Take advantage of a competitive variable rate and a 100% offset account with the Sydney Mutual Bank My Life Variable Rate Home Loan.
Sydney Mutual Bank has been offering financial products and services to its members for more than 50 years, and for those looking for a competitive rate and a host of flexible features they offer the Sydney Mutual Bank My Life Variable Rate Home Loan. The loan offers unlimited free online redraws and a 100% offset account to help minimise the amount of interest you repay.
If you prefer the security and convenience of a fixed interest rate, you may wish to consider the features of the My Life Fixed Rate Home Loan.
Changes to the Sydney Mutual Bank My Life Variable Home Loan
The Sydney Mutual Bank My Life Variable Home Loan is no longer available as a package loan, meaning you cannot bundle your mortgage with other Sydney Mutual Bank products and get discounts on insurance. Sydney Mutual Bank has therefore removed the annual package fee.
| Product Name | Sydney Mutual Bank Variable Rate Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $20,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $250 |
|---|---|
| Lender's Legal Fee | $286 |
| Valuation Fee | $209 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $180 |
Pros
- $0 ongoing fees
- 100% offset account
- Unlimited free redraws
Cons
- Application fee of $250
- There is a $300 switching fee
- There is a $180 discharge fee
Things to consider about the Sydney Mutual Bank My Life Variable Rate Home Loan
The Sydney Mutual Bank My Life Variable Rate Home Loan is suitable for people buying their own home.
Designed for loan amounts above $20,000, the Sydney Mutual Bank My Life Variable Rate Home Loan also offers a competitive variable rate, unlimited free online redraws and a 100% offset account.
Features of the Sydney Mutual Bank My Life Variable Rate Home Loan
- Minimum loan amount. The My Life Variable Rate Home Loan offers a range of interest rates for different loan amounts, beginning at $20,000. As you borrow more you can receive a better interest rate.
- Maximum LVR. Without any lender’s mortgage insurance in place, the maximum LVR on this loan is 80%. However, taking out LMI entitles you to borrow up to 95% LVR (90% LVR for Interest Only).
- Offset account. This loan comes with a 100% offset account to help you minimise the amount of interest you will need to pay on the funds you borrow.
- Repayment options. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your budget.
- Redraw facility. You can take advantage of unlimited free online redraws, but staff-assisted redraws in an Sydney Mutual Bank branch will attract a fee.
Fees for the Sydney Mutual Bank My Life Variable Rate Home 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 for the Sydney Mutual Bank My Life Variable Rate Home Loan
The online application for this loan on the Sydney Mutual Bank website takes approximately 15 minutes to complete and requires you to provide the following:
- Your Sydney Mutual Bank membership number
- Your name and contact details
- Whether you want to borrow funds to buy a residential or investment home, refinance or renovate
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 My Life Variable Rate Home Loan offers a variety of features and discounts for borrowers looking for a competitive home loan.
