Delphi Bank Complete Loan

Features

Built on simplicity, Delphi Bank’s Complete Home Loan is not overburdened with features. Despite that, Delphi charges a relatively high interest rate on the loan and a very high upfront fee that will sting any borrower, whether first home buyer, owner-occupier or investor.

Extra repayments are allowed with this loan. It is also possible to split your equity between a variable and fixed rate loans, if you like to have some certainty of repayments.

Loan terms are up to 30 years and you also get a redraw facility to access any extra repayments through a branch or internet banking. The loan offers flexible repayment options, including fortnightly and monthly repayments.

However, the extras are few, despite the high interest rate. There is no offset account, which makes it more difficult to reduce interest costs.

You get the option of interest only repayments available for up to five years and loan terms up to 30 years. The loan is suitable for owner-occupier or investors. 

Who is the Delphi Bank Complete Loan good for?

This Basic Home Loan may suit owner-occupiers, investors and refinancers. Since the loan offers basic features, it may be particularly suitable for first home buyers that don’t have much spare cash to put into an offset account. Otherwise, investors may not be so put off by the fees since the may be able to write them off against their taxable income.

Review - What RateCity says

The simple nature of the Delphi Bank Complete Home Loan is likely to appeal to inexperienced first time buyers, though the actual cost over time in the form of a higher interest rate and ongoing fees could seriously detract from its value. Whether it be an investor or a home buyer with plenty of equity, additional payments will be necessary to bring interest costs down and save you money. Those looking to refinance would perhaps be better served putting their money into a loan with a much lower rate of interest.

Delphi Bank Complete Loan Options

The Complete Home Loan comes with a standard payment format over a maximum 30 year period and can be used as part of a combination with a fixed rate loan. 

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Variable Rates from

4.92%

Advertised rate

5.04%

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Pros
  • Simple and easy to understand.
  • Split loan option.
  • Extra repayments allowed.
Cons
  • No offset account.
  • High upfront and monthly fees.
  • High interest rate.
Eligibility

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $920.00
  • Discharge fees: $0
  • Ongoing fees: $6 monthly

For a fairly basic, the Delphi Bank Complete Home Loan has a high interest rate and upfront fees. Once the loan is in place, a moderate monthly fees applies over the life of the loan. On top of that, a moderate to high discharge fee is charged at the end of the loan.  It’s a good idea to work out how all your finances will be impacted before beginning taking out this loan as the high upfront and ongoing fees and high interest rate will eat into your cash flows.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
About Delphi Bank

Delphi Bank is part of the Bendigo and Adelaide Bank with branches across NSW, Victoria and South Australia. You have the option of meeting with a loan advisor in person or calling the branch number to talk with an expert about what you want from a home loan.  You can also fill out an online inquiry form, access your loan via internet banking and even call for help on the bank’s internet banking help desk. So the loan is backed by the service standards of a big bank.

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