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Expert review

Jodie Humphries

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.

About this loan

What are the features and benefits of the Sydney Mutual Bank My Life 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*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

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3 Comments

  1. Default Gravatar
    Steve
    October 6, 2015

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

    • Avatarfinder Customer Care
      Marc
      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,
      Marc.

  2. Avatarfinder Customer Care
    Belinda
    August 12, 2015

    Hi Shane,

    Thanks for your enquiry.

    finder.com.au is an online comparison service so we don’t offer home loans ourselves and we don’t represent SCU.

    Generally, it’s advisable that you come up with at least a 20% deposit so you can avoid paying Lender’s Mortgage Insurance (LMI). You can read our guide about LMI on this page. If you’d 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 on this page.

    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.

    Thanks,
    Belinda

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