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Beyond Bank Special Low Variable Loan

Features

The Beyond Bank Special Low Variable Loan offers borrowers a multitude of features that will assist in minimising loan costs if used effectively.

This includes a 100 per cent offset account and redraw facility which will incur no extra costs. Borrowers will also be able to take advantage of the ability to make unlimited extra repayments over the life of the loan.

Repayments can also be structured in weekly, fortnightly or monthly increments, depending on what is best suited to the borrower. This loan is not for those borrowers who are interested in a split rate or interest only loan as it is offered as a variable rate, principal and interest loan only.

Who is the Beyond Bank Special Low Variable loan good for?

The Beyond Bank Special Low Variable Loan is ideal for refinancers who want to use the equity in their existing loan to snag one of the lowest interest rates on the market. Borrowers who want to switch to a low rate loan but are worried about retaining the features that they use the most in their current loan will also find this loan suitable as it has a range of free features of which they can take advantage.

Review - What RateCity says

While this loan offers a great variable interest rate and charges practically no fees it is not easily accessible to most borrowers. This is due to the large deposit required to secure the loan which would be prohibitive for most first home buyers. For this reason, established borrowers looking to refinance will have the best chance of taking advantage of this deal although they must be owner-occupiers.

For those who are able to meet the conditions of this loan there are a range of freely available features that will also sweeten the deal. From a 100 per cent offset account to unlimited extra repayments, the savvy borrower will be able to make the most of these to minimise the total interest paid over the life of the mortgage.

Beyond Bank Special Low Variable Loan Options

Borrowers who are considering this loan will need to have a reasonably large deposit to meet the borrowing criteria. Loan options can be found in the table below:

Variable Rates from

3.83%

Advertised rate

3.83%

Comparison rate
Pros
  • No upfront fees.
  • No ongoing fees.
  • Very competitive interest rate.
Cons
  • Discharge fee.
  • Must have a large deposit.
  • No split loan or interest only option available.
Eligibility

Must meet minimum deposit requirement.

Must be planning to occupy the property.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $0 - $150
  • Discharge fees: $295
  • Ongoing fees: $0

The Beyond Bank Special Low Variable Loan is relatively fee free loan that can be established with no upfront cost to the borrower. There are no ongoing monthly or annual fees and customers will not have to pay to access any of the features on offer. There is a small discharge fee, however, that is payable after the home loan has been paid off in full.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Beyond Bank Australia

Beyond Bank is a customer-owned banking institution with 40+ branches across Australia. Beyond Bank customers can withdraw money from their accounts using the rediATM system which includes over 3,000 ATMs. There is also a call centre based in Australia available to customers and a live chat service to contact the bank online.

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