bcu OMG Home Loan

Last updated:  

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.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site