This was posted 5 months 19 days ago, and might be an out-dated deal.

Related
  • expired

5.80% pa Variable Home Loan / Refinance for Essential Workers (New Loans Only, Min $100k Loan, 5.83% pa CR) @ G&C Mutual Bank

860
5.80% pa Variable Home Loan / Refinance for Essential Workers (New Loans Only, Min $100k Loan, 5.83% pa CR) @ G&C Mutual Bank
Go to Deal
rcgy on 03/07/2024 - 10:59 gcmutual.bank (3399 clicks)
Last edited 03/07/2024 - 13:06 by 1 other user

Was shopping around and found this- looks to be pretty good value. 100% offset account, redraw available with a $30 fee, min $100 withdrawal. No establishment fees nor monthly fees, loan preparation fees are at cost.

Main catch is that you have to meet their criteria of essential worker; frontline ambulance officer, paramedic, firefighter, police officer, corrective services officer, nurse, aged care or disability worker, teacher, early childhood educator, defence or military personnel.

  • Up to 95% LVR
  • 100% offset account
  • No establishment fee
  • No monthly fee
  • Up to $1000 towards third party costs
  • Unlimited redraws and extra repayments
  • Overtime and shift allowances may be assessed at 100% for eligible essential services
Financial Home Loan Loan Refinance

Related Stores

G&C Mutual Bank
G&C Mutual Bank

closed Comments

  • Small Wins Everyday on 03/07/2024 - 12:58

    If husband is eligible but the wife isnt (job is different) are they both eligible?

    • Kevinzoid on 03/07/2024 - 12:58
      +1

      1 Eligibility criteria, terms and conditions and fees and charges apply. Available when at least one borrower meets essential worker criteria as a frontline ambulance officer, paramedic, firefighter, police officer, corrective services officer, nurse, aged care or disability worker, teacher, early childhood educator, defence or military personnel. For new security or new refinance applications only. Not available for existing G&C Mutual Bank Loans.

    • Typical16-bitEnjoyer on 03/07/2024 - 14:54

      Is it likewise discrimination when Amex have a card offer stipulating minimum income of +$200k+ and minimum card spend of +$50-100k per annum?

      • 1st-Amendment on 03/07/2024 - 19:46
        -1

        Is it likewise discrimination when Amex have a card offer stipulating minimum income of +$200k+ and minimum card spend of +$50-100k per annum?

        Sounds like false equivalence to me…

  • ChickenAdobo on 03/07/2024 - 13:39

    Thanks OP. I’m qualified. May refinance with them.

    • KingJuf on 03/07/2024 - 14:19

      what is your current rate? I am currently calculating if its worth refinancing from 6.09 but does not seem like enough of a saving at less that $500 a year.

      • Doofie69er on 03/07/2024 - 14:35

        how only 500 a year? I am on 6.08% and considering. Although I have a 1,1m loan.

        • KingJuf on 03/07/2024 - 14:47

          my loan is only around 400k mark

        • hamzie on 03/07/2024 - 20:27

          im the same as you
          979000 loan on 6.09
          will save 3k for the year so probably will switch but have to look into INGs discharge fees

      • ChickenAdobo on 03/07/2024 - 14:42

        5.89 fixed and 6.24 variable. 242k fixed split with 54k variable with NAB.

  • sandman20104159 on 03/07/2024 - 14:10

    how is it that Info Tech workers arent listed as Essential? when the power goes out or when something breaks like internet or computer software… guess who are still around trying to run around and get things back up when the other "Essential" workers have packed up and left to go home.

    • Typical16-bitEnjoyer on 03/07/2024 - 14:56
      +1

      Same reason plumbers who work Sundays and charge $420.69 aren't eligible.

      • sandman20104159 on 03/07/2024 - 15:07

        this is more directed at frontline works, not Essential.

        • Typical16-bitEnjoyer on 03/07/2024 - 19:05

          You tell me a plumber isn't essential and frontline on a Sunday morning when your toilet is spewing the depths of hell down the hallway.

          • giddyurp on 03/07/2024 - 19:24

            @Typical16-bitEnjoyer: Typical tradie scab. Earns 3x what an essential worker does but still wants free handouts.

            What's more important, a blocked toilet or not dying when you go to hospital?

            • Binchicken22 on 03/07/2024 - 20:11

              @giddyurp: Mate, I'm no plumber, but no, they absolutely don't earn 3x an "essential worker". Not unless they run a business and employee people, then maybe… but you could say that about any business. This isn't America where we pay teachers and nurses 35k a year.

              My wife is a primary school teacher and earns over 110k per year as a classroom teacher, which is probably more than a lot of plumbers who aren't running their own business. Both my sister's are nurses and also easily clear the 100k mark too.

            • Typical16-bitEnjoyer on 03/07/2024 - 21:23
              +1

              @giddyurp: It's obvious banter with the dude saying IT is essential lol. Chill.

              • sandman20104159 on 04/07/2024 - 08:23

                @Typical16-bitEnjoyer: so how did your life go when optus and banks were out of service last year… guess who was working butts off trying to get systems back up and running.

                • Typical16-bitEnjoyer on 05/07/2024 - 21:55

                  @sandman20104159: Isn't fixing systems and servers "back" line IT? Nobody ever sees you. You're hidden and invisible. The front line were the poor peeps dealing with the irate phone calls, online complaints or old peeps going into Optus retail shops or banks.

                  Plus the systems falling in a shitheap is the fault of the back line IT. You can apologise now, we're ready now, I think.

  • DrRalph on 03/07/2024 - 14:34
    -3

    G & C bank are utter scum bags. Not recommended at all!

    https://www.productreview.com.au/listings/g-c-mutual-bank

    • glennd on 03/07/2024 - 14:42
      +6

      Product review for banks means nothing. G C have a better review rate then any of the 4 big banks.

      Have you had a personal experience with them? Or just hating on them

    • UFO on 03/07/2024 - 16:58
      +2

      Not sure if joking, but it's not "essential" workers… its "frontline" workers.

      Frontline typically involves people at greater risk of personal harm from other people.
      I personally think its a bit of a stretch for teachers and early childhood educators to be included in that list… but I guess there has to be a line drawn somewhere.

      • staz on 04/07/2024 - 15:13

        Education and enabling people to work by caring for their children seems essential. I do appreciate what you're saying though.

  • Rochie on 03/07/2024 - 16:03
    +12

    Everyone gets so butthurt about not being included in someone's category as 'essential'.

  • adamp237 on 03/07/2024 - 22:02
    +1

    Swapped to them recently. ING gave insulting offers for us to stay and did the whole "refinancing is a bad idea, it'll cost you lots in fees" phone call.

    On boarding was an easy process and you can tell its a proper community bank that employs locals they actually care. Online interface is pretty basic and they couldn't work out how to get my card on to Android pay. We use UP bank for all our transactions so it's not a problem.

    At the end of the day all banks are there to take your money. At least these guys are nice about it.

    • hamzie on 04/07/2024 - 06:28

      How much we the ing discharge fee

      • adamp237 on 04/07/2024 - 09:10
        +1

        Couple hundred bucks from memory. Easily made back with the better rate. Gcmb were offering $1000 towards 3rd party costs but this was a bit of a scam because this is quickly eaten up by a $600+ valuation fee and other things that still puts you out of pocket.

        • hamzie on 04/07/2024 - 09:54

          Thanks

        • Gojkins on 04/07/2024 - 12:33

          Yeah the third party costs are what is holding me back right now. Mind sharing how much you were out of pocket in the end with GCMB even with the "$1000" towards 3rd party costs?

          • Kevinzoid on 15/07/2024 - 13:03

            @Gojkins: Would also like to know! About to sort our my FHB mortgage with them so looking to understand what these costs might be

  • AE on 04/07/2024 - 06:03
    -1

    also don't get what makes these jobs essential or frontline and why they deserve a better rate than anybody else. it's not COVID anymore and you are just doing your job that you've chosen in the first place. Everybody who is working and paying their taxes is "essential" for the economy to function. So get rid of these categories and open these "deals" up to everybody who is in the market to refinance/get a loan or don't do it at all.

  • GuniGuGu on 04/07/2024 - 11:44

    Damn, wife is a doctor, but she doesn't qualify :"(
    Our current loan with BankVic is at 6.04% not horrible, but we still have 1.5m owing, so a few % doesn't hurt
    Anyone else have any good rates with other banks?

    • Di20 on 04/07/2024 - 12:24
      +1

      Just enquired, doctor’s are not part of the frontline. Damn

  • DardyMate on 08/07/2024 - 00:26

    I've sent them an e-mail on Thursday. Got a phone call on Friday.
    Application sent today. Hopefully goes well - moving from Athena Home Loans @ 6.34%

    • strikerzebra on 12/07/2024 - 20:58

      Keep us updated please

      • DardyMate on 13/07/2024 - 10:56
        +1

        I find that they request lots of confirmation/and other documents for finances related stuff, more than my broker. Though I don't mind this as the 'member relationship officer I liaise directly responds to email quick (even multiple emails within the day) and if I want to chat over the phone, he will call back asap. Hopefully my loan gets approved soon. I will update again.

        • Bignudge on 24/07/2024 - 10:50
          +1

          I've sent an application over 2 days ago and have not been contacted yet. I called up today to chase it up and they said there's a huge influx of applications… and it can take up to 2 weeks for their lending specialist to get back to me.

          Have you heard any updates since?

          • Kevinzoid on 24/07/2024 - 17:18

            @Bignudge: Hi @Bignudge @strikerzebra
            Different poster but I've just gone through the application process and can share my experience.

            I applied when this deal was first posted, and started the process the week after (5 days difference).
            Loan documentation process was extensive, and potentially overkill (confirmation of employment required emailling my workplace + payslips).
            Loan was approved this week, so timeframe was about 2 weeks from beginning to end.

            Would note that I was in constant communication (daily) with my liaison, and it was an easy process to get in touch with them.

            Would recommened.

            • strikerzebra on 24/07/2024 - 21:25
              +1

              @Kevinzoid: Thanks mate , will consider as my spouse is eligible

            • Bignudge on 25/07/2024 - 09:13
              +1

              @Kevinzoid: Sounds good, thanks for the update. I'm alittle worried about the extensive loan documents required.

              Guess like I just gotta push through with it then as the rates they provide is the best one I could find pretty much.

        • DardyMate on 25/07/2024 - 15:34
          +1

          Hey guys, just to update.
          Overall process was good, despite the extensive loan documentation process as said by @Kevinzoid. Much back and forth but simple things only.
          It took me approx. 2 weeks to get everything sorted and approved. I reply/do things required within the day or two of contact from client liaison officer, and likewise with him. If I call him, he gets back to me asap.
          The phone app is a bit meh, but doesn't bother me. For the 5.8% rate, can't fault it.
          My loan settles in 2 weeks.

  • singhdeals on 12/07/2024 - 20:47

    Does anyone know if this bank is on the panel with any broker who gives extra cashback to customers from their trailing commissions?

  • kcome on 24/07/2024 - 13:59
    +2

    Today I saw their ad on Instagram, for non-essential worker, the special variable rate is 5.89% which is actually not bad.
    I am considering…

  • BlueGlass on 02/08/2024 - 20:57

    So what about reservists, do the scrutinise the type of defence personnel?

    This is a compelling rate.

  • cheaponos on 02/08/2024 - 22:01

    My experience with this bank was terrible with mortgage refinance. Dishonest information provided upfront, took weeks to respond and finalise application. Lowered rate, then jacked up tha rate out of cycle with rba. Ended up not proceeding. I would not recommend.

Login or Join to leave a comment
Login Join