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Review by

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

Expert review

This loan is suitable for a borrower looking to predict their home loan repayments for a fixed period while enjoying a low interest rate.

Borrowing amounts start at $25,000, and you can borrow up to 80%-95% of the property's value, with any loans above 80% LVR incurring LMI. You also have the ability to fix your rate for a period of one, two, three, or five years.

About this loan

What are the features and benefits of the Sydney Mutual Bank Fixed Rate Home Loan?

  • Minimum loan amount. Loans can be taken out starting from $25,000.
  • Loan-to-Value Ratio (LVR). You can borrow up to 95% (90% for interest only) of the property value; however, you will incur lenders mortgage insurance (LMI) if you borrow more than 80% LVR. The maximum LVR you can borrow if you are using this loan to purchase land only is 70%.
  • Repayment flexibility. You can choose to pay off your loan in weekly, fortnightly or monthly repayments, depending on your needs. You can also make additional repayments of up to $10,000 per year before incurring fees.
  • Redraw facilities. This loan offers free online redraws. The minimum redraw amount is $100.
  • Credit protection insurance. You can take out loan repayment insurance, which covers your loan repayments if you are unable to pay due to injury or illness, but this will come at an extra cost.

What fees and charges come with this loan?

  • Switching fee: $300. You will only have to pay this fee if you switch to a different Sydney Mutual Bank mortgage.
  • Legal fee: $286. This fee covers the legal cost of setting up your loan.
  • Valuation fee: $209. This fee covers the lender's cost to value your property. This fee may vary by state.
  • Discharge fee: $180. The discharge fee applies when you close out your home loan, either when the loan ends or when you refinance.

How to apply

There are two main eligibility requirements Sydney Mutual Bank requires before you contact them about this loan:

  • Residency In order to be eligible to apply for this loan you must be an Australian citizen or permanent resident.
  • Age All applicants must be over the age of 18 years in order to proceed with an application.

Before you proceed with the application process make sure to have the below handy:

  • Sydney Mutual Bank member number If you are a current customer of Sydney Mutual Bank you will be required to supply your membership number.
  • Identification You will need to provide photo ID.
  • Income You will be required to provide details of your income as well as any other income producing assets you have.
  • Liabilities Sydney Mutual Bank will ask for details of any other loans or credit that you are paying off that may affect your ability to pay off this loan.
  • Property purchase You may also be asked to provide details of the property you are wanting to be used as equity for this loan.

Home Loan Offers

Important Information*

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    Default Gravatar
    October 6, 2015

    Is interest only repayments available at the interest rate quoted of 3.79%

      Avatarfinder Customer Care
      October 6, 2015

      Hi Steve,
      thanks for the question.

      Unfortunately, interest only repayments are only available with SCU’s investment home loans. At the current time the My Life Fixed Rate is only available for owner occupier loans.

      I hope this helps,

    Default Gravatar
    August 12, 2015

    Hi Shane,

    Thanks for your enquiry.

    Generally, it is advisable that you come up with at least a 20% deposit so you can avoid paying Lenders Mortgage Insurance (LMI). If you would like to borrow $315,000, you would therefore require $63,000 to complete a 20% deposit.

    You might also be interested to read about how to compare first home buyer loans and to get m[ore information on how much you can borrow and how to access the many concessions and grants for first home buyers.

    If you think the SCU My Life Fixed Rate home loan is suitable for you, you can click on the ‘Go to Site’ button on this page to be redirected to the SCU website where you can begin the application process.

    To be eligible for this loan, you must be an Australian citizen or permanent resident and you must be aged 18 years and over. I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.

    Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.


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