Fixed loan terms of one, two, three and five years are available, and a split option is also available to those who prefer the benefits that both fixed and variable loans offer.
The Bank of Sydney Expect More Loan has a number of features available, including a 100 per cent offset account and redraw facility, which are popular options for many mortgage borrowers.
It allows for extra repayments and lump sum payments up to a certain amount annually, which can be a good way to pay down the home loan faster. You must also direct debit your loan repayments from a Bank of Sydney transaction account.
As part of the package, it also offers an annual fee-free credit card with a pre-approved limit. A cheque book is also available with this loan.
Other features of the Bank of Sydney Expect More Loan include the option for borrowers to use a guarantor to sign on this loan.
Who is the Bank of Sydney Expect More Loan good for?
The Bank of Sydney Expect More Loan might suit someone who prefers the convenience of holding several of their financial products with the one lender, as this loan requires that the borrower take out a credit card and everyday bank account along with the home loan.
It might suit someone who likes the added value of a mortgage offset account and the ability to make extra repayments without penalty, plus the flexibility of choosing between fixed, variable or a split loan.
Review - What RateCity says
The Bank of Sydney Expect More Loan offers competitive rates for both fixed and variable home loans. As a packaged product, it must be bundled with other Bank of Sydney products including a credit card and everyday bank account among other serviceability requirements.
The package also carries an annual fee, which is higher than most home loan ongoing fees. However, the package fee may cover some of the upfront costs, which will be determined by the lender.
The Bank of Sydney Expect More Loan offers some popular mortgage features, including a mortgage offset account and redraw, and allows borrowers to make extra repayments and lump sum payments.
Bank of Sydney Expect More Loan Options
The Bank of Sydney Expect More Loan package is available on a variety of mortgage options, including fixed, variable or split, and for both investors and owner-occupier borrowers.
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