Beyond Bank
Purple Basic
Owner Occupied Variable Principal & Interest 0 Years Any LVR
6.09%
Interest rate
6.12%
Comparison rate
Rates as at 28 Sep 2026
Ratings
★ ★ ★ ★ ★ (1 reviews)
About this rate option
The Purple Basic Variable Home Loan from Beyond Bank has an interest rate of 6.09% (comparison rate 6.12%) for owner-occupiers paying principal and interest, published for any LVR level. Because the rate is variable, it can move when the lender changes its rates. Borrowers can make unlimited additional repayments and redraw them at any time through Internet and Mobile Banking, with no minimum redraw amount. Membership and lending criteria apply.
This summary was generated from Beyond Bank’s published product data for this specific rate option. Always confirm current rates with the lender.
About Purple Basic
Key Features
- While it does not have the convenient that comes with an offset account, but $Purple Basic comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Fees & Costs
- Beyond Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
- Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
- There is upfront costs of $445 to apply for Purple Basic, with no ongoing account keeping fees.
Borrowing Limits
- An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Eligibility
- Interest only repayment option is not available with Beyond Bank Purple Basic for buying next home.
- Interest only repayment option is not available with Beyond Bank Purple Basic for investment loan.
- Interest only repayment option is not available with Beyond Bank Purple Basic for refinance.
IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Beyond Bank or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Purple Basic
Refinance
Variable · Principal & Interest
0 Years · 60% LVR
6.14%
Refinance
Variable · Principal & Interest
0 Years · 80% LVR
6.29%
Refinance
Variable · Principal & Interest
0 Years · 90% LVR
6.49%
Investment
Variable · Principal & Interest
0 Years · Any LVR
6.24%
Owner Occupied
Variable · Principal & Interest
0 Years · Any LVR
6.09%
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
Beyond Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does Beyond Bank Purple Basic comes with an offset account?
No, Purple Basic does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
Does Beyond Bank Purple Basic comes with an offset account?
No, Purple Basic does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Purple Basic comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for Beyond Bank Purple Basic?
There is upfront costs of $445 to apply for Purple Basic, with no ongoing account keeping fees. Application fee: $445
Fees
- Application fee
Important Information
Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Beyond Bank or a mortgage broker just to be sure. This information should be used as a guide only.