G&C Mutual Bank Standard Variable Loan


The Standard Variable Loan offers a fairly competitive interest rate along with the benefit of being able to make extra repayments at any time without penalty. Of course, you can also stick to the minimum repayments required and still take advantage of features such as a 100 per cent offset account which help you to reduce interest costs on your mortgage by having money in your savings account offset your mortgage principal.

There’s a redraw facility available with the Standard Variable Loan that you can access via online or phone banking. A handy feature if you’re ahead on your repayments and need cash in a hurry. But you’ll need to pay for redraws and the minimum amount is $100.

Borrowers can make weekly, fortnightly or monthly repayments and you can be an owner occupier or investor to take advantage of the loan. You have the choice of securing the Standard Variable Loan for up to 30 years.

G&C Mutual Bank, however, charges large upfront fees when you establish this mortgage, but the good news is that there are no ongoing fees.

The amount you’re eligible to borrow depends on your income, existing debts and other regular expenses. You could borrow up to 95 per cent of the property’s value, but would need to pay lenders mortgage insurance if your deposit is less than 20 per cent.

You can apply for the loan at a G&C Mutual Bank branch or book a home or workplace visit with a G&C mortgage consultant, adding to the convenience of this loan.

Who is the G&C Mutual Bank Standard Variable Loan good for?

The Standard Variable Loan is suitable for first home buyers, owner-occupiers, investors and refinancers. It’s a straightforward home loan product with flexible features that could help you get ahead on your repayments and reduce interest costs.

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The basic features of the Standard Variable Loan tick most of the boxes if you want a simple mortgage. Zero ongoing bank fees help to offset the big upfront fees G&C Mutual charges when you establish the loan. And there’s the convenience of being able to redraw money online or over the phone if you’re ahead on repayments – but you’ll also be stung with a redraw fee. There are lower cost loans on the market, but this loan does offer a 100 per cent offset account which helps to take some sting out of the fees and gives you the flexibility to reduce interest costs on your mortgage.

G&C Mutual Bank Standard Variable Loan Options

Follow the link provided below to find out more about the G&C Mutual Bank Standard Variable Loan.

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  • 100 per cent offset account.
  • Unlimited extra repayments.
  • Borrow up to 95 per cent of the property value.
  • Redraw fees apply.
  • High upfront fees.
  • Discharge fee applies.
Minimum five per cent deposit required. Must meet serviceability criteria.
Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $500.00
  • Discharge fees: $300
  • Ongoing fees: $0

Borrowers pay a big upfront fee when establishing a Standard Variable Loan and G&C Mutual charges a moderate discharge fee when you pay off the loan. Certain other fees may apply during the life of the loan, including fees for redrawing or increasing your loan. The good news is there are no monthly fees on the loan.

  • 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 is a member-owned financial institution that has operated since 1959. G&C Mutual Bank has more than 36,000 members that it has nine service centres located in New South Wales and Victoria. G&C Mutual Bank promises to provide a personal service and the bank is also involved in community and partner activities.

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