Finty
Australian Mutual Bank

Australian Mutual Bank Your Way Plus Home Loan

Variable rateOffsetRedraw

Get flexibility for your home loan PLUS take advantage of our package benefits with special low rates and much more.

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.49%
Upfront fees
$850
Annual fee
$300
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%6.49%
VariableLive inPrincipal and interest60.1% to 70%6.29%6.59%
VariableLive inPrincipal and interest70% to 80%6.34%6.64%
VariableLive inPrincipal and interest80.1% to 90%6.84%7.13%
VariableLive inPrincipal and interest90.1% to 98%7.19%7.48%

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
$300
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
98%
Loan amount
From $150,000

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

6.34%

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

Comparison rate

6.64%

For the same rate. Typical is 6.70%.

Upfront fees

$850

Typical upfront fees are $600.

Annual fee

$300

A typical annual fee is $350.

Smallest deposit

2%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A smaller deposit. You can borrow with 2% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • 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

Nothing stands out.

Similar home loans

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