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Sydney Mutual Bank Standard Variable Rate Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $20,000 and $10,000,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan between $20,000 and $10,000,000 with an LVR below 95%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $20,000 $10,000,000

  • Investor (Principal & Interest)

    LVR < 95%

    Loan: $20,000 $10,000,000

Rate
2.97% p.a.
Comparison Rate
2.99% p.a.
Service fee
$0.00
Upfront fee
$250
Rate
3.47% p.a.
Comparison Rate
3.49% p.a.
Service fee
$0.00
Upfront fee
$250

Mozo editorial review Sydney Mutual Bank Standard Variable Rate Home Loan - last updated: 10 June 2021

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What's hot
  • Competitive 2.97% variable rate (2.99% comparison rate*)
  • 100% offset account
  • Free extra repayments and redraws
What's not
  • $250 application fee
Mozo snapshot

With the Standard Variable Rate home loan from Sydney Mutual Bank, owner occupiers can receive a competitive interest rate of 2.97% p.a. (2.99% p.a. comparison rate*), plus a 100% offset account option, unlimited free extra repayments and free online redraw facility. So with all that, what more could you want in a home loan?

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Key features

The Sydney Mutual Bank Standard Variable Rate home loan offers relatively competitive variable rates to both owner occupier and investors borrowers. For owner occupiers the variable rate is currently 2.97% p.a. (2.99% p.a. comparison rate*), while for investors it's a slightly higher 3.47% p.a. (3.49% p.a. comparison rate*). 

Loan sizes start at a minimum $20,000 and go all the way up to $10,000,000, and you'll be able to borrow up to 95% of the property’s price (a maximum 95% loan-to-value ratio is required). The home loan also comes with loads of flexible features to help you save, including:

  •  A 100% offset account

  •  Free extra repayments and a free online redraw facility (fees apply for redraws not made online)

  •  The choice of either weekly, fortnightly or monthly loan repayments

  •  The option to split your loan between fixed and variable rate portions

When it comes to fees, there’s good news and bad news. The good news is this offer from Sydney Mutual Bank doesn’t come with any ongoing account keeping fees. The bad news, however, is this loan does come with other charges, such as a $250 application fee and a $180 discharge fee.




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Who is it good for

Two major groups of borrows will love this loan, those after a low deposit option to help them get a foot on the property ladder, and those who want to have all the features they could ask for to help them pay off their loan quicker and save on interest.

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Any catches

Just be aware that if you do have an LVR over 80% then you’ll have to pay Lenders Mortgage Insurance.

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

2.97% p.a.

n/a

n/a

n/a

2.99% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$250.00

n/a

n/a

n/a

n/a

$0.00

$180.00

Other financial bits

$20,000

$10,000,000

none

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$100.00

yes

yes

Free redraw only available online. Fees & charges apply for branch or phone redraw. Legal, settlement and valuation fees charged 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.

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

3.47% p.a.

n/a

n/a

n/a

3.49% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$250.00

n/a

n/a

n/a

n/a

$0.00

$180.00

Other financial bits

$20,000

$10,000,000

none

95.00%

Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes

Free redraw only available online. Fees & charges apply for branch or phone redraw. Legal, settlement and valuation fees charged 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 Sydney Mutual Bank home loans rated by the Mozo community?

Overall
8.8/10
Price
8.4/10
Features
7.6/10
Customer service
9.3/10
Convenience
8.4/10
Trust
9.0/10

About Sydney Mutual Bank

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.