Beyond Bank Australia Home Loan

Ratings

3.2

Beyond Bank Australia Home Loan

Beyond Bank is one of Australia’s biggest customer-owned banks with a rich credit union heritage. The bank was established over 60 years ago by individuals who felt let down by a banking structure that failed to meet their needs or expectations.

Beyond Bank Australia Home Loan Rates

Rate of Interest:4.34% - 6.44%
Comparison Rate:4.37% - 7.38%
Ratings:4

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Pros & Cons-Beyond Bank Australia

Pros

  • Strict lending policies.
  • High Property Value for First Home Buyers.
  • Strict Age Restrictions.
  • Customer Support.

Cons

  • Signup Fees.
  • Home Loan for Self-Employed.

About Beyond Bank Australia Home Loan

One of the biggest mutual banks in the nation that is 100% owned by its customers is Beyond Bank, which started as a credit union. People who felt left behind by a financial system that didn't satisfy their needs or expectations gave birth to this eminent financial institution more than 60 years ago. Their goal is to be the best bank for relationships, not the biggest bank. They work hard to add value for their clients, communities, and themselves to transform lives.

There are no conflicting interests because their customers are also the stockholders. Better rates, fairer fees, ethical lending, top-notch customer service, and their multi-award-winning internet banking and mobile app all go back to the client. Everything they do is for the good of their clients and the communities they live in. They are well aware that they prosper along with their clients and local communities.

Features of a Beyond Bank Australia Home Loan

Beyond Bank Australia Home Loans are available in 4 different options. These loans are offered at fixed and variable rates of interest. Find a complete overview of all the loan options below.

Variable Rate Home Loan

Home loans with interest rates that fluctuate throughout the loan’s duration are referred to as variable-rate home loans. Also referred to as Beyond Bank Australia Home Loan, it aims to offer economic interest rates to its customers.

Key features of this type of home loan are listed below.
  • Best suited for loan seekers with little money deposit money
  • Up to 98% LVR: Borrowers with small deposits can get a loan amount of 95.01-98% of the property’s value. Borrowers with large deposits can avail of a loan amount within 60.1%-80% of the property value.
  • Repayment amounts may change with changes in the rates of interest.
  • Minimum Amount: A home loan seeker must apply for a minimum loan of more than $20,000 for residential and investment purposes.
  • Easy repayments and redraws with no extra cost

100% offset account: Beyond Bank Australia’s variable rate home loans put no restrictions on the borrower’s offset limit to ensure greater interest savings and faster loan settlement.

  • Zero Application fee

Complete Variable Home Loan Package

Beyond Bank Australia’s Complete Variable Home Loan Package adds a top-up of additional benefits and features over the traditional variable rate home loan. Check out the prominent features of this loan below.

  • Up to 90% LVR for residential as well as investment home loans
  • Offered on loan amounts of more than $200,000
  • Up to 9 offset accounts can be used as regular savings accounts. Balance from each account can be reduced from the loan amount to bring down interest charges significantly.
  • Split or switch the home loan between fixed and variable interest owing to any change in circumstances. Additional break fees may be applicable on fixed-rate home loans.
  • Repayments can be made fortnightly, weekly or monthly in Principal and Interest and Interest Only modes.

Fixed Rate Home Loan

A home loan can be fixed at a pre-decided rate of interest for the entirety or part of its duration. The constant rate of interest reduces the risk for a borrower and makes the loan less volatile.

Find the list of prominent fixed-rate home loan features below:
  • Offers an LVR of up to 80% for residential purposes and up to 90% for investment purposes.
  • Offered on a loan amount of more than $20,000
  • A fixed rate can be pre-decided for up to 5 years
  • Repayments can be made fortnightly, weekly or monthly
  • The interest and repayment charges up to not change throughout the set period
  • No redraw facility is available on fixed-rate home loans. However, redraws can be introduced once the fixed term of interest is over.
  • Shift to the standard variable rates or set a new rate at the end of the fixed rate term.

Complete Fixed Home Loan Package

This loan lifts up the traditional fixed-rate home loan with a host of exciting features. Explore the highlights of this loan which offers the stability of fixed interest rates and excitement of add-on benefits.

  • LVR of up to 80% for residential purposes and up to 90% for investment purposes
  • Issued on loan amounts of more than $200000
  • Up to 9 offset accounts with a maximum of 40% offset limit with no additional offset fees. An offset account can be opened through the bank’s app, and some other charges may be applicable.
  • Fix the interest rate for up to 5 years, post which you can choose to set a new rate or shift to a variable rate of interest.
  • No change in interest and repayment amounts up to the fixed tenure
  • Up to $10,000 of additional repayments can be made on a fortnightly, weekly and monthly basis.

The redraw facility is only available once the fixed term of interest rate ends.

Benefits and Drawbacks of Beyond Bank Australia Home Loan

Whenever one applies for a home loan with a bank, there ought to be some benefits and drawbacks. Some of the major ones are listed below:

Benefits

  • Most of their home loan options have no monthly costs.
  • Flexibility with regard to additional repayments and the power to alter the frequency of repayment
  • For some of their packages, first-time homebuyers are exempt from the establishment cost.
  • Interest-only terms will be advantageous to investors.
  • There are choices with low deposits, such as guarantor loans.
  • Their employers are mortgage brokers.
  • Will take into account retiree borrowers and self-employed borrowers who haven't been in business for more than two years.
  • Dependable pre-approbations
  • A bank that takes part in the First Home Loan Deposit Scheme
  • Accepts borrowers working for family members

Drawbacks

    • Refuses to consider rent as real savings
    • It can be expensive to pay establishment, settlement, valuation, and redraw fees.
    • Fees can generally be expensive.
    • Compared to other mutual banks, a high standard variable interest rate
    • Limited access to branches
    • Some products need you to have additional Beyond Bank accounts.
    • Because the bank is smaller, processing times may be longer.
    • Low worker numbers might lead to poor customer communication.
    • Unusual property types, such as rural homes or high-density apartments, are problematic.
    • No longer provides loans to SMSF

Eligibility Criteria

One has to fulfil some conditions in order to be eligible for applying for a loan from Beyond Bank. Given below are the eligibility conditions that one has to fulfill:

  • The applicant has to be 18+ years of age.
  • A citizen of Australia (permanent resident).
  • The applicant should have a regular source of income.
  • The applicant should be either buying a house, building one, or refinancing it.

How to Apply for a Beyond Bank Australia Home Loan?

In order to apply for a Beyond Bank Australia home loan, one needs to follow the steps given below:

Step 1: Fill in the home loan application online by giving all the necessary information.

Step 2: Once you are done with filling out the application form, a specialist from Beyond Bank Australia will contact you and confirm your eligibility and carry forward with your application.

Step 3: Once the specialist has taken over your application, the bank will assess and evaluate it.

Step 4: Once the application has been evaluated by the bank, you will get the approval and will need to sign the documents so as to finalise your loan.

What are the Documents Required for Beyond Bank Australia Home Loan?

In order to avail of a loan or even apply for one, one has to submit the necessary documents. Given below are the important documents that are required for a Beyond Bank Australia home loan:

  • Details of the Property
  • Documents proving the identity and the nationality of the applicant
  • A valid proof of the regular income the applicant has been receiving
  • Documents of any loan if ongoing and all the assets possessed by the applicant

Customer Service for Beyond Bank Australia Home Loan

Beyond Bank, Australia is widely known for its friendly and responsive customer service. Beyond Bank customers have reported high levels of satisfaction with their banking experience. The bank can be contacted in multiple ways listed below.

Helpline Number

Contact Number: 13 25 85 (Australia)

+61 8 8205 8888 (Overseas)

Availability: Monday to Friday - 8:00 A.M. to 8:00 P.M., Saturday - 8:00 A.M. to 3:00 P.M.

Other Numbers

1300 705 750 (Australia)

+61 2 8299 9534 (Overseas)

Frequently Asked Questions

What types of home loans does Beyond Bank Australia offer?

Beyond Bank Australia offers Purple Basic Variable Rate Home Loan, Total Home Loan Package Variable Rate, and Total Home Loan Package -3 Years Fixed.

How much can I borrow with a Beyond Bank Australia home loan?

The approval of the home loan amount totally depends on one’s eligibility at Beyond Bank Australia.

How long does it typically take to get approved for a Beyond Bank Australia home loan?

It typically takes around 4-6 weeks to get approved for a Beyond Bank Australia home loan.

What happens if I miss a repayment on my Beyond Bank Australia home loan?

One might get charged a penalty fee if a repayment is missed on the Beyond Bank Australia home loan.

What support and resources does Beyond Bank Australia offer to home loan borrowers?

Beyond banks, Australia offers low rates and flexible options to support home loan borrowers.

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