G&C Mutual Bank Solutions Home Loan Package

Features

The Solutions Home Loan Package is available to owner-occupiers and investors, whether you’re buying something new or refinancing.

There are no upfront costs to establish this loan and only a five per cent deposit is required, but lender’s insurance is payable on any deposit less than 20 per cent so if this applies to you, be sure to factor this in to the total cost of the loan.

The package features available with this home loan include home and personal insurance options, a free consultation with a financial planner and a Visa credit card with the annual fee waived.

However, if you are not looking to take advantage of the extra financial offerings with this home loan, then a package deal might not be for you since ultimately you will be paying for these extras through the annual fee charged on this loan and any added costs for maintaining these financial products.

The G&C Mutual Bank Solutions Home Loan Package has moderate to moderately high variable interest rates, particularly for investors. Although these rates are higher than some other packaged home loans available on the market, you will be able to split your loan with one of G&C’s fixed rate products if you want the stability that fixed rates can provide.

If you have the available funds, you will be able to make early repayments towards your loan without being charged any penalty fees and if you need to redraw these funds, you will be able to do so through the redraw facility, so as long as you are redrawing the minimum amount required. You can also take advantage of a 100 per cent offset account to reduce your interest on the loan.

Who is the G&C Mutual Bank Solutions Home Loan Package good for?

First home buyers, investors and refinancers are eligible for the Solutions Home Loan Package, and the minimum deposit requirement of 5 per cent will be attractive to many borrowers.

Review - What RateCity says

While packaged home loans can offer a variety of features and added financial products, these come at a cost in the form of annual fees and at times, higher interest rates, which is the case with the Solutions Home Loan Package.

Even though the upfront cost of this loan may seem small, since only a low deposit is required and there are no upfront fees, the overall cost of this loan can turn out to be high especially if you don’t end up taking advantage of the offered features.

It’s good to weigh up the pros and cons of any package deal to see if the overall cost for your home loan will see you better off in the long run.

G&C Mutual Bank Solutions Home Loan Package Options

G&C Mutual Bank offers its Solutions Home Loan Package for owner-occupied properties as well as for investment properties.

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Variable Rates from

4.61%

Advertised rate

4.64%

Comparison rate
Pros
  • No upfront fees.
  • 100 per cent offset account.
  • Split loan option.
Cons
  • Moderately high to high variable interest rates.
  • Annual and discharge fees.
  • Minimum redraw amount.
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: $500.00
  • Discharge fees: $300
  • Ongoing fees: $350 annually - $350 one off

While the Solutions Home Loan Package features a no upfront costs, the annual fee will turn out to be a substantial cost over the life of the loan.

You will also be charged a discharge fee when you finish your loan term.

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

G&C Mutual Bank started as the State Government Employees Credit Union and, as such, is member owned. Profits are directed back into products and community projects rather than passed along to shareholders. G&C Mutual Bank offers 24/7 banking online and has a few regional branches as well as a network of ATMs Australia-wide.

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