Sydney Mutual Bank

Fixed Rate Investment Loan 1 Year (Interest Only)

Advertised Rate

2.54%

Fixed - 1 year

Comparison Rate*

3.55%

Maximum LVR
95%
Real Time Rating™

1.62

/ 5
Monthly Repayment

$1,192

based on $300,000 loan amount for 25 years

Advertised Rate

2.54%

Fixed - 1 year

Comparison Rate*

3.55%

Maximum LVR
95%
Real Time Rating™

1.62

/ 5
Monthly Repayment

$1,192

based on $300,000 loan amount for 25 years

Calculate repayment for Sydney Mutual Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,192

based on $300,000 loan amount for 25 years

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Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Suitable for low deposits
  • Parents can sign as guarantor
  • Limited extra repayments
  • No offset account
  • Discharge fee at end of loan

Sydney Mutual Bank Features and Fees

Sydney Mutual Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Fixed - 1 year

Borrowing range

Suitable for

Investors

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

Yes - limited to $20000

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$486

Application fee

$200

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$180

Application method

Online

Phone

In branch

Other Benefits

No annual fee on SCU credit card (optional), no approval fees on personal and car loans, free first appointment with financial planner

Pros and Cons

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Suitable for low deposits
  • Parents can sign as guarantor
  • Limited extra repayments
  • No offset account
  • Discharge fee at end of loan

Sydney Mutual Bank Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Fixed - 1 year

Borrowing range

Suitable for

Investors

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

Yes - limited to $20000

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$486

Application fee

$200

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$180

Application method

Online

Phone

In branch

Other Benefits

No annual fee on SCU credit card (optional), no approval fees on personal and car loans, free first appointment with financial planner

FAQs

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.

Mortgage Calculator, Loan Results

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

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

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.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

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.

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

Mortgage Calculator, Property Value

An estimate of how much your desired property is worth. 

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

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 ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

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 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.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

Mortgage Calculator, Loan Purpose

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

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

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 often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

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.