Bank Australia is a Victoria-based mutual bank that is owned by its customers, rather than by shareholders. Beginning in 1957 as the Members and Education Credit Union, Bank Australia was renamed as bankmecu before adopting its current name in 2015. Bank Australia is based in Melbourne and has served tens of thousands of customers over its history.
Bank Australia offers a wide range of mortgages that charge competitive home loan interest rates.
Bank Australia home loans rates
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Fixed - 2 years
Fixed - 3 years
- Suitable for low deposits.
- Opportunity to bundle financial products together.
- Discounts available on interest rates.
- Split loan options are included.
- Flexible repayment schedule with weekly, fortnightly and monthly repayment options.
- Some products include fees.
- Early exit fees apply to some products.
Bank Australia has over 30 branches located across Australia, and it’s customers have access to more than 3000 rediATMs nationwide. Home loan customers can get in touch with Australia Bank by calling the customer service centre or seeking face-to-face advice in branch. Customers can also use online banking and a mobile app 24-hours a day. Email and post are also options for contact.
- Customer service centre (phone, email, branch)
- Mobile app
- Online banking
How to Apply
Bank Australia home loan customers can visit a branch for assistance or seek further information by calling the customer service centre. Alternatively, customers can submit their contact details online and Bank Australia will get in touch with a courtesy call to help facilitate the application process. By applying online customers can choose a time that’s most convenient for their needs and receive an indicative decision within minutes. Before committing to any loan customers should conduct thorough research and calculate how much they can afford to borrow. To assist in completing a loan application customers should have the following documentation:
- Personal identification.
- Personal income details.
- Details of current debts and assets.
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A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.