G&C Mutual Bank home loans
Borrow money from a friend with a G&C Mutual Bank home loan.
G&C Mutual Bank is a customer-owned financial institution. Mutuals are not owned by shareholders, so every customer has a say in how the bank is run and benefits through better deals and rates when the bank turns a profit.
G&C Mutual Bank opened its doors in 1959 and has over 36,000 members Australia wide. Every year G&C Mutual Bank invites members to come and have a say about how to best run the bank to benefit members. This is the mutual bank difference.
If you’re a first home buyer, refinancer or investor, G&C Mutual Bank has a home loan to suit your needs. G&C Mutual Bank can also help you if you want to build a home, if you need bridging finance or if you want to access the value in your property via a home equity loan. G&C Mutual Bank home loans either have a fixed or variable rate of interest with value adding features that can help you repay your loan sooner and save you money. And like many home loan lenders, G&C Mutual Bank gives you the option of splitting your loan between a fixed and variable interest rate. G&C Mutual Bank also have a number of package options that can save you money on fees and rates when you bundle their credit cards, transaction accounts and home loans together. This is G&C Mutual Bank’s Solutions Package and it comes as a standard or premium package depending on the type and number of products you hold with the Bank.
Compare G&C Mutual Bank home loans
Home loans provided by G&C Mutual Bank
Standard Variable Rate Home Loan
The G&C Mutual Bank Standard Variable Rate Home Loan is the most flexible loan offered by the bank. If you apply for this loan, you can benefit from a wide number of repayment options like the ability to pay as much as you can as often as you like, and you can even redraw on any extra repayments without penalty when you need to. The interest rate on a variable rate home loan may go up or down, so can your mortgage repayments. If you want the certainty of a fixed repayments over time, a fixed rate home loan may be worth comparing.
Fixed Rate Home Loan
The G&C Mutual Bank Fixed Rate Home Loan gives you the certainty of knowing what your mortgage repayments will be each month so you can budget into the future. Unlike the Standard Variable Rate Mortgage, the G&C Mutual Bank Fixed Rate Home Loan offers fewer options for making loan repayments. You can choose between weekly, fortnightly or monthly repayments; however, you can only make additional repayments up to 5% of the total loan balance each year.
G&C Mutual Bank Flexible Options Home Loan
If you’re having trouble deciding between the flexibility of a variable rate home loan and the certainty that comes with a fixed rate home loan, why not have both? The G&C Mutual Bank Flexible Options Home Loan lets you split your mortgage between a fixed and variable rate. Part of your loan will accrue interest at a variable rate; while the other portion is tied to a fixed rate of interest. You can choose different payment options for each loan split, like making additional repayments to the variable part of your mortgage.
Get Ahead Start Home Loan
The G&C Mutual Bank Get Ahead Start Home Loan is great way to get the property you want without a deposit. If you’re a first home buyer, you don’t have to be an owner occupier, you can avoid paying Lender’s Mortgage Insurance (LMI) by getting a family member to use their property as a security for your loan. The guarantor can be released early once there’s enough equity in the property and you don’t need to pay LMI on the loan balance. The G&C Mutual Get Ahead State Home Loan can accrue interest at a fixed or variable rate of interest.
G&C Mutual Bank Retirees Access Home Equity Loan
The G&C Mutual Bank Retirees Access Home Loan is ideal if you’ve finished working and you want to access the value in your home without going through the stress of selling your property. These types of loans are great when you need the funds to make an improvement your property, or even if you want to take a holiday. Also called a reverse mortgage, this type of home equity loan lets you borrow up to a percentage of the equity in your property — that’s the money you’ve already paid off your current mortgage. The money you borrow back is calculated at a variable rate and the money is repaid when you sell and vacate the property or by your estate.
G&C Mutual Bank Bridging Loan
The G&C Mutual Bank Bridging Loan gives you short term access to money to cover any financial shortfall between selling your property and moving into a new property. Loan terms are up to 12 months.
G&C Mutual Bank Home Loan Packages
G&C Mutual Bank offer a couple of packages where bundling a home loan with their other financial products like a credit card can save you money. G&C Mutual offer a standard home loan package and a premium home loan package. The standard package, the G&C Mutual Solutions Package bundles a credit card, a home loan and an offset account — there’s a discount on the credit cards’ annual fee and a special home loan interest rate. Their Premium Home Loan Package goes a step further. Credit card, transaction account and home loan establishment fees are waived saving you even more money.
The pros and cons of G&C Mutual Bank home loans
- Bundle and save. If you combine a G&C Mutual Bank home loan with a G&C credit card or transaction account, you can save money on fees and discounted rates.
- Flexibility. The G&C Mutual Bank Standard Variable Rate Loan is their most flexible mortgage product. You can repay as much as you like as often as you want.
- Split your loan. If you’re unsure about whether you want a fixed or variable rate home loan, why not get both? G&C Mutual Bank let you split your home loan between a fixed and variable rate of interest so you can take advantage of the benefits of both loan types and save money on interest.
- Mutual benefits. Because G&C Mutual Bank are a community owned financial institution, any money the bank makes comes back its members (you) in the form of better deals and lower rates.
- Branch access. Compared to the Big Four Australian Banks, G&C Mutual have a small number of bricks and mortar branches where you can speak to someone face to face. G&C Mutual Bank have a massive ATM network through their partnership with a number of different banks; however, their branch and service centre network is less extensive.
How to apply for a G&C Mutual Bank home loan
Apply for a G&C Mutual Bank home loan online to join the hundreds of thousands of Australians who already bank with a mutual society.
- Online enquiry. You can go to the G&C Mutual Bank website and fill in a secure online enquiry form for a home loan. To submit an online enquiry, enter some basic personal information about yourself, like your name, address and contact details and a G&C Mutual Bank home loan representative will be in touch within a couple of business days to discuss your options and guide you through a home loan application.
- Download an application form. You can also follow the links on this page to the G&C Mutual Bank website and download a home loan application. If you’re confident you can complete the application yourself, you can apply in your own time and submit the form when you’re ready.
- Book a consultation. You can also book a consultation and a local business manager can visit you in your home or workplace to discuss your options for a G&C Mutual Bank home loan.
Mutual banks offer a great alternative to mainstream financial institutions. When you apply and get approved for a financial product from a mutual, like a home loan or a credit card, not only are you a customer, you’re also a member. As a member you benefit from lower rates and better deals when the bank makes a profit, and you also get a say in how the bank is run. Compare home loans from G&C Mutual Bank if you’re looking for competitively priced mortgages with all the value adding features you’d expect from larger mortgage provider.
Documents needed to apply for a G&C Mutual Bank home loan
You need to verify your identity to apply for a G&C Mutual Bank home loan.
- Basic personal information. You will need to provide some basic information about yourself like your current residential address, your contact details, date of birth, marital status and number of dependants.
- Driver’s licence. The online application requires that you provide you driver’s licence number. You may need to provide 100 points of identification once you submit a full application for a G&C Mutual Bank home loan.
When you are ready to submit a full application for a G&C Mutual Bank home loan, a G&C Mutual Bank representative will advise you about which the following documents you need to provide:
- Contract of sale
- Certificate of title
- Transfer of land document
In order to assess your borrowing capacity, G&C Mutual Bank will need information about your finances both single and jointly owned.
- Employer’s information. You need to provide information about your employment, including the nature of your employment, your occupation, how much you earn and your employer’s or accountant’s contact information. You need to provide your two most recent payslips. This applies to each applicant.
- Assets. Information about any bank accounts, savings accounts, investment properties, motor vehicles, sundry assets and anything else with value that you own.
- Liabilities. Provide information about any other mortgages, personal loans, credit cards and other liabilities. You need to provide the two most recent statements for each credit card you have.
- Monthly budget. Provide G&C Mutual Bank with a snapshot of your monthly budget. This includes existing and proposed income and ongoing expenses like child support.
- Insurance. There are some simple questions about whether you hold any insurance policies and the maximum benefit available under each of these policies.
Home Loan OffersImportant Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers (*now 3.09%, drops to 2.84% on 29 Oct), P&I $200K+
Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.
Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.
Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
Ask an Expert