Geelong Bank was established in 1974 and aims to provide competitive financial products and services to all of its members throughout Australia. Its suite of products includes a number of home loan options for prospective borrowers.
Awards that Geelong Bank has earned
- Best DIY Super Saver Account: 2009 Money Magazine Best of the Best Awards
Geelong Bank's rebranding
Geelong Bank was formerly known as the FCCS Credit Union. It remains a member-owned institution.
Compare Geelong Bank home loans
Who is Geelong Bank?
Geelong Bank aims to focus on member-benefits, community involvement, fairer fees and customer service. Geelong Bank profits are returned back into the credit union to help offer better products to its members.
Geelong Bank offers five home loans, each with its own individual benefits. From basic options through to rewards-based loans and comprehensive packages, Geelong Bank offers a range of mortgage to potential borrowers.
Home loans offered by Geelong Bank
Value Plus home loan
The Value Plus home loan provides a competitive interest rate and a number of flexible options. It features an offset account to help you reduce the interest you pay on your home loan, plus the option to make weekly, fortnightly or monthly repayments. The Value Plus home loan also gives you the choice of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments.
Property Accumulator home loan
If you’re looking to purchase a residential property, the Property Accumulator home loan provides competitive variable interest rates and flexible options. Loan features include a mortgage offset account, free online redraw facilities and the ability to make extra repayments without incurring any penalties. Weekly, fortnightly and monthly payments are available and you have the ability to top up your loan.
The Relocation home loan
If you want to build or purchase your dream home without the need to sell your current home first, the Relocation Home Loan may be the product for you. With no repayments on the loan amount required for the first 12 months of the loan, it offers the flexibility to allow you to relocate. Other loan features includes competitive variable interest rates, plus the option to make variable or lump sum repayments.
Rewards home loan
The Rewards Home Loan offers a competitive standard variable rate to enable members to save as much money as possible on their home loans. Benefits include the ability to pay your loan off early without incurring any penalties, plus free ATM and EFTPOS transactions.
Member Advantage home loan
The Member Advantage offers competitive variable interest rates, free online redraw facilities and the ability to make extra repayments without penalty. It also offers the ability to refinance home loans from another lender, so if you’re not happy with your current lender you can switch to Geelong Bank.
Pros and cons of Geelong Bank home loans
- Discounted interest rate. Geelong Bank provides an interest rate discount on its Value Plus Home Loan for an introductory period to eligible customers.
- Focus on the needs of customers. Geelong Bank works in the best interests of its owners, who are also its members. It does not pass any profits to its shareholders but instead makes them available to its members in terms of attractive rates and better products and services.
- Good choice. Geelong Bank has a wide variety of home loan options so potential borrowers have a number of products to choose from.
- Lack of branches. Geelong Bank only has three branches across Australia, which is a definite drawback for those who like to deal with their financial institution face to face.
How to apply for a Geelong Bank home loan
If you would like to apply for a home loan from Geelong Bank, please consult a mortgage broker.
Documents needed to apply for a Geelong Bank home loan
Proof of identity is not required to apply for the loan, however you will be required to supply suitable identification at a later date, including:
- If you are an existing member of the Credit Union, your membership number
- If you have not been living at your current address for at least two years, the details of your previous address
You will also need to provide details of the property you are purchasing:
- Details of location
- Type of property
- Purchase price
- Your monetary contribution
- Name of agent or private vendor
- Name of your solicitor
Financial information you will need to supply includes:
- Proof of income. Depending on your situation, this could be in the form of payslips, tax returns, bank statements or your contract of employment.
- Details of your assets. This includes bank accounts, shares, life insurance, motor vehicles and personal assets.
- Details of your financial commitments. This includes payments on other loans, mortgages, credit cards etc.
In order to determine whether one of Geelong Bank’s home loans is right for you, compare loans with other products on the market and seek advice from a mortgage expert.