Finty
Australian Mutual Bank

Australian Mutual Bank Your Way Home Loan

Variable rateRedraw

Flexibly structure and manage your home loan, with Your Way Home Loans

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.25%
Upfront fees
$850
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.19% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,671
Total repayments
$1,321,532
Interest
$721,532

Rates

Every rate Australian Mutual Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interest0.1% to 60%6.19%6.25%
VariableLive inPrincipal and interest60% to 70%6.29%6.35%
VariableLive inPrincipal and interest70% to 80%6.34%6.49%
VariableLive inPrincipal and interest80% to 90%6.84%6.91%
VariableLive inPrincipal and interest0.1% to 95%6.19%6.25%
VariableLive inPrincipal and interest0.1% to 95%8.74%8.81%
VariableLive inPrincipal and interest90% to 98%7.19%7.26%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$850
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
98%
Loan amount
From $25,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.19%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.25%

For the same rate. Typical is 6.70%.

Upfront fees

$850

Typical upfront fees are $600.

Smallest deposit

2%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.19%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • A smaller deposit. You can borrow with 2% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.