Illawarra Bank Beater variable rate home loan

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Keep your mortgage repayments low with a competitive interest rate offer on the Illawarra home loans Bank Beater.

The Illawarra Bank Beater variable home loan offers a bonus rate cut by 0.05% if you’ve had the loan after 5 years. And if application is successful, Illawarra home loans will also waive valuation, application or legal fees saving you up to $935.

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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This home loan is available as a full documentation but Pay As You Go (PAYG) and the self employed and also eligible. If you would like to consider the low documentation version please contact Illawarra Home Loans directly to discuss your options. Be mindful that lender's mortgage insurance will incur for 80% loan-to-value ratio home loans that are full documentation.

About this loan

What are the features and benefits of the Illawarra Bank Beater home loan?

  • Loan amount. Borrow from $250,000 to $1,000,000. If you have multiple properties, you can also borrow from $1,000,000 to $4,000,000.
  • Loan term. A minimum loan term of 15 years to a maximum of 30 years.
  • Loan-to-value ratio. Borrow up to 80% of the property's value, which means you'll need a 10% deposit.
  • Interest-only repayments. Take advantage of interest-only repayments for up to 10 years. Investors can use this as part of their investment strategy.
  • Repayment options. Direct debit, salary credit, BPAY and deposit book. Make additional repayments on your loan when extra funds are available. Repay your loan either weekly, fortnightly or monthly.
  • 24/7 access. Enjoy 24 hour Internet and telephone access so you can have full control of your funds.
  • Redraw facility. Feel secure knowing you can withdraw funds from your loan when needed.
  • Offset account. Use your savings to reduce the amount in your principal so you can save on interest payments.
  • Split facility. Split your loan up to four times and you could get the best of both variable and fixed repayments.
  • Portability. Transfer your loan amount with no exit fees when you move houses.

What fees and charges come with this loan?

  • Application Fee $0. Illawarra home loans will pay this fee for you.
  • Valuation Fee $0. This will be refunded if your loan proceeds to settlement.
  • Legal Fee $0. Illawarra home loans will also pay this fee for you.
  • Lender's mortgage insurance. This is insurance to protect the lender in the case that the borrower defaults, applicable if your LVR is higher than 80% for high documentation loans.
  • Service Fee $345. This is the annual fee that you need to pay to cover the cost of maintenance and account opening.
  • Title insurance fee: Starting from $132. This insures you against financial loss from defects in the title to property.

How to apply

If you would like to take advantage of this home loan, please click 'enquire now' and you'll be safely redirected to the Illawarra Home Loans website where you can fill out an online application. The whole process will take up to 10 minutes and an Illawarra Home Loans mortgage professional will contact you with your pre-approval. Please have the following information ready;

  • Personal details
  • Loan purpose
  • Intended amount for the loan
  • Best time to contact you

Use the buttons below to start your enquiry.

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