G&C Mutual Bank Equity Line

Features

If you’ve owned your home for a while and have been paying both principal and interest, chances are you’ve built up some equity in your bricks and mortar.

The G&C Home Equity Loan lets you use the equity in your existing home to access a line of credit loan which you can use to manage your expenses, consolidate debt or to use as the deposit for an investment property.

Generally speaking, an equity line has fewer features and a higher variable interest rate than a traditional home loan.

This variable rate Home Equity Loan has fewer application fees than a traditional home loan and as you’re using your existing home as security, the application and approval process can take as little as 24 hours from start to finish.

In terms of repayment options, this loan has a maximum lifespan of 25 years and depending on your salary schedule, you can choose to repay the loan weekly, fortnightly or monthly.

When it comes to saving interest, your entire salary can be deposited into the loan to reduce the interest. This loan does not have a 100 percent offset account or redraw facility, but you do have the option of topping up the line of credit to your approved amount at any time.

Who is the G&C Mutual Bank Equity Line good for?

To be eligible for the G&C Home Equity Loan you would need to have built up some equity in your bricks and mortar.

The G&C Home Equity Loan uses your equity to fund a renovation, consolidate debt, buy an investment property, manage your day to day expenses or even kickstart your retirement plans.

Review - What RateCity says

In theory, a line of credit works the same way as a giant credit card, the major difference being the interest rate on an equity loan is substantially lower than that of a credit card.

The variable rate on this G&C Mutual Bank Home Equity Loan is higher than most other equity loans on the market but they are able to turn around most loan applications within 24 hours which is a major plus if you need the funds in a hurry.

The lack of 100 percent offset facility, together with the high upfront fees can make this loan an expensive option.

As G&C Mutual Bank is owned by its members, it means that instead of profits being distributed to shareholders, they’re paid back to the bank’s members and can potentially provide better rates and savings.

G&C Mutual Bank Equity Line Options

For more information about the G&C Mutual Bank Home Equity Loan options, click the link below.

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Variable Rates from

5.44%

Advertised rate

5.48%

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Pros
  • No ongoing monthly fees.
  • Fast application process.
  • Ability to top up the loan.
Cons
  • No 100 percent offset account.
  • No 100 percent offset account.
  • High variable interest rate.
Eligibility

Must have equity in your existing home.

Provide a list of assets and liabilities.

Provide proof of employment and income.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $500.00
  • Discharge fees: $300
  • Ongoing fees: $0

The G&C Home Equity Loan has a high variable interest rate.

In addition to the high interest rate, the upfront and discharge fees are also on the high side.

There is however no ongoing monthly loan fee you and if you do decide to top up the loan you won’t be charged to do so.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About G&C Mutual Bank

G&C Mutual Bank is a community-owned financial institution which means that you if the bank makes a profit, you might benefit from better deals and lower rates.

While they are smaller than other lenders with a limited branch and mobile lender network across NSW, they do have 24/7 online banking, phone support and a banking app.

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