Finty
BNK Bank (Goldfields Money/BCHL)

BNK Bank (Goldfields Money/BCHL) Gold Prime Residential Basic Home Loans

Variable rateRedraw

The Better Choice Gold Special Basic Variable Home Loan offers a standard variable loan. Available up to 80% LVR, this loan suits borrowers that are looking for flexibility with their home loan and investment properties

Written byDavid Boyd
Interest rate a year, from
6.30%
Comparison rate
6.33%
Upfront fees
$1,300
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 6.30% (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
$3,714
Total repayments
$1,336,981
Interest
$736,981

Rates

Every rate BNK Bank (Goldfields Money/BCHL) 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 interestUp to 70%6.30%6.33%
VariableLive inPrincipal and interest70% to 80%6.35%6.38%
VariableInvestmentPrincipal and interestUp to 70%6.50%6.59%
VariableInvestmentPrincipal and interest70% to 80%6.55%6.64%
VariableInvestmentInterest onlyUp to 70%6.65%6.74%
VariableInvestmentInterest only70% to 80%6.70%6.79%

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
$1,300
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
80%
Loan amount
Not published

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

6.35%

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

Comparison rate

6.38%

For the same rate. Typical is 6.70%.

Upfront fees

$1,300

Typical upfront fees are $600.

Smallest deposit

20%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • 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.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • Higher upfront fees. $1,300, above the typical $600, which adds to the cash you need at settlement.
  • 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.