Geelong Bank Rewards Loan

Features

The Geelong Bank Rewards Home Loan is a feature-rich variable rate home loan with a range of benefits suited to all borrowers.

Flexibility starts by tailoring your repayment amounts to weekly, fortnightly or monthly intervals and making automatic repayments by payroll deduction or direct debit from your savings or transaction account.

If you’ve got a bit of extra cash saved, the 100 perfect offset account can help you save interest and shave years off your loan, if used correctly.

Borrowers determined to own their home sooner and reduce the interest payable can make unlimited additional repayments into the loan and will not be penalised for early repayment.

While this loan does not have an interest only payment option, it offers plenty of other ways to save by offering free ATM / EFTPOS transactions, a free redraw option and zero ongoing monthly fees.

Borrowers looking for an extra layer of security have the option of paying an additional monthly premium for mortgage protection insurance to cover their repayments in case of illness, unemployment or death.

If you’ve got a smaller deposit, the Geelong Bank Rewards Home Loan will lend you up to 95 percent of the property value, however loans over 80 percent will have to pay lenders mortgage insurance. First home buyers with a deposit deficit can use the loans Family Guarantee Option to bridge the gap.

As Geelong Bank is a credit union, you will need to be a member before applying.

This loan is available to both investors and owner-occupiers, however the investor variable rate is moderately higher.

Who is the Geelong Bank Rewards Loan good for?

The broad range of built-in features make the Geelong Bank Rewards Home Loan appealing to a wide range of borrowers.

The family guarantee option and maximum loan amount of 95 percent make this home loan accessible to first home buyers and borrowers with a small deposit.

Investors and refinancers might be put off by the high upfront fees and moderate variable rate but the lack of ongoing monthly fees and transaction fees even out the upfront cost.

Review - What RateCity says

The FCCS Credit Union Rewards Home Loan offers a variable rate home loan broad range of appealing features and rewards.

If you’ve got the discipline to manage your money the features of this loan can help shave years off your loan and save you thousands in interest. Specifically, the option of making additional lump sum payments and using the 100 percent offset account to save you interest.

First home buyers and borrowers who haven’t quite managed to save the full deposit have two main options with this loan, borrowing up to 95 percent of the property value or using the equity in the family home to bridge the gap and potentially save you paying lenders mortgage insurance.

Refinancers and investors might be less enticed by the high upfront fees and lack of interest only payment option.

It is also worth noting that FCCS have limited branch access across Australia.

Geelong Bank Rewards Loan Options

The Geelong Bank Rewards Home Loan offers a variable rate home loan with a range of features to suit both owner-occupiers and investors. Click below to find out more information on the Rewards Home Loan options.

Pros
  • 100 percent offset account.
  • Flexible repayment options.
  • Zero ongoing monthly fees.
Cons
  • High upfront fees.
  • No interest only repayment option.
  • Limited branch network.
Eligibility

Need to be a Geelong Bank member.

Proof of income.

Details of assets and financial commitments.

About Geelong Bank

Since 1974, Geelong Bank (formerly FCCS Credit Union) has been providing its members with access to competitive financial products and services such as home loans, transaction accounts, insurance and car loans.

As Geelong Bank is a credit union, all profits are paid back into the credit union to help offer better products and reduced rates to its members and community.

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