Geelong Bank

1,2 Home Loan

Buying next home
Variable
70% LVR

6.34%

Interest rate

7.16%

Comparison rate


Ratings

Introductory period

Geelong Bank 1,2 Home Loan is a 2 year introductory rate loan. An introductory rate is a special interest rate discount offered for the first year of your home loan, allowing you to get a headstart on your repayments.

Tips: Many lenders give you a cheaper rate in the first year as a carrot, then revert your rate to the Bank Standard Variable Rate and then refuse to give you a discount. This is the major problem with introductory rates, don't get caught out, ask your lender about discounts after the introductory rate has expired!

Variable

2 year

Geelong Bank logo

Geelong Bank

LVR options

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.

An LVR of 97% 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.

Repayment options

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.

Interest only repayment option is not available with Geelong Bank 1,2 Home Loan for buying next home.

Variable
Paying pricinpal and interest
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Geelong Bank

Q&As

Does Geelong Bank 1,2 Home Loan comes with an offset account?

Yes, 1,2 Home Loan comes with a 100% offset account.

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for Geelong Bank 1,2 Home Loan?

There is upfront costs of $300 to apply for 1,2 Home Loan, with no ongoing account keeping fees.

  • Application fee: $300

Are there costs when I exit or refinance to another lender?

Geelong Bank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.

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 Geelong Bank or a mortgage broker just to be sure. This information should be used as a guide only.

Contact a mortgage broker

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