Mutual Home Loan

Mutual Home Loan

Our Mutual Home Loan offers a low on-going variable rate and will suit First Home Buyers. 

✓ Offset account available
✓ Free redraw
✓ $0 Monthly fee

6.64 % pa Interest rate 6.67 % pa Comparison rate

Product Features:

Home Loan Features
Maximum Loan Amount : Up to 97% of value of property with LMI capitalised
Offset Account : Yes
Establishment Fee : 300
Valuation fees : At cost
Additional Repayments Accepted : Yes
Additional Repayments Fee : $0
Ability to top-up loan : Yes
Redraw Facility : Yes
Redraw Fee : $0
Annual Fee : $0
Monthly Fee : $0
Maximum Terms in Years : 30
Owner Occupied
  P&I IO
  Interest Rate Comparison Rate Interest Rate Comparison Rate
LVR <60% 6.64% pa 6.67% pa N/A N/A
LVR >60% - <70% 6.84% pa 6.86% pa N/A N/A
LVR >70% - <80% 6.99% pa 7.02% pa 7.69% pa 7.72% pa
LVR >80% - <90% 7.09% pa 7.12% pa 7.84% pa 7.87% pa
LVR >90% 7.29% pa 7.32% pa 7.94% pa 7.97% pa
Investment
  P&I IO
  Interest Rate Comparison Rate Interest Rate Comparison Rate
LVR <80% 7.49% pa 7.52% pa 7.94% pa 7.97% pa
LVR >80% - <90% 7.69% pa 7.72% pa 8.14% pa 8.17% pa

FAQs

Read our most frequently asked questions below or view all our Home Loan FAQs.

A comparison rate is the interest rate of your loan, as well as the fees and charges involved in getting a loan. The comparison rate helps you figure out the real cost of the loan, so you can compare your options more clearly. Comparison rates are calculated by all Australian financial institutions and mortgage providers with a standardised formula, which is regulated by the Consumer Credit Code.

Geelong Bank is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Geelong Bank to have a loan.

​

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with Geelong Bank or another financial institution.

Achieving the dream of home ownership is one of the most exciting times in your life. However, it also comes with a big challenge – the time it takes to save a substantial deposit that lenders often require (typically 20% of the home’s purchase price). If you do not have a substantial deposit saved, your lender may be prepared to provide you a home loan with a smaller deposit (as little as 5%), by taking out Lenders Mortgage Insurance (LMI).

Lenders Mortgage Insurance (LMI) is an insurance policy that your lender takes out to protect itself against the risk that you (the borrower) default on your loan repayments and your lender is unable to recover the full outstanding loan amount.

Lenders Mortgage Insurance is arranged by your lender and the premium is a one-off cost your lender pays to us (the insurer) upon settlement of your property purchase. This cost is passed on to you (the borrower) by your lender, as a fee.

We understand that buying a property is a very important decision and it can be both challenging and stressful. Geelong Bank uses Helia to provide Lenders Mortgage Insurance. To help you navigate through the home buying process refer to the following resources:

 

Documents & Forms

Target Market Determination

Owner Occupied – P&I and IO

TARGET MARKET DETERMINATION

Investment – P&I and IO

How much can I borrow?

I'd like to know more about

Footnotes:

  • 1 Comparison rate is based on a secured loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
  • 2 You must be at least one months repayment in advance plus $100 to obtain a redraw.

We are here to help you

  • Contact us

    Need assistance or have a question? Our team is ready to help

  • Book an appointment

    Chat with a lending specialist or customer support team member at a time that suits you.

  • Join Geelong Bank

    Become a member and enjoy local banking with real service and support.

  • FAQs & resources

    Looking for quick answers? Browse our frequently asked questions and helpful guides.

 

 

 

1300 361 555 Contact Us Fees & Charges FAQs Facebook LinkedIn Instagram

Get the Geelong Bank app

Download free from your preferred app store

 

 

ACSC

Privacy  Security  Disclosure Documents Terms and Conditions

Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Terms and Conditions, Fees and Charges, Financial Services Guide and Hardship Guide before acquiring the product.

© Copyright 2025 Ford Co-operative Credit Society Limited ABN 74 087 651 456 trading as Geelong Bank | AFSL/Australian Credit Licence 244351 | BSB 803 199