Beyond Bank

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Beyond Bank

Founded: 2006

Lender Type: Non-Bank

Owned by: Customer-Owned

Before 2013, Beyond Bank was one of Australia’s largest credit unions. As a customer owned bank, profits are used directly to benefit customers. Aside from top-notch customer support, you’ll find flexible options, lower fees, and a willingness to work with borrowers, including the self-employed and those nearing retirement age, who may traditionally have trouble getting approved by other lenders.

Key Benefits

More flexibility than with other lenders
Can qualify even with a low deposit
A lot of benefits for first-time buyers

Drawbacks

Rates not as competitive as with other banks
Multiple fees on some loans
Limited branch access

Home Loan Products

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Home Loans Description

Total Home Loan Package

With Beyond Bank’s Total Home Loan Package, you can save money on banking, credit card and mortgage account fees while also reducing what you pay in interest over the life of your loan with an optional offset account. Choose which type of loan you want – variable, fixed, a line of credit or you can even split your loan. Down the road, you can switch between different rate types without having to pay anything. For even more control over how you manage your mortgage, you can take advantage of all the flexibility features, like early repayments, redraw and an offset account, with both variable and fixed rate options.

Standard Variable Rate Home Loan

You can use this Standard Variable Rate Home Loan for a new home, investing, a new build, or even if you want to refinance so you can have money available to renovate your home. With no monthly fee, flexibility options like redraw and a mortgage offset account, you get more space to control your repayments your way. You’ll also get a balance of moderately competitive rates and a lot of control over your loan. It may also be great for first time home buyers with a low deposit – you can borrow up to 95% of the purchase price.

Fixed Rate Home Loan

Choose between 1, 2, 3, 4, and 5-year fixed terms with a relatively low fixed interest rate when compared to a lot of other lenders. You also get excellent flexibility – something you won’t find from all banks for fixed rate loans – with extra repayments up to $25,000, redraw, and bridging finance. For first time homebuyers, being able to borrow up to 95% of the purchase price and use some of your parent’s equity to help qualify, while still getting the security of a fixed rate, can make this loan product a worthwhile option.

All-In-One Home Loan

For those who like to keep their finances simple, you can save a lot of cash with Beyond Bank’s All-In-One Home Loan product, while also streamlining your money. Have your income deposited directly into your account and then use it to cover your transactions while also reducing your interest by putting your salary towards your loan. This line of credit home loan also gives you the option to invest when you want to, renovate, use your built up equity – the sky’s the limit. Loan terms up to 25 years are available.

Building Loan

Ready to build the home of your dreams but want a competitive loan to finance your project? Whether you are building a home to live in or for an investment property, Beyond Bank offers a great Building Loan product with no monthly fees and a three-month pre-approval, which gives you plenty of time to find your perfect builder. To make the process of having your property built even less stressful, you can choose to make interest-only payments while your home is being constructed.

Investor Loan

You’ve got a lot of options if you want to invest in a property. Beyond Bank offers moderately low rates, redraw for any surplus funds, and the option to split your loan so you can get a balance of stability and flexibility. You can also pay off your loan with a timeline that works for you with the flexible principal and interest repayment options and loan terms up to 30 years.

Basic Variable Home Loan

Beyond Bank is waiving the establishment fee on their Basic Variable Loan for first home buyers, making this an excellent option. You get a low rate, the ability to borrow up to 95% of the purchase price with lender’s mortgage insurance, and you can minimise your monthly repayments with up to a 30-year loan term. And, you still can enjoy plenty of flexibility with the option to make extra repayments without having to pay anything. You can also choose your repayment frequency to suit your preferences.

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