RateCity.com.au
Advertisement

G&C Mutual Bank Fixed Rate Loan

Features

The G&C Mutual Bank Fixed Rate Home Loan offers competitive fixed home loan rates, although this is dependent on the loan term.

If you’re looking for flexibility, this loan does give the option of a redraw facility, however there is a minimum withdrawal amount. There is also the option of making additional repayments into the loan, however these are capped in relation to your loan amount.

G&C’s fixed rate loan also a 100 percent offset account which can help you reduce the interest you pay on the loan, which is not necessarily a feature of other fixed rate loans.

You can borrow up to 95 percent of the purchase price which can be appealing if you’ve got a smaller deposit but if you want to avoid paying mortgage insurance, you will need at least a 20 percent deposit.

If your loan is over a certain amount, the G&C Mutual Bank Fixed Rate Loan does give you the option of bundling your credit card and transaction accounts into a Premium Package.

If you opt for the Premium Package, it is worth noting that there is an annual fee on the package component of the loan.

If you’re looking for the best of both worlds, the G&C Mutual Bank Fixed Rate Loan can be split across both fixed and variable loan options, allowing you keep a foot in both camps.

As G&C Mutual Bank are community owned, any profits the bank makes are distributed back to its members which could mean lower rates and fees in the future.

Who is the G&C Mutual Bank Fixed Rate Loan good for?

For those looking for certainty in their repayments, the G&C Mutual Bank Fixed Rate Loan is worth exploring.

Review - What RateCity says

If you’re looking for a loan that gives you low rates and stability with your repayments, this G&C Mutual Bank Fixed Rate Loan is worth considering.

As G&C Mutual Bank are a smaller lender, their face-to-face support can be a bit limited. While there is flexibility in this loan, it’s not as feature-rich or tailored as other home loans.

While the rates are low, the fees can add up, specifically if you opt for the Premium Package. So make sure that what the low interest saves you in repayments isn’t offset by the high upfront fees and annual package fees.

If you like the idea of a community bank and want to have a say in how the bank is run, then the G&C Mutual Bank Fixed Rate Loan might work for you.

G&C Mutual Bank Fixed Rate Loan Options

The G&C Mutual Bank Fixed Rate Loan lets you lock in your rate for a period of 1 to 5 years.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details
Details

Fixed Rates from

3.89%

Advertised rate

3.92%

Comparison rate
Pros
  • Low fixed interest rates.
  • Predictability of repayment amount.
  • 100 percent offset account.
Cons
  • High upfront fees.
  • Limited branch network.
  • Limited additional repayment options.
Eligibility

Proof of income and employment.

Provide a list of assets and liabilities.

You will need to provide G&C Mutual Bank with a snapshot of your monthly budget.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $500
  • Discharge fees: $300
  • Ongoing fees: $0

This low rate fixed home loan is relatively low-maintenance. While there are no ongoing monthly loan fees, there are high upfront and moderate discharge fees.

When bundled with the Premium Package, you will be charged an additional annual fee on your credit card and transaction accounts.

There are no redraw fees, but there is minimum withdrawal amount and additional repayments are capped at a percentage of the loan amount.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About G&C Mutual Bank

G&C Mutual Bank is a community-owned financial institution which means that you if the bank makes a profit, you might benefit from better deals and lower rates.

While they are smaller than other lenders with a limited branch and mobile lender network across NSW, they do have 24/7 online banking, phone support and an banking app.

Compare your product with the big 4 banks, or add more products to compare