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 Annual fee

4.51 % p.a. Interest rate 4.54 % p.a. 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
Mutual Home Loan Interest Rate (p.a.) Comparison Rate (p.a.)
Owner Occupied - P&I LVR 80% 4.51% p.a. 4.54% p.a.
Owner Occupied - P&I LVR >80% to 90% 4.61% p.a. 4.64% p.a.
Owner Occupied - P&I LVR >90% 4.81% p.a. 4.84% p.a.
Owner Occupied - IO LVR 80% 5.21% p.a. 5.24% p.a.
Owner Occupied - IO LVR >80% to 90% 5.36% p.a. 5.39% p.a.
Owner Occupied - IO LVR >90% 5.46% p.a. 5.49% p.a.
Investment - P&I LVR <80% 5.01% p.a. 5.04% p.a.
Investment - P&I LVR >80% 5.21% p.a. 5.24% p.a.
Investment - IO LVR <80% 5.46% p.a. 5.49% p.a.
Investment - IO LVR >80% 5.66% p.a. 5.69% p.a.

FAQs

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

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 Genworth and QBE 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

TARGET MARKET DETERMINATION

Owner Occupied - IO

TARGET MARKET DETERMINATION

Investment – P&I

TARGET MARKET DETERMINATION

Investment – 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.