Hume Bank Standard Variable Loan

Features

The Hume Bank Standard Variable Loan gives you the flexibility to tailor your repayment schedule to either weekly, fortnightly or monthly payments to suit your income schedule.

In terms of ways to save, the Standard Variable Loan has a 100 percent offset account which provides the potential to save you thousands of dollars in interest over the life of your loan. You also have the ability to make additional repayments without penalty which can help reduce your loan balance.

And, if you want to draw on these funds, you can access your early repayments through the offered redraw facility.

You also have the option of reducing your repayments with this loan by opting for the interest-only option for a set period of time.

For borrowers looking for a little more stability in repayments, you do have the option to split this loan into both a fixed and variable interest rate through the loan split option.

In time, this loan lets you use the equity you’ve built up in your home to top up your mortgage, giving you access to more funds which can be used to renovate, consolidate debt or as a deposit for an investment property.

While not a packaged loan, the Hume Bank Standard Variable Rate Home Loan does give you access to a fee-exempt transaction account.

Based on an assessment by this lender on your ability to repay your loan, you may be able to obtain pre-approval from Hume Bank for your loan.

And, if you are taking out the Standard Variable Loan as a new loan, there is no minimum amount you must borrow. While all borrowers only have to make a small deposit, refinancers do have a minimum amount that they must borrow with this loan.

Who is the Hume Bank Standard Variable Loan good for?

If you’re looking for a loan that gives you enough flexibility without the need to open additional accounts, then the Hume Bank Standard Variable Rate Home Loan is worth considering.

The high variable rate and upfront fees may put you, but the zero ongoing fees and 100 perfect offset account may help to bring the balance back.

Review - What RateCity says

The Hume Bank Standard Variable Rate Home Loan has enough features to help you save, but not feel overwhelmed. It’s worth noting that the variable rate is higher than many variable loans on the market, but you can get around this by using the split loan feature to get the best of both worlds as well as the offered 100 per cent offset account.

While the variable rate and the upfront fees are high, there are no ongoing fees which is a bonus. Also, this bank has a limited branch network which is a consideration for borrowers looking for face-to-face customer service.

Hume Bank Standard Variable Loan Options

The Hume Bank Standard Variable Rate Home Loan has options available to home purchasers, investors and refinancers – click below to find a loan that suits you.

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Variable Rates from

4.60%

Advertised rate

4.64%

Comparison rate
Pros
  • 100 percent offset facility.
  • Loan split option.
  • No minimum loan amount for new loans.
Cons
  • High variable interest rate.
  • Limited branch network.
  • Moderately high upfront fees.
Eligibility

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
  • Investors
Fees
  • Estimated upfront fees: $750.00
  • Discharge fees: $200
  • Ongoing fees: $0

The Hume Bank Standard Variable Rate Home Loan has a moderately high upfront establishment fee and an average discharge fee payable when the loan ends, though there are no ongoing monthly or annual fees.

There is a small fee if any redraws you make are processed manually, however it’s free through online banking.

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

Hume Bank is one of Australia’s leading regional mutual financial institutions with a small network of branches across south eastern NSW and north eastern Victoria. Being a mutual organisation, the bank bases its decisions on what’s best for its customers and not shareholders.

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