Owner Occupier Home Loan: 0.50% off Basic Variable Rate for 3 Years (Currently 5.44% p.a., CR 5.84%) @ Australian Mutual Bank

110

Go to Deal

LPadawan on 12/03/2025 - 19:22 australianmutual.bank (284 clicks)
Last edited 12/03/2025 - 19:44 by 1 other user

My first post, hope this helps someone!

I have been researching home loan offers after the latest rate cut, and this is the best variable loan rate that I could find.
Plus, zero establishment or ongoing fees, and waived valuation fee, making it pretty much fee free to start a loan (3rd party settlement fees still apply, like they do for any bank).
The rate increases after the first 3 years, but you can refinance by then.

There are lower offers from Bank Australia at 5.13% but they require you to have no gas connection in your home (https://www.ozbargain.com.au/node/887403)

Australian Mutual Bank - Special Offer 3 Year Discounted Basic Variable Rate
Owner Occupier Only
Minimum loan amount: $500,000
Maximum Loan to Valuation Ratio (LVR): 80%
No offset account, but unlimited free redraws.

Offset account is available on their other loan called GumLeaf Home Loan for 30-40 basis points more, depending on your LVR:
https://australianmutual.bank/loans/home-loans/gumleaf-stand…
However at that interest rate there are many other offers in the market.

Related Stores

Australian Mutual Bank

• 

  huey on 12/03/2025 - 19:45

  +1

  Thanks for pointing out Bank Australia at 5.13%, I will be giving them a call tomorrow.

  • 

    TheFatCat on 12/03/2025 - 22:22

    Deal breaker for me as no cash back for refinance, gonna be 2k for them fees.

• 

  Wilociraptor on 12/03/2025 - 19:47

  +4

  Minimum of 500k kills it for me. everything else looked great!

  • 

    Elijha on 12/03/2025 - 19:56

    +2

    If your home is valued over 500k, could you get the loan extended to that value and sit the money straight back in an offset?

    • 

      gadgetfreak28 on 12/03/2025 - 20:23

      How do you ask the bank to extend the loan amount? Say you only have $450K owing but the house is worth $600 do you say you're wanting to get some extra cash to do renovations etc?

      • 

        Padawan on 12/03/2025 - 20:41

        Yes, that would work - they should not care, as long as you are within their parameters for LVR and serviceability

        • 

          gadgetfreak28 on 12/03/2025 - 20:42

          @Padawan: Cool. I will give it a go. I was always under the impression that the banks would want to see some quotes and even ask for the proof that work has been completed etc.

          • 

            GossipGoat on 12/03/2025 - 20:48

            +2

            @gadgetfreak28: This happens all the time, its called taking equity out of your house. The bank determines your borrowing capacity by checking your serviceability and also takes into account the value of the house. How much u put in as the deposit determines your LVR. You don't need to make up a lie just say you want to take some equity out.

            • 

              gadgetfreak28 on 12/03/2025 - 20:51

              @GossipGoat: That sounds more promising and in line with what I'd prefer to do. Thanks heaps for your response. Cheers.

              • 

                liam2040 on 12/03/2025 - 21:27

                @gadgetfreak28: Good way to get around the 500k minimum if that is the case … if you're owing say 450k currently, you could borrow the 500, then dump 50k into the loan straight away, if i'm understanding correctly.

• 

  Wiadro on 12/03/2025 - 20:22

  -5

  cheaper at Unloan

  • 

    loksmack on 12/03/2025 - 20:40

    Unloan is 5.74%. This one is 5.44%.

• 

  Brisbane1 on 12/03/2025 - 21:28

  -1

  How when and where ?