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Sydney Mutual Bank Basic Variable Rate Home Loan
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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.
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Expert review
Review by
Jodie Humphries
jodie.humphries@finder.comJodie 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.
