Variable and lump sum repayments

By contributing any extra income to your loan, in addition to your usual repayments, you are able to pay off your loan sooner and therefore you could save thousands of dollars in interest costs.

Extra repayments without penalty for variable rate loans

The more you pay to your loan the more money you save in interest charges.

Redraw facility

Top up facility available

Want to make some renovations on your house or landscape your garden? Maybe you wish to go on holiday or purchase a new car? Our top up facility enables you to increase your loan amount throughout your loan term. Increasing your home loan is cheaper and more convenient than taking out an additional loan.

No monthly account keeping or maintenance fees

Unlike some other institutions, we do not charge for any account keeping or maintenance fees on our mortgage accounts, saving your money.

We have a Transaction Fee Allowance program which gives you a monthly allowance up to $40 per month to offset against any transaction fees you incur in that month. Refer to our Transaction Fee Schedule for an explanation of how this program works.

Automatic repayments (salary / account)

You can arrange to make automatic repayments either by payroll deduction, direct debit from your savings or transaction account, internet or telephone banking. Setting up automatic repayments saves you time and enables you to avoid any late fees.

Loan repayment insurance available

Loans are long term commitments, so it makes sense to protect your repayments. Learn more about our Loan Repayment Insurance.

Do I have to be a member to take out a loan?

Anyone can enquire or apply for a loan with us - you don't have to be a member at the time.

You will need to become a member when you take out the loan. We are a mutual financial services organisation whose shareholders are its members, and you must be a member before you can take up a product or service with us.

Read more about becoming a member.

How much can I borrow?

The amount you can borrow is dependent on the type of loan you apply for. The actual amount you can borrow is, however, determined by your ability to meet the repayments of the loan and the value of the loan security.

Use our Borrowing Power Calculator

What costs do I need to consider?

• Deposit
• Stamp duty & Registration Fees
• Legal Fees
• Searches and inspections
• Valuations

Deposit

The biggest initial cost is the deposit. This could range from 5% and above of the value of the property. This will range from 5% to 30% depending on the type of loan you require.

Stamp duty & Registration fees

Stamp duty and registration fees are payable on a property purchase and on a mortgage where applicable.

Property purchase stamp duty & registration fees

Property purchase stamp duty is a form of government tax and is calculated on the market value of the property or the purchase price, whichever is greater. You may be exempted or eligible for a concession, please contact your solicitor / conveyancer.

In addition, whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.

Mortgage stamp duty and registration fee where applicable

Stamp duty is incurred to make mortgage documents legal. The fee is determined by the amount you are borrowing. We will calculate your loan security stamp duty and will pay the applicable state authority on your behalf. You will be charged a cost.

There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.

Legal Fees

Legal expenses for the average home purchase include (indicative only):

• Solicitor fees (between $500 - $2000)
• Survey and building certificate ($450)
• Building inspection and pest report ($400 - $500)
• Property Valuation ($300 - $500)

Searches and inspections

Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include the following:

• Title search

A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.

• Building inspection and pest report

The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building or roof, damp etc. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment.

• How do I make repayments on the loan?

You can arrange to make your loan repayments either by:

• payroll deduction
• direct debit from your savings or transaction account
• through Internet or Phone banking transfer
• at any of our branches or
• using Bank@Post

Learn more about these repayment methods

How often will I receive information on my account?

Statements are issued quarterly. More frequent of duplicate statements can be requested at any time from our office. Account information is also available, 24/7, through our Internet and Phone banking services.

What security is required to take out a Home Loan?

Your loan must be secured by a registered mortgage over a residential owner occupied property.

What happens if I get sick, have an accident or lose my job?

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance.

Learn more about our Loan Repayment Insurance

Do I need to take out insurance?

Lenders Mortgage Insurance will be required if the amount of your loan exceeds 80% of the valuation or purchase price, whichever the lesser. Building Insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation.

You can take out insurance on your loan for your peace of mind. This insurance is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies to suit your needs.

What is Loan Repayment Insurance?

Loan Repayment Insurance provides you with the peace of mind that if any unfortunate event, such as your death, disability, involuntary unemployment or trauma occurs, your assets will be safe and your loan repayments will be taken care of.

Learn more about our Loan Repayment Insurance

What is Lenders Mortgage Insurance?

Lenders mortgage insurance, if applicable, covers us against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default of loan repayments. It must not be confused with Loan Repayment Insurance above which covers your lending obligations in the case of sickness, accident or involuntary unemployment.

• View Interest Rates
• Know how much you can borrow with our loan calculators
• Protect yourself with Loan Repayment Insurance
• Generate a Personalised Home Loan Key Facts Sheet