First Home Buyer Premium Package ($0 Annual Fee) - 2.64% Variable (2.66% CR) with Offset @ G&C Mutual Bank

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Vote for Pedro on 16/10/2020 - 06:47 gcmutual.bank (527 clicks)
Last edited 16/10/2020 - 10:33 by 1 other user

With access to Governments 5% deposit scheme via GC Bank.

One of the few bank I’ve come across that gives you offset, redraw and extra repayments for no annual fee and a decent interest rate.

No establishment fee
No package fee
No monthly service fee on transaction account
No annual fee credit card for the first year
100% offset account
Redraw available
Unlimited extra repayments
Up to 40 year term available

Edit: take the comparison rate that has been inserted after i posted with a grain of salt. It is based on a loan of $150k which would definitely (very likely) not apply to any first home buyer

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G&C Mutual Bank

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  enigma48 on 16/10/2020 - 07:51

  +2

  I’ve been with them now for half a year and G&C are great. Genuinely friendly. Most callbacks within a day. I could save some money going elsewhere and getting a simpler mortgage (no offset, fixed) but I’ve used the offset more than I planned on and saved more.

  They started off being many small banks in NSW (one for firefighters, one for a council, etc) and merged into one.

  • 

    Vote for Pedro on 16/10/2020 - 08:09

    Thats great to hear. Just recently got all my approvals done through them. Getting the paperwork organised was fun but they were super easy to deal with.

    The offset was the biggest selling point for me tbh as that will likely be getting a workout

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  f4te on 16/10/2020 - 08:02

  Anyone know how they are with rate creep? Do they usually pass on the full cut? Apparently another drop is likely soon…

  • 

    enigma48 on 16/10/2020 - 11:03

    I think they’re like most banks - this product’s rate dropped pretty quickly after each cash rate drop while I was applying. Haven’t been with them for years to know for sure.

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  2000voltz on 16/10/2020 - 08:38

  +4

  I have been with G&C Mutual for 5+ years now and most recently they were the only bank to offer me owner builder construction loan with 80% LVR (other banks were 60% or less even). I was their first owner builder customer and they went through the hard yards (learning for themselves) to try and get it all approved. I have been very happy with them for the time I have been their customer.

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  Tock on 16/10/2020 - 08:48

  Hints of another rate cut… might be worth waiting?

  • 

    pHyR3 on 16/10/2020 - 09:04

    variable rate so it should be passed on

    they also have a 1 yr fixed rate at ~2.34% from memory

  • 

    sickllama on 16/10/2020 - 09:27

    I applied for this loan in Oct-19 and the rate was the best on the market by a long shot at 2.79%. We had two rate cuts in March for a total of -0.5% and only 0.15% was passed on.

    However, the 2.79% was extremely competitive and I still feel the 2.64% is competitive.

    Being a members owned bank I would expect they're less likely to try and screw you and do rate creep.

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  pHyR3 on 16/10/2020 - 09:07

  i signed up with them about a month ago to try get on the FHLDS and had an okay experience:

  • Told them I was interested and they said it'd be good to get on the scheme soon because places were filling up
  • Then they said they couldn't get me on the scheme because I was registered at another bank
  • Called around to figure it out they and called back a few days later and said they accidentally put me on the scheme when I first enquired which started a 2 week timer for me to get all my documents in
  • Got the documents in 1 hr later than a 12pm cutoff I hadn't been told about
  • Missed out on the FHLDS

  They were pretty friendly throughout though, if i can somehow get on the scheme i'd probably go with them but if not i'd pick somewhere else with a better rate

  • 

    Vote for Pedro on 16/10/2020 - 10:30

    That sucks. What a pain.

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    enigma48 on 16/10/2020 - 11:09

    Damn. The bank that accidentally put you on the list without your permission royally screwed up - they can get in trouble for that for specifically this reason. (You’re stuck with us now that the application is in!)

    I’d be going back to them and screaming bloody murder - doing this without explicit approval (Despite the warnings) for a bank is really, really bad. Covering part/all of your LMI seems fair as that’s what FHDLS was for, and they’re the reason you missed out.

    • 

      pHyR3 on 16/10/2020 - 11:11

      well i mean it wasn't without my permission since I was trying to get on the FHLDS, i was just trying to hold off since i needed a bit more time to get my documents in order

      not really the type of person to go crazy about all that type of stuff tbh, it's not that big a deal to me and I'll be fine either way

      • 

        sicinadan on 16/10/2020 - 11:14

        +1

        More spots will be open, maybe contact them again ?

      • 

        enigma48 on 16/10/2020 - 11:16

        +1

        Ah ok, I saw “they accidentally..”. Just a mistake then.

        I had the same concern when I was applying - that I’d choose the wrong bank, they’d take too long, etc and I’d miss out on the FHDLS. If you’re still looking, St George we’re offering an 85% LVR with no LMI

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  sicinadan on 16/10/2020 - 11:18

  +1

  I have been with them for a few months, and they are very friendly and easy to deal with. The mobile lenders are awsome and usually reply within one hour. If you need a home loan in the Melbourne region, PM me for my guy's name. He is very straight forward with no BS.
  PS a few ladies working in the head office can be obscene, but it is the same everywhere else
  Overall great to be banking with them.

  Their NetBank is very, very OLD… works very but OLD.

  Cheers

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  fishandchips on 16/10/2020 - 11:22

  rate will be going down on 3 November by RBA…