G&C Mutual Bank

First Home Premium Package

Advertised Rate

2.64%

Variable

Comparison Rate*

2.66%

Maximum LVR
95%
Real Time Rating™

3.13

/ 5
Monthly Repayment

$1,207

based on $300,000 loan amount for 25 years

Advertised Rate

2.64%

Variable

Comparison Rate*

2.66%

Maximum LVR
95%
Real Time Rating™

3.13

/ 5
Monthly Repayment

$1,207

based on $300,000 loan amount for 25 years

Calculate repayment for G&C Mutual Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,207

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • 100% full offset account
  • Suitable for low deposits
  • Discharge fee at end of loan
  • No repayment holidays

G&C Mutual Bank Features and Fees

G&C Mutual Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $30

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$77

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$77

Ongoing fee

$0 annually

Discharge fee

$300

Application method

Online

Phone

Broker

In branch

Other Benefits

Maximum LVR: Up to 80%, 95% with Lenders Mortgage Insurance or First Home Loan Deposit Scheme, or 100% with Family Guarantor. Unless approved under the First Home Loan Deposit Scheme, Lenders Mortgage Insurance will be required if you borrow over 80% of the value of your home (or borrow an additional amount on your existing mortgage that brings the overall loan amount over 80% LVR). No top up available under the First Home Loan Deposit Scheme.

Other Restrictions

• Maximum loan term: Up to 40 years - available when one or more applicants are aged 30 years or less. Maximum loan term 30 years under the First Home Loan Deposit Scheme.

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • 100% full offset account
  • Suitable for low deposits
  • Discharge fee at end of loan
  • No repayment holidays

G&C Mutual Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $30

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$77

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$77

Ongoing fee

$0 annually

Discharge fee

$300

Application method

Online

Phone

Broker

In branch

Other Benefits

Maximum LVR: Up to 80%, 95% with Lenders Mortgage Insurance or First Home Loan Deposit Scheme, or 100% with Family Guarantor. Unless approved under the First Home Loan Deposit Scheme, Lenders Mortgage Insurance will be required if you borrow over 80% of the value of your home (or borrow an additional amount on your existing mortgage that brings the overall loan amount over 80% LVR). No top up available under the First Home Loan Deposit Scheme.

Other Restrictions

• Maximum loan term: Up to 40 years - available when one or more applicants are aged 30 years or less. Maximum loan term 30 years under the First Home Loan Deposit Scheme.

FAQs

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

What is a fixed home loan?

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria.