Sydney Mutual Bank Basic Variable Rate Home Loan

The Sydney Mutual Bank Basic Variable Rate Home Loan is a simple home loan for people who aren’t looking for too many features but want competitive rates.

Featuring competitive interest rates, low fees and minimal features, Sydney Mutual Bank's Basic Variable Rate Home Loan is a simple alternative to feature-filled home loans or packages. With features like a redraw facility and a discount off the standard variable rate, this is a competitive basic home loan.

No reviews yet. Write a review

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Review by

Jodie Humphries was a social media manager, producer and writer at Finder.

Expert review

The Sydney Mutual Bank Basic Variable Rate Home Loan is suitable for people buying their own home for loan amounts above $20,000. The Sydney Mutual Bank Basic Variable Rate Home Loan also offers a competitive variable rate that is discounted off the standard variable rate, and a redraw facility.

About this loan

What are the features and benefits of the Sydney Mutual Bank My Life Variable Rate Home Loan?

  • Minimum loan amount. The Basic Variable Rate Home Loan is available for loan amounts starting from $20,000.
  • Loan term. The Sydney Mutual Bank Basic Variable Rate Home Loan can be taken out for a period of up to 30 years.
  • Maximum loan-to-value ratio (LVR). You can borrow up to 80% LVR without lenders mortgage insurance (LMI) and up to 95% LVR with LMI.
  • Repayment options. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your budget.
  • Redraw facility. You can take advantage of the redraw facility for a fee of $50. There is also a minimum redraw amount of $2,000.

What fees and charges come with this loan?

There are no ongoing fees with this home loan. Below is a list of the fees that are attached to this loan:

  • Application fee: $250. This is charged for the processing of your application.
  • Legal fee: $286. This is charged for the legal fees incurred by Sydney Mutual Bank during the application process.
  • Valuation fee: $209. This is charged for the valuation of the property you wish to purchase.
  • Redraw fee: $50. You will be charged this fee when you redraw any additional repayments you have made into your loan account.
  • Discharge fee: $180. This is charged for the discharge and closure of your home loan when you refinance or have paid out your loan.

How to apply

In order to qualify for a loan you will need to be at least 18 years of age and a permanent Australian resident. You will also need to supply:

  • Proof of identity
  • Employment information and proof of income
  • Details of any assets you own, for example, shares or property
  • Details of any liabilities you have to your name, such as any outstanding debts
  • Details of the property you are buying. This will include documents such as the contract of sale, certificate of title and transfer of land

The Sydney Mutual Bank Basic Variable Rate Home Loan offers all the basic features you need in a home loan without the ones you don't always want and comes with low fees and a competitive variable rate.

Home Loan Offers

Important Information*

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.


    Default Gravatar
    March 15, 2018

    I am currently low on deposit and wish to borrow up to 95%. However I was advised that when I borrow up to 95% of value, I will be needed to pay LMI up front. Are there any loans which finance up to 95% of property value with the option to capitalise LMI over the loan tenure? E.g. If my LMI component amounts to $15,000, I wish that to be capitalised and paid out along with my Loan EMIs.

      Default Gravatar
      March 22, 2018

      Hi Nitin,

      Thanks for your questions and for visiting finder.

      There are a lot of lenders who allows a maximum of 95% LVR. However, when your LVR is over 80%, you will need to pay LMI premiums if borrowing more than 80%.

      Hope this information was useful!

      Thanks and regards,


Go to site