SERVICE ONE Alliance Bank home loan repayment calculator

Thinking about taking out a home loan with SERVICE ONE Alliance Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how SERVICE ONE Alliance Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.84 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Flexible fixed loan features.
  • Discounts on other financial products.
  • Split loan option.
  • Online home loan application.
  • Must be a member.
  • Limited home loan product range.
  • No offset account on standard variable rate home loan.
  • Limited branch access.

SERVICE ONE Alliance Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.84%

Fixed - 2 years

$700

3.08%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.94%

Fixed - 3 years

$700

3.12%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.99%

Variable

$200

3.12%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.84%

Fixed - 1 year

$700

3.24%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.44%

Fixed - 3 years

$700

3.47%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.24%

Fixed - 2 years

$700

3.48%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.34%

Fixed - 3 years

$700

3.52%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.34%

Fixed - 2 years

$700

3.55%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.19%

Fixed - 5 years

$700

3.60%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.19%

Fixed - 4 years

$700

3.63%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.50%

Variable

$700

3.63%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.74%

Fixed - 3 years

$700

3.64%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.24%

Fixed - 1 year

$700

3.64%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.34%

Fixed - 1 year

$700

3.66%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.64%

Fixed - 2 years

$700

3.71%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.63%

Variable

$700

3.76%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.49%

Fixed - 5 years

$700

3.79%

$8 monthly
SERVICE ONE Alliance Bank
More details

2.64%

Fixed - 1 year

$700

3.80%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.49%

Fixed - 4 years

$700

3.81%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.69%

Fixed - 5 years

$700

3.83%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.69%

Fixed - 4 years

$700

3.84%

$8 monthly
SERVICE ONE Alliance Bank
More details

3.73%

Variable

$700

3.87%

$8 monthly
SERVICE ONE Alliance Bank
More details

4.09%

Fixed - 5 years

$700

4.23%

$8 monthly
SERVICE ONE Alliance Bank
More details

4.09%

Fixed - 4 years

$700

4.24%

$8 monthly
SERVICE ONE Alliance Bank
More details

4.45%

Variable

$700

4.59%

$8 monthly
SERVICE ONE Alliance Bank
More details

4.70%

Variable

$700

4.89%

$12 monthly
SERVICE ONE Alliance Bank
More details

5.50%

Variable

$700

5.69%

$12 monthly
SERVICE ONE Alliance Bank
More details

SERVICE ONE Alliance Bank customer service

SERVICE ONE Alliance Bank has branches located throughout the ACT and NSW. The bank offers internet and telephone banking 24/7 and its call centre is open seven days a week. Members also get access to the rediATM national network. SERVICE ONE Alliance Bank is an agent of Bendigo and Adelaide Bank and its deposits and loans are actually deposits and loans of Bendigo Bank, so your financial products have the backing of a full-service bank.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • NSW and ACT branches

How to Apply

Anyone can become a member of SERVICE ONE, but first, you need to purchase a member share. Adult and juniors (those under 18 years of age) can apply. Documents you will need to apply for a home loan include:

  • Personal identification material.
  • Proof of income – whether you are self-employed or work for an employer.
  • Proof of other income, including rental income.
  • Information regarding your current debts, liabilities and assets.

Learn more about SERVICE ONE Alliance Bank

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Who offers 40 year mortgages?

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

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney 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.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.