Basic Variable Rate Home Loan (Principal & Interest)
- Last updated on 04 Jun 2020
Smart Home Loan
specialGet one of the lowest variable interest rates on the market and pay no application or ongoing fees
Get one of the lowest variable interest rates on the market
Smart Home Loan
based on $350,000 loan amount for 25 years
- No ongoing fees
- Suitable for low deposits
- Parents can sign as guarantor
- Extra repayments + redraw services
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$1k - $2m
Principal & interest
Loan term range
1 - 30 years
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
Endeavour Mutual Bank has been providing banking services to the community for over 60 years. Having previously operated as Select Encompass Credit Union, its name changed to Endeavour Mutual Bank in February 2018.
Members own the bank through its mutual structure and all profits are reinvested in the mutual bank to benefit members.
Endeavour Mutual Bank also assists in the financial education of youth and supports projects to alleviate poverty in some of the poorest communities in South East Asia and the Pacific through its own charitable foundation, the Australian Mutuals Foundation (AMF).
Endeavour Mutual Bank Home Loan Calculator
Interested in an Endeavour Mutual Bank home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Endeavour Mutual Bank compares to its competitors. Simply plug in your borrowing amount below.
If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.
When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.
There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.
Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.
While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.
Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.
As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.
Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank.
Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.