As a 100% customer-owned institution, we’re committed to you and the communities we serve. That’s why we want to give our members the best start to home ownership.
So, we’ve crafted something special. A home loan that proves that small but mighty banks can achieve amazing things, too.
Looking to refinance and have equity in your home? We offer special rates for borrowers with loan to value ratios at 60% or below.
Purchasing a new home and need to borrow more than 80% loan to value ratio? We can help with that too.
When you sign up for our new 1, 2 home loan, you’ll get a rate 1% lower than our reference rate4 for the first 2 years. That means 2 years of savings on your home loan.
6.14 % pa Variable interest rate <60%
6.96 % pa Comparison rate
1% lower rate for the first two years1
Home Loan Features |
|
|---|---|
| Minimum Loan Amount : | $300,000 |
| Maximum Loan Amount : | Up to 97% of value of property with LMI capitalised |
| Offset Account : | Yes |
| Establishment Fee : | 300 |
| Legal Fees : | At cost |
| Valuation fees : | At cost |
| Repayment Frequency : | Weekly, fortnightly, monthly |
| Additional Repayments Accepted : | Yes |
| Interest Charges : | Calculated daily, charged monthly |
| Redraw Facility : | Yes |
| Annual Fee : | $0 |
| Monthly Fee : | $0 |
| Construction : | No |
| Maximum Terms in Years : | 30 |
| Family Guarantee Option (First Home Owners) : | Yes |
| Loan Top Ups and Variations : | Yes |
| Early Repayment Without Penalty : | Yes |
| Portability : | Yes |
| Bridging : | No |
| Amigo Credit Card : | Yes |
| Special Rates | Interest Rate (p.a.) | Comparison Rate (p.a.) |
| Equal to or less than 60% LVR | 6.14% pa | 6.96% pa |
| Equal to or less than 70% LVR | 6.34% pa | 7.16% pa |
| Standard Rates | Interest Rate | Comparison Rate |
| Owner occupied- P&I LVR <80% | 6.49% pa | 7.31% pa |
| Owner occupied- P&I LVR >80% to <90% | 6.59% pa | 7.41% pa |
| Owner occupied- P&I LVR >90% | 6.79% pa | 7.61% pa |
| Owner occupied- IO LVR <80% | 7.19% pa | 8.00% pa |
| Owner occupied- IO LVR >80% to <90% | 7.34% pa | 8.15% pa |
| Owner occupied- IO LVR >90% | 7.44% pa | 8.25% pa |
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 Genworth to provide Lenders Mortgage Insurance. To help you navigate through the home buying process refer to the following resources:
1,2 Home Loan
Speak to a consultant today.
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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 2018 Ford Co-operative Credit Society Limited ABN 74 087 651 456 trading as Geelong Bank | AFSL/Australian Credit Licence 244351 | BSB 803 199
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