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Regional Australia Bank Basic Home Loan

Features

This Basic Home Loan offers some features that make it suitable for investors and owner-occupiers, including first home buyers, who want to keep their interest and ongoing costs down.

Borrowers can make additional repayments with no penalty, allowing them to reap interest costs savings. A redraw facility is provided free of charge.

Another key feature is that there are no ongoing fees, a big attraction if you’re on a tight budget.

The minimum loan amount is relatively high, however, at $100,000 and the loan can only be taken for new lending, so existing customers can’t get that deal. But refinancers can apply.

No offset account is available with this mortgage. So if you do have excess savings in your transaction account, they won’t work to offset the home loan principal and help reduce interest costs unless you actually make extra repayments. However, this may not make much difference to the cost of your loan if you don't have any savings to offset your home loan principal. 

Who is the Regional Australia Bank Basic Home Loan good for?

This Basic Home Loan may suit owner-occupiers, investors and refinancers. Without any ongoing fees and a relatively low upfront fee, borrowers can save money. Since the loan offers basic features, it may be particularly suitable for first home buyers.

Review - What RateCity says

The CMG Basic Home Loan comes with some advantages, with no ongoing fees and penalty free extra repayments. But if you want an offset account, this loan may not suit you. However, you can still keep interest costs down by making extra repayments. There is limited branch in regional NSW. Although, CMG does offer 24 hours access through their online internet banking services and mobile applications. And if you live in the area, you may benefit from CMU’s local knowledge and working relationships with local real estate agents and solicitors which the credit union says means faster home loan approvals.

Regional Australia Bank Basic Home Loan Options

To find out more about the Basic Home Loan offerings from Community Mutual Group, click on the links below.

Product
Advertised rate
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Monthly repayment
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Variable Rates from

3.87%

Advertised rate

4.30%

Comparison rate
Pros
  • No ongoing fees.
  • Free redraw facility.
  • Allows for additional repayments with no penalty.
Cons
  • No offset account.
  • Limited branch access.
  • Entry and exit fees.
Eligibility

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $400.00
  • Discharge fees: $150
  • Ongoing fees: $0

With a Basic Home Loan you do not have to pay any ongoing fees. There is a moderate upfront and discharge fee. Fortunately, the redraw facility is fee free. You can get instant access to view your loan 24/7 via internet banking and CMU’s free mobile app. You also get free access to over 3,000 ATMs Australia wide through Westpac’s ATM network.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Regional Australia Bank

Regional Australia Bank is a credit union operating in regional NSW and its local focus sets it apart from the larger banks. There are 29 branches operating from Singleton to Tenterfield and from Walcha in the east to Cobar in the west of NSW. You can bank with CMG online or via telephone banking and enjoy access to access to over 3,000 ATMs Australia wide by using the Westpac ATM network.

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