Beyond Bank Standard Loan

Features

The Beyond Bank Standard Variable Home Loan offers parent equity so you can use the equity from a parent’s home as security against your loan to avoid paying lenders mortgage insurance if making a deposit smaller than 20 per cent.

This loan also offers a bridging finance option so you can purchase a new property even if you haven’t yet sold your current property. Pre-approval for this loan is also available so you know what you can afford.

This loan features the ability to repay your home loan faster with 100 per cent offset account availability and early repayments, but is also flexible in allowing you to redraw these extra repayments or take a repayment holiday.

You also have the option to split their loan and to make interest-only repayments for a certain period. Principal and interest payments can be made weekly or monthly.

However, this loan has a very high variable interest rate, which might outweigh these benefits.

Who is the Beyond Bank Standard Loan good for?

With parent equity, a bridging finance option and pre-approval, this home loan can be good for first home buyers and those who aren’t able to put a deposit down on their new home and for people who haven’t yet sold their current property.

This loan can also be an attractive option for investors since interest-only repayments can be made for a specific term, which allows investors to build equity before making principal repayments on their property.

Review - What RateCity says

The Beyond Bank Standard Loan offers could be a great option for customers who need parent equity to help with making a deposit or bridging financing while still trying to sell a current property.

While the features of this loan can be beneficial should they suit your needs, the very high variable interest rate is the biggest con of this loan as well as the moderate-to-moderately-high upfront cost. It’s wise to weigh the benefits against these cons to see if this is the most suitable loan for you.

Beyond Bank Standard Loan Options

For more information about the Beyond Bank Standard Variable Rate Investment Loan, follow the below link.

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Variable Rates from

4.70%

Advertised rate

4.74%

Comparison rate
Pros
  • Guarantor accepted.
  • Bridging finance available.
  • Split loan option.
Cons
  • High variable interest rate.
  • Moderately-high establishment fees.
  • Must be a member of Beyond Bank to qualify.
Eligibility

Must be a member of Beyond Bank.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $645.00
  • Discharge fees: $295 - $350
  • Ongoing fees: $0

A moderate to moderately-high estimated upfront cost is charged for establishing this loan and an average discharge fee is charged at the end of your loan term on completion of your loan repayments.

While this loan has $0 in ongoing fees, there is a fee for using the redraw facility if assisted by a Beyond Bank staff member, however redrawing through internet banking is free.

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

Beyond Bank is a customer-owned bank that has 49 branches and a network of 3000 ATMs across Australia offering personal and business services to its members.

Profits are given back to customers in the form of customer benefits and community support and partnerships.

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