Relocation Home Loan

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.

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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:

• Genworth It’s My Home magazine provides you with professional insights and tips to get you started and guide you along the way.