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bcu OMG Home Loan

Rates and fees last updated on

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.

Available with principal and interest or interest-only repayment options, the loan provides a redraw facility (minimum redraw amount $1,000) if you ever need access to the extra cash you have paid towards your loan. bcu also offers an easy pre-approval process, with pre-approvals valid for three months to give you more bargaining power when house hunting.

Interest Rate Max Insured LVR Max LVR
(Investor)
3.89% p.a.
Comparison Rate
4.14% p.a.
90% 79%
(Owner Occupier)
3.84% p.a.
Comparison Rate
4.09% p.a.
90% 79%
Product Namebcu OMG! Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$100,000
Maximum Loan Amount$1,000,000
Maximum Loan Term30 years
Maximum LVR79%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Suitable for InvestmentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$900
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$198 p.a.
Settlement Fee$0
Discharge Fee$0

Pros

  • Low interest rate
  • Redraw facility available

Cons

  • There is an application fee of $900.
  • Annual fees $198 p.a.

Features of the bcu OMG Home Loan

The bcu OMG Home Loan includes the following features:

  • 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 $100,000 and $1,000,000.
  • Maximum LVR. This loan has a maximum LVR of 79%, 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.

Fees

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: $900. This fee covers the administrative costs associated with setting up your bcu OMG Home Loan.
  • Annual fee: $198. 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.

What you need to know before applying

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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This page was last modified on 28 March 2017 at 2:25pm.

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bcu OMG! Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $900 / $198

  • Max LVR

    79%

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