The Beyond Bank Low Rate Special Home Loan combines a competitive interest rate with unlimited additional repayments and no ongoing fees.
If you want a home loan that combines a competitive variable rate with a long list of flexible features, the Beyond Bank Low Rate Special Home Loan is certainly worth a look. Available with a special discounted variable rate, this loan does not charge any ongoing fees and also allows unlimited additional repayments to help you pay off your mortgage as quickly as possible.
It also includes a 100% mortgage offset account, allowing you to keep your interest repayments to a minimum throughout the life of the loan.
| Product Name | Beyond Bank Low Rate Special Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 80% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | No |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $350 |
| Discharge Fee | $295 |
Pros
- $0 upfront or ongoing fees.
- 100% offset account attached.
- Fee free extra loan repayments as well as loan redraw options
Cons
- $295 discharge fee when you close your loan accounts.
- A discharge fee of $295 applies when you close your home loan account.
Details to consider
The Beyond Bank Low Rate Special Home Loan is designed to suit the needs of borrowers who are thinking of buying a new home, or perhaps getting a better deal on their current home loan. The special discounted variable rate is only available to customers who borrow more than $150,000 and who also have a deposit of at least 40% saved up.
There are no upfront or ongoing fees, and any additional repayments you make towards the loan amount can be accessed through a free redraw facility.
Features of the Beyond Bank Low Rate Special Home Loan
- Loan amount. The Beyond Bank Low Rate Special Home Loan is available for loans of $150,000 or more.
- Maximum Loan-to-Value Ratio (LVR). The maximum allowable LVR on this loan is 80%, which means you will need to have a deposit of at least 40% saved in order to be eligible for the loan.
- Unlimited extra repayments. The Beyond Bank Low Rate Special Home Loan allows you to make unlimited extra repayments without incurring any fees. This allows you to pay the loan off ahead of schedule and at a pace that suits your budget.
- Free redraws. If you wish to access your extra repayments at any time, you can do this through the loan’s free online redraw facility.
- 100% mortgage offset account. The Beyond Bank Low Rate Special Home Loan includes a 100% mortgage offset account, allowing you to minimise the amount of interest payable on your loan balance.
- 10% home insurance discount. If you take out a Beyond Bank Low Rate Special Home Loan, you also qualify for a 10% discount off PremierCare home and contents insurance provided by Allianz Australia Insurance Limited.
What fees and charges come with this loan?
This loan has no application or ongoing fees, but there are settlement and discharge fees.
How to apply for the Beyond Bank Low Rate Special Home Loan
If you’d like to find out more information about the Beyond Bank Low Rate Special Home Loan, click on one of the “Go to site” links on this page and you will be securely redirected to the Beyond Bank website.
Once there, you can review more details on the loan and even start your home loan application online. In order to be eligible to apply for the Beyond Bank Low Rate Special Home Loan you will need to meet the following criteria:
- Must be over 18 years old
- Must be an Australian citizen or permanent resident
- Must have a good credit history with no unpaid details, and must not have previously declared bankruptcy
- Must have a regular net income that exceeds $2,000 per month
You will also need to supply some personal information when applying for the loan, including:
- Personal details. In addition to your name and contact details, your driver’s licence will be required as proof of ID.
- Details of your income and assets. Beyond Bank will require details of your employment, the income you earn and any assets you own, for example, shares or other real estate.
- Details of your liabilities and expenses. The bank will consider your ongoing living expenses and any debt you have, for example, car loan or credit card debt, when determining your ability to repay the loan.
- Property details. You will also need to provide information about the property you want to buy or refinance.
The Beyond Bank Low Rate Special Home Loan offers several attractive features to Australian borrowers. Compare these features with the benefits offered by other similar home loans at finder.com.au to find a mortgage that suits your financial needs.
How does Beyond Bank home loan compare to a home loan from NAB or Westpac? My current home loan is with Westpac and is sitting at 4.37%.
Hi Bec,
Thank you for contacting finder.com.au we are a financial comparison website and general information service and not directly connected to any of the providers we feature on our website.
You can compare home loans using our comparison table or if you would like a more personalised comparison that takes into account all your personal circumstances you can contact a mortgage broker who can assist you.
Regards
Jodie