bcu Standard Variable Loan


The bcu Standard Variable Loan offers borrowers a long maximum loan term of 40 years, and will accept small deposits from borrowers who are able to pay for Lenders’ Mortgage Insurance. These features may help first home buyers get into the market, albeit at a high interest rate.

The Standard Variable Loan further accommodates first time borrowers with a 100% offset account and fee-free additional repayments. An offset account gives borrowers the opportunity to use savings to reduce their repayments, while additional repayments allows borrowers to pay off their loan more quickly.

The redraw facility available with the bcu Standard Variable Loan gives borrowers extra flexibility. It allows borrowers to redraw any additional contributions they have made if the money is needed elsewhere.

Who is the bcu Standard Variable Loan good for?

The bcu Standard Variable Loan is an excellent choice for first time buyers who can’t afford a large deposit. It offers a very long maximum loan term, along with flexible options to help borrowers refinance early as their income grows.

Review - What RateCity says

The bcu Standard Variable Rate Loan is an extremely flexible loan with a very long maximum term and small minimum deposits. It offers a great deal of freedom for first time home buyers, with the 40-year maximum term offering the security of time to pay off the debt.


The offset account and additional repayment options allow borrowers to have the freedom to refinance quickly should their circumstances change, and the redraw facility ensures they’ll have choice with how they use their finances. In certain circumstances, annual fees may be waived. 

bcu Standard Variable Loan Options

The Standard Variable Loan offers a number of options for first home buyers, including low deposits and flexible features. 

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  • Offset account.
  • Fee-free additional repayments.
  • Redraw facility.
  • Establishment fee.
  • Redraw facility not always accessible.
  • High rate.

Deposit of at least five per cent.

Australian Resident.

Must meet lender’s serviceability criteria. 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $600.00
  • Discharge fees: $395
  • Ongoing fees: $0 - $0 annually

The bcu Standard Variable Rate Loan charges borrowers no annual fee, and for loans above a certain threshold, options are available that will charge no monthly fees either.

A discharge fee is payable on termination of the loan, and borrowers can expect to pay moderate upfront costs. 

Borrowers providing a deposit of less than 20 per cent are required to pay for Lenders’ Mortgage Insurance.

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

bcu is a non-bank lender and was founded in the 1970s in NSW, it now operates in many regions of Australia. It focuses on offering relevant and affordable products to its customers. Customers can access bcu’s services and products through its branches and online.

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