Finty
BNK Bank (Goldfields Money/BCHL)

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

Variable rateOffsetRedraw

The Better Choice Gold Special Home Loan offers a standard variable loan. This loan suits borrowers that are looking for flexibility with their home loan and investment properties with a fully transactionable 100% Offset account.

Written byDavid Boyd
Interest rate a year, from
6.40%
Comparison rate
6.43%
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 6.40% (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
$3,753
Total repayments
$1,351,093
Interest
$751,093

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%6.40%6.43%
VariableLive inPrincipal and interest70% to 80%6.45%6.48%
VariableLive inPrincipal and interest80% to 90%8.22%8.25%
VariableLive inPrincipal and interest90% to 95%8.64%8.67%
VariableInvestmentPrincipal and interestUp to 70%6.60%6.69%
VariableInvestmentPrincipal and interest70% to 80%6.65%6.74%
VariableInvestmentPrincipal and interest80% to 90%8.27%8.37%
VariableInvestmentInterest onlyUp to 70%6.75%6.84%
VariableInvestmentInterest only70% to 80%6.80%6.64%
VariableInvestmentInterest only80% to 90%8.57%8.42%

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
Yes
Redraw
Yes
Highest LVR
95%
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

6.45%

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

Comparison rate

6.48%

For the same rate. Typical is 6.70%.

Upfront fees

$1,300

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • 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.
  • 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.

Similar home loans

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