Delphi Bank Essential Home Loan

Features

The Delphi Bank Essential Home Loan allows customers to borrow up to 90 per cent of the value of the property, although lenders mortgage insurance will be charged on loans over 80 per cent.

It is available with either a fixed or variable interest rate, or a split option of the two.

Payments can be made fortnightly or monthly as principal and interest or interest-only payments. Interest-only payments are available for up to five years.

Additional repayments are also permitted and customers can use a redraw facility to access these payments when needed. However, these additional repayments may be limited for those on a fixed-rate loan.

There is no offset account included for those wanting to use their savings to reduce the interest owed.

Who is the Delphi Bank Fixed Rate Loan good for?

The Delphi Bank Essential Home loan is good for homebuyers wanting either the stability of a fixed-rate loan or the flexibility of a variable rate loan, as well as options in how and when they repay the loan.

An interest-only payment option may also suit some investors.

Review - What RateCity says

The Delphi Bank Essential Home loan is a variable or fixed-rate loan that charges upfront and monthly fees in exchange for more freedom in how the loan is paid off.

Customers have the ability to make additional repayments and free redraws, which may give them more flexibility in how quickly they repay their mortgage. However, these repayments may be limited for those on a fixed-rate loan and it may be worth considering if the stability of a fixed interest rate suits your circumstances more than unrestricted additional repayments.

With the high fees and revert rate, both the fixed and variable loans have high comparison rates, meaning homebuyers may pay more in interest over the life of the loan. The lack of an offset account may also affect this, as customers can’t use their savings to reduce the interest owed. However, there is an interest-only option for those looking to reduce their repayment amounts.

Ultimately, the Delphi Bank Essential loan charges high fees and rates in return for a number of repayment options, however more competitive loans may be available elsewhere. 

Delphi Bank Essential Home Loan Options

The Delphi Bank Essential Home loan is a variable or fixed-rate loan for owner-occupiers and investors.

1 - 5 of 5
Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Fixed Rates from

4.24%

Advertised rate

5.15%

Comparison rate
Pros
  • Additional repayments allowed.
  • Redraw facility.
  • Interest-only option.
Cons
  • No offset account.
  • Upfront and ongoing fees.
  • Discharge fee applies.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Delphi Bank’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $1170.00
  • Discharge fees: $0
  • Ongoing fees: $6 monthly

The Delphi Bank Essential Home loan has substantial upfront fees and a small ongoing monthly fee.

Borrowers will also pay a sizable discharge fee but no redraw fees.

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

Delphi Bank is an Australian bank owned by Bendigo and Adelaide Bank and based in Melbourne.

They have branches throughout Victoria, New South Wales and South Australia and can be contacted via email, online, in person or by phone.

Compare your product with the big 4 banks, or add more products to compare
As seen on