Your guide to comparing home loan products available from Hume Bank.
Hume Bank is an award-winning organisation that has operated for more than 55 years. It provides a portfolio of financial services to its customers and offers competitive personal and home loans, insurance products and financial planning services.
Who is Hume Bank?
Hume Bank offers five home loan options. Loans are available with variable and fixed interest rates, and there are options for borrowers who want to access their equity. Loans from Hume also provides features such as offset accounts, redraw facilities and waived fees. Hume also has some handy online tools for borrowers, such as key fact sheets on all of its loans, comparison charts and customer service chat options. If you’re a first home buyer, an investor or planning to build a home, Hume Bank may have the loan you’re looking for.
Home Loans offered by Hume Bank
Standard Variable Rate home loan
This loan has competitive interest rate that can be slit which comes with the ability to make extra repayments. This loan comes with a full offset account and a once-per-month redraw facility. Repayments can be made in principal and interest or interest-only components. There is an application fee attached to this loan but no break costs. In addition, there is no minimum loan amount with this option, which makes it a viable choice for borrowers who are looking for a smaller loan.
Interest Saver home loan
This is a no-fuss variable interest rate home loan that is offered at a competitive rate. The loan can be split and repayments can be made in principal and interest or interest-only and extra repayments are allowed. This loan option does not come with an offset account but it does have a redraw facility (with fees attached). There is also an application fee tied to this loan.
Line of Credit home loan
This Line of Credit loan is a variable interest rate loan that makes access to equity its top priority. With this loan you can invest in funds, shares or other ventures. Repayments can be made in principal and interest or interest-only, and you can make extra repayments to get out of debt quicker. There are no redraw facilities with this loan and no offset account. If you want to have access to equity in order to invest, this loan could be an option. There is, however, an application fee to take note of when applying for this loan.
One Year Introductory Rate home loan
This loan has a fixed interest rate for the first year to assist you when your expenses may be at their highest. After one year, the loan reverts to a variable interest rate. Repayments can be made in principal and interest or interest-only, while extra repayments are also allowed. Like all of Hume Bank’s loans, this loan has an application fee. Other features include an offset account and a once-per-month redraw facility. As an added bonus, this loan is available for construction projects.
Fixed Rate home loan
This loan is ideal for people who want the security of knowing how much repayments will be. The interest rate can be fixed for a set period, after which the loan reverts to a variable interest rate loan. Repayments can be made in principal and interest or interest-only, and extra repayments are allowed under certain conditions. There are redraw facilities and an offset account available with this loan, but not during the fixed rate period. An application fee also applies. About how to compare home loans
Pros and cons of Hume Bank home loans
- Flexible repayments. All of Hume Bank’s loans have flexible repayment schedules, letting you make repayments that suit your current financial situation.
- Low minimum loan amounts. Two of the loan options from Hume have no minimum loan amounts, which could be helpful for first home buyers.
- Repayment options. You can make repayments in principal or interest-only on all Hume Bank loans.
- Application Fees. All loans require the borrower to pay an establishment fee.
How to apply
Hume Bank do not offer an online application form. Rather, if you'd like to apply for a loan you can submit an enquiry via their website and a Lending Consultant will be in touch with you. You also have the option of consulting with a mortgage broker by following the link below. With a home loan broker today Hume Bank’s portfolio of home loans may have just the loan you’re looking for, but make sure to do your research and compare other loan products to know you’re getting the best deal.