Customs Bank is dedicated to helping their members find the right home loan
Customs Bank is a financial institution for the employees of the Australian Customs and Border Protection Service and their family and friends. A division of Police Bank, Customs Bank offers an extensive range of banking products and services to its members, including a competitive array of home loans. Customs Bank is a member-owned financial institution.
Who is Customs Bank?
As Customs Bank is owned by its members, it works in the best interests of its members rather than to satisfy the financial needs of shareholders. This means it passes its profits on to its members in the form of competitive rates and improved products and services.
In terms of home loans, Customs Bank’s lending professionals can help first-home buyers, upgraders, renovators, investors and those looking to refinance get access to the funds they need. To do this, it offers a suite of four home loans: the Premium Home Loan, the Customs Value Home Loan, the Equity Maximiser Home Loan and the Land Rent Scheme Home Loan (available in the ACT only).
Common loan features include no account-keeping fees and the flexibility to tailor a loan to suit your budget and your repayment needs.
Home loans offered by Customs Bank
Premium Home Loan
The Premium Home Loan is available to homebuyers, investors, renovators and those looking to refinance. Borrowers can choose from a variable rate, a fixed rate (for a period of two, three or five years) and a Bridging Loan option. The main focus of this loan is on flexibility, including a range of repayment options to choose from. A 100% offset account is available (except on fixed rate loans), while a split rate facility is also offered. Other features include no monthly account-keeping fees, no penalty for additional repayments and a redraw facility.
Customs Value Home Loan
The Customs Value Home Loan offers a lower interest rate than the Premium Home Loan. Available in either variable rate form or with a fixed rate for a period of two, three or five years, the loan is designed to help home buyers own their new home as soon as possible. Its features include discount rates for Customs employees, a 100% offset account, no monthly loan administration fees and the availability of a redraw facility. The Customs Value Home Loan can be used for buying, renovating, investing, refinancing or construction purposes.
Equity Maximiser home loan
This loan from Customs Bank combines a secured line of credit with the handy ability to draw on funds whenever you need them. There are no application or valuation fees to worry about, while you can link other loan accounts to your Equity Maximiser for your other investments. Access to your funds is available via ATM and EFTPOS, while there’s no penalty for additional repayments on variable rate loans.
Land Rent Scheme Home Loan (ACT Only)
This unique loan from Customs Bank allows ACT borrowers to take advantage of the ACT Government’s Affordable Housing Action Plan. Designed to reduce the up-front of expenses typically associated with owning a house, the Land Rent Scheme Home Loan offers a redraw facility and a mortgage offset account. It also features the ability to make additional repayments without incurring a penalty, no annual or monthly fees, and the option of making weekly, fortnightly or monthly repayments.
What are the pros and considerations of a home loan from Customs Bank?
- Offset accounts available. Offset accounts are a common feature with Customs Bank home loans, allowing you to pay less interest on your loan amount.
- No monthly fees. The Premium Home Loan, the Customs Value Home Loan and the Land Rent Scheme Home Loan do not charge any monthly service fees.
- Flexibility. Flexible options on Customs loans include the ability to choose between a fixed or a variable rate, plus the ability to choose from weekly, fortnightly or monthly repayments.
- Additional repayments. Many Customs Bank home loans allow you to make additional repayments without incurring a penalty.
- Only for Customs employees. Membership of Customs Bank is only available to Customs employees and their friends and family.
How to apply for a Customs Bank home loan
In order to apply for a loan with Customs Bank you will need to be:
- A Customs Bank member
- Over the age of 18
- An Australian citizen or permanent resident
- Earning a regular income
- Wanting to borrow more than $5,000
- Able to make your repayments
Documents needed to apply for a Customs Bank home loan
You’ll need to supply the following personal information when filling out your application:
- Your name, address, date of birth and contact details
- Your home addresses from the past three years
- Your driver’s licence number
- Your Customs Bank member number and internet banking password, although non-members are able to join during the application process
Customs Bank will need to obtain copies of documents pertaining to the sale of the property you are buying. These include:
- Contract of sale. This document contains all the important details about the sale of the property, including how much you are paying to buy it.
- Copy of certificate of title. The certificate of title is needed to prove that the person who is selling the property is the lawful owner of that property.
- Copy of transfer of land. This document is needed to show that the ownership of the land will be transferred into the new buyer’s name at the completion of the sale.
Finally, Customs Bank will require certain information about your finances in order to determine whether you will be able to repay your loan. You’ll need to provide details of your:
- Income. You’ll need to supply recent payslips as evidence of your income, although self-employed people can provide the previous two years’ tax returns. Customs Bank will also need your employer’s name, address and phone number.
- Assets. Any assets in your name, for example a car or shares, will need to be disclosed to Customs Bank.
- Liabilities and expenses. Do you have an outstanding car loan or credit card debt? Customs Bank will need to know about your liabilities and any other ongoing expenses you need to manage.
Customs Bank’s home loan options offer a number of competitive alternatives for prospective borrowers. However, make sure to weigh up all options before deciding on the best loan for your needs.