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Sydney Mutual Bank My Life Variable Rate Home Loan

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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.

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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

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.

About this loan

What are the features and benefits 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.

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

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.

Home Loan Offers

Important Information*
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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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