24 months then an ongoing variable rate of 4.59% (4.39% comparison rate*). 

Just bear in mind that the introductory rates are only available at the <80% LVR tier and that borrowers with an LVR between 80-95% will receive the ongoing variable rate from the get go.  

What about loan features? Well there’s nothing basic about the features on offer with the Basic Variable loan, as GMCU customers will be able to make use of an offset account, contribute extra repayments to pay off their loan earlier and even dip into them using the redraw facility ($1,000 minimum redraw). 

There are some fees to consider though, including an ongoing $8/month service fee, a one-off application fee ($300) and a discharge fee ($150).

snapshot
Who is it good for

The competitive introductory variable rate and the handy loan features could make GMCU’s Basic Variable home loan an appealing option for both refinancers and new home buyers. 

question icon
Any catches

Borrowers will need to have an active GMCU Visa Debit Card and ensure that their salary is paid into a GMCU account.

Details

Rates and fees information correct as at 28 July 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

3.82% p.a.

2.33% p.a.

24 Months

Variable

3.71% 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

$8.00 monthly

$150.00

Other financial bits

$50,000

none

none

80.00%

Features

Owner Occupier

Principal & Interest

Monthly

yes - free

none

yes - fees apply

$1,000.00

none

yes

Borrower must have a GMCU Visa Debt Card & their salary must be paid into a GMCU account.

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.

Details

Rates and fees information correct as at 28 July 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

4.59% p.a.

2.69% p.a.

24 Months

Variable

4.40% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$300.00

n/a

n/a

n/a

n/a

$8.00 monthly

$150.00

Other financial bits

$100,000

none

none

80.00%

Features

Investor

Principal & Interest

Monthly

yes - free

none

yes - fees apply

$1,000.00

none

yes

none

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.

Details

Rates and fees information correct as at 28 July 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

3.82% p.a.

n/a

n/a

n/a

3.94% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$300.00

n/a

n/a

n/a

n/a

$8.00 monthly

$150.00

Other financial bits

$30,000

none

none

95.00%

Features

Owner Occupier

Principal & Interest

Monthly

yes - free

none

yes - fees apply

$1,000.00

none

yes

none

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.

Details

Rates and fees information correct as at 28 July 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

4.59% p.a.

n/a

n/a

n/a

4.71% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$300.00

n/a

n/a

n/a

n/a

$8.00 monthly

$150.00

Other financial bits

$30,000

none

none

95.00%

Features

Investor

Principal & Interest

Monthly

yes - free

none

yes - fees apply

$1,000.00

none

yes

none

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 GMCU home loans rated by the Mozo community?

Overall
9.0/10
Price
7.5/10
Features
6.8/10
Customer service
9.5/10
Convenience
9.0/10
Trust
9.5/10

About GMCU

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.