Features

The bcu OMG Loan requires a deposit of up to 20 per cent to secure the loan. It can be taken out for a max loan term of 30 tears.

The loan offers many features usually found with a variable rate home loan. This includes a partial offset account and a fee-free redraw facility. Borrowers can also make an unlimited amount of extra repayments over the life of the loan which can greatly reduce the total amount of interest owed if done regularly.

The bcu OMG Loan has a flexible repayments structure, allowing repayments to be made weekly, fortnightly or monthly as the borrower prefers. While the loan does not offer a split feature it can be switched to an interest only loan for a period of time.

Who is the bcu OMG Loan good for?

The bcu OMG Loan is good for owner occupier borrowers who are looking for a low rate variable loan. It offers a very competitive interest rate for those whose main priority is to have the smallest monthly repayment size.

For those looking for a variable rate with all the features packaged in, however, this may not be the best choice. There is only a partial offset account available and there is no option to split the loan and fix a portion of it should a borrower wish to in the future. 

Review - What RateCity says

The bcu OMG Loan is a competitive loan for owner occupier borrowers who are looking for a variable rate mortgage. The advertised rate is reasonably close to the comparison rate although there are some large fees that should be taken in to consideration. There are a range of features that would be beneficial to most borrowers including the ability to make extra repayments and redraw on the loan with no charge.

A potential draw back to the loan is that there is only a partial offset account available which could reduce the ability of this feature to assist with saving on interest.

BCU OMG Loan Options

Below are the variations of the bcu OMG Loan that are available to borrowers.

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Product
Advertised rate
Comparison rate*
Monthly repayment
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Variable Rates from

3.19%

Advertised rate

3.23%

Comparison rate
Pros
  • Very competitive interest rate.
  • Redraw facility available.
  • Application can be completed online.
Cons
  • High upfront fee.
  • Ongoing annual fee.
  • Not available to investors.
Eligibility

Must meet deposit requirements.

Must provide proof of income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $0
  • Ongoing fees: $0

The loan charges an application fee that is quite sizeable compared to other loans on the market. There is also a large annual fee that is payable for each year the loan is held. These fees should be factored into the over all cost of the loan when considering if it is the right one for you.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About BCU

Bcu is a regional credit union that allows customers to apply online for home loans. They offer competitive low rates on a range of personal finance products. Borrowers interested in bcu can call their phone hotline or make an online inquiry to receive more information.

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