Delphi Bank Home Equity Loan


The Delphi Bank Home Equity loan has a minimum loan amount of $30,000 and a maximum of $10 million. The loan also has a minimum loan term of ten years and a maximum of 30 years.

Customers can 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.

Repayments can be made fortnightly or monthly as either principal and interest or interest-only.

Additional repayments are permitted and customers can access these payments through a redraw facility, however there is no offset account included as part of the line of credit loan.

Who is the Delphi Bank Home Equity Loan good for?

The Delphi Bank Home Equity loan is good for homeowners wanting to use the equity in their home to fund renovations, another property or any other purchases through a line of credit loan.

Investors may be attracted to the option for interest-only repayments.

Review - What RateCity says

The Delphi Bank Home Equity Loan gives customers the option to use the equity in their property as security against a large line of credit loan.

The loan includes some of the flexibility of a variable rate loan, including the ability to make interest-only payments, as well as additional repayments and to access them through a redraw facility, which may suit those wanting access to a flexible line of credit.

However, the loan also charges high upfront fees and an ongoing fee, which may make it better suited to those requiring a large line of credit in the near future or planning on renovating or buying new property.

Home equity loans generally charge a higher interest rate and when combined with the large fees charged on this loan, may give it a noticeably high comparison rate compared to other line of credit loans.

The loan functions much like a large credit card and it’s therefore important to be disciplined and sensible when considering this loan, as the large loan amount and high comparison rate may result in a lot of interest being owed over the life of the loan.

Ultimately, the Delphi Bank Home Equity Loan is a variable loan that gives homeowners access to the equity they have in their home, but may better suit those needing access to a large line of credit loan due to the large fees and high rate.

Delphi Bank Home Equity Loan Options

The Delphi Bank Home Equity Loan is a variable line of credit loan for owner-occupiers and investors.

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  • Flexible repayment options.
  • Interest-only repayments.
  • Large loan amounts permitted.
  • High fees.
  • Minimum loan period of ten years.
  • Relatively high rate.

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
  • Line of Credit Loans
  • Investors
  • Estimated upfront fees: $1020.00
  • Discharge fees: $0
  • Ongoing fees: $8 monthly

The Delphi Bank Home Equity loan has very high upfront fees and a small ongoing monthly fee.

Borrowers will also pay a sizable discharge fee and may be charged a redraw fee, although no additional repayment fees are required.

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

Delphi Bank, formerly the Bank of Cyprus, is an Australian bank owned by Bendigo and Adelaide Bank. It is based in Melbourne and has over a dozen branches in Victoria, New South Wales and South Australia.

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