Beyond Bank Standard Variable Home Loan

Rates and Fees verified correct on December 7th, 2016

Save on your mortgage with a 100% offset account, discounted rate and no establishment or monthly fees

Beyond Bank is a mutual bank, meaning that it’s completely owned by its customers, and profits are invested back into products and services which benefit them.

This translates through to all Beyond Bank products, including the Standard Variable Home Loan, which allows you to use a 100% offset account to minimise the interest you pay, and for a limited time, has a special rate offer and waived fees for new home loans above $150,000 with a minimum 20% deposit.

Interest Rate Max Insured LVR Max LVR
(Investor)
5.39% p.a.
Comparison Rate
5.43% p.a.
Standard Rate
5.1% p.a.
Comparison Rate
5.14% p.a.
95% 80%
Product NameBeyond Bank Standard Variable Rate Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$445
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$0
Early Termination Fee$0

Pros

  • Low variable rate
  • No application fees
  • No monthly service fees
  • 100% offset account
  • Redraw facility

Cons

  • Minimum loan of $150,000 required
  • Maximum loan amount is limited to 80% of the value of the property

Who is this home loan suited to?

The Beyond Bank Standard Variable Home Loan is suitable to owner occupiers buying a home, those looking to buy an investment property, and those looking to refinance or renovate their existing home.

It’s also suited to those buying their first home, as the Parent Equity feature allows your parents to guarantee a portion of your home loan to help cover your deposit.

What are the features of the Beyond Bank Standard Variable Home Loan?

There are a number of ways this home loan can help you manage your finances and pay your loan off sooner:

    • It has a 100% offset account. A 100% offset account is a transaction account linked to your home loan. Any funds in it offset interest on your home loan. For example, $10,000 in an offset account on a home loan of $100,000 would only see you pay interest on $90,000.
    • You can pay interest only for up to five years. This can help you minimise your repayments if you’re using this loan to purchase an investment property.
    • You can make extra repayments on this home loan without penalty. Putting more towards your loan can see it get paid off sooner, and this loan has no penalties for making lump sum payments, and no early repayment fees.
    • You can withdraw extra repayments made through the redraw facility. This loan has a redraw facility so you can get access to extra repayments if you need them.
    • You can use guarantors to help with your deposit. Your parents can guarantee a part of your loan with their home to help with your deposit. This can minimise or remove the need to save for a deposit, and save you money in Lender’s Mortgage Insurance (LMI) fees.
    • Weekly, fortnightly and monthly repayments are available. You can pay this loan off at a frequency which suits you, to fit in with when you get paid.
    • You can use this loan to build a home. This loan can be used to construct your dream home or investment property.
    • Split rates are available. You can split this loan into both variable and fixed portions, which allow you to have more control over your loan and get some of the benefits of both interest types.

What fees will Beyond Bank charge for this home loan?

As with all home loans, there are some fees you’ll want to be aware of:

  • Establishment fee. Usually $445. This is a fee charged to cover the administration and related costs when finalising your application. It’s not charged as part of the special rate offer.
  • Settlement fee. $150. This fee is charged to cover the cost of arranging your funds, and also isn’t charged as part of the special rate offer.
  • Valuation fees. (vary depending on valuation method). These are charged where applicable to cover the cost of independently valuing your property.
  • Legal fees. Where applicable, these fees are charged to cover relevant legals costs.

Beyond Bank charges no monthly or annual service fees for this loan.

What do I need to apply for this loan?

As with most home loan applications, you’ll need to have some information about where you work, including your employer’s address.

You’ll also need to give Beyond Bank some personal information, including your address, information about how much you earn, and some information about what assets and liabilities you currently have. You’ll also need to supply your drivers licence number.

How do I know if I’m eligible for this home loan?

Beyond Bank have a few criteria you’ll need to satisfy before you apply:

  • You must have a regular monthly net income of more than $2,000
  • You must have a good credit history, which means no unpaid defaults and no declarations of bankruptcy
  • You must agree to a credit check by Beyond Bank
  • You must be over 18 years old
  • You must be an Australian Citizen or Permanent Resident.

I’m interested in this home loan, how can I enquire?

Clicking on the ‘Go to Site’ button will securely transfer you to Beyond Bank’s website, where you can find out more about this loan and start an application or enquiry.


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Beyond Bank Standard Variable Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 14 January 2015 at 16:50.

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4 Responses to Beyond Bank Standard Variable Home Loan

  1. Default Gravatar
    Hector | March 1, 2015

    Q1. Is this applicable for refinance (principal + interest)?
    Q2. How much is the cost for the valuation fee? The property location is in Victoria, Wyndham Vale.
    Q3. How much is the legal fee?
    Q4. Is their any other fees involved?
    Q5. How long does it take to completely transfer?
    Q6. Do I need to inform my current bank if decided to transfer?

    • Staff
      Shirley | March 2, 2015

      Hi Hector,

      Thanks for your question.

      1) Yes this loan is available for refinancing, principal and interest
      2) Your valuation fee (if required) is determined at cost, which means it is assessed on a case by case basis
      3) Legal fees also vary, be mindful that the borrower will need to pay for solicitor costs
      4) All other applicable fees can be found on this page
      5) The amount of time it takes will depend on the borrower and how fast they can submit their documents, the whole process can take up to a month
      6) Yes you will need to inform your current bank if you decide to refinance

      Cheers,
      Shirley

  2. Default Gravatar
    Lesley | February 15, 2015

    will this rate be reduced in line with the reserve bank reduction in rates last week and if so when will this happen

    • Staff
      Marc | February 16, 2015

      Hi Lesley,
      thanks for the question.

      We haven’t heard anything from Beyond Bank regarding the RBA rate change yet, but keep checking our RBA page to see if they respond to the rate cut and how.

      I hope this helps,
      Marc.

Beyond Bank Standard Variable Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $445 / $0

  • Max LVR

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