BCU OMG Home Loan

With a competitive variable rate and a host of flexible features, the bcu OMG Home Loan is well worth a look.

The BCU OMG Home Loan offers the lowest variable home loan rate available from BCU. Designed as a no-frills mortgage product, the BCU OMG Home Loan combines a competitive variable rate with a range of useful features to help you own your new home as soon as possible.

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By

Richard Whitten

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About this loan

What are the features and benefits of the BCU OMG Home Loan?

  • Competitive variable rate. The BCU OMG Home Loan features the lowest variable rate of any BCU home loan. There is no fixed rate option available.
  • Loan amount. The loan is available to people who need to borrow an amount between $150,000 and $1,500,000.
  • Maximum LVR. This loan has a maximum LVR of 80%, which means you will need to have a deposit of at least 21% saved before you will be eligible to qualify for this mortgage. You will also need to budget for the other costs incurred when buying a home, including stamp duty and conveyancing fees.
  • Loan term. The maximum loan term available is 30 years.
  • Repayment options. You can make principal and interest repayments towards your BCU OMG Home Loan, or you have the option of making interest-only repayments for a set period.
  • Lenders Mortgage Insurance (LMI). In order to qualify for the BCU OMG Home Loan you must take out LMI for at least five years. Remember to budget for this expense when calculating the total cost of your mortgage and your ability to make repayments.
  • Redraw facility. If you ever experience a cash shortfall, you can access your loan repayments through a redraw facility. The minimum redraw amount is $1,000 and a $25 fee applies to each redraw.
  • Online application. It's quick and easy to apply for the BCU OMG Home Loan online, and BCU also offers pre-approvals, which are valid for three months.

What fees and charges come with this loan?

There is no ongoing monthly service fee attached to this loan and there is also no fee charged if you pay your BCU OMG Home Loan off ahead of schedule. Below are some of the fees you will be charged:

  • Establishment fee: $0. This fee covers the administrative costs associated with setting up your BCU OMG Home Loan.
  • Annual fee: $0. You'll need to be willing to pay an annual fee to qualify for the competitive rate this loan offers.
  • Lenders Mortgage Insurance (LMI): Varies. LMI is a mandatory requirement with this home loan.
  • Redraw fee: $25. This fee is payable every time you redraw from your loan repayments.

How to apply

If you'd like to apply for the BCU OMG Home Loan, click one of the "Apply now" links on this page and you will be securely redirected to the BCU website. There you can get started on the simple online application process.

However, before you apply, you'll need to make sure you satisfy the following requirements:

  • Age requirement. You must be at least 18 years of age.
  • Residency requirement. You must be an Australian citizen or permanent resident.
  • Financial requirement. You must not have any outstanding defaults or judgements or be an undischarged bankrupt.

As part of the application process you will need to supply:

  • Loan details. Specify how much you wish to borrow and provide the details of the property you want to buy.
  • Personal details. Include the name, address and contact information of everyone applying for the loan.
  • Income details. You will need to provide proof of your employment, income and any assets you own.
  • Details of your liabilities. If you have any outstanding loans or other debt, you must declare this in your application.

Once you've submitted your application, a BCU representative will be in touch to request any verification documentation you need to provide.
The BCU OMG Home Loan is well worth a look if you want a simple home loan with a competitive variable interest rate. Compare it with other similar loans at finder.com.au today.

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6 Comments

    Default Gravatar
    Riley
    June 4, 2023

    Hi,

    I was looking at your 5% deposit.

    With LMI, is that a upfront cost or is this added to the loan value?

    Cheers

    Reply
      AvatarFinder
      Rebecca
      June 8, 2023

      Hi Riley,

      It would be best to speak to bcu itself for specific details, but generally with Lenders Mortgage Insurance you can either pay it as an upfront cost or roll it into the loan value. For more information on paying LMI, visit this guide: http://www.finder.com.au/home-loans/lenders-mortgage-insurance

      Hope that helps!

      Rebecca

      Reply
    Default Gravatar
    Sarah
    October 22, 2022

    I require a home loan using a 5% deposit. The deposit will be gifted from my parents and has not sat in my bank account for 3 months.
    Can you help?

    Reply
      AvatarFinder
      Rebecca
      November 11, 2022

      Hi Sarah,

      bcu’s minimum deposit is 10%, but there are plenty of other options for first-home buyers with a 5% deposit. Check our guide here.

      You might also benefit from talking to a mortgage broker who can go through all the specifics with you in more detail.

      Thanks,
      Rebecca

      Reply
    Default Gravatar
    Ine
    October 14, 2022

    Need to settle an off the plan urgently. Just finished building. How soon can you have valuation done and what’s the cost? Thank you

    Reply
      AvatarFinder
      Rebecca
      October 18, 2022

      Hi Ine,

      Take a look at our page on property valuations to see some solutions

      Thanks,
      Rebecca

      Reply
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