Beyond Bank offers a range of home loans with varying interest rates and features that cater to different borrowers including first home buyers, refinancers, investors, and renovators.

What are the home loan options available at Beyond Bank?

Investors and owner-occupiers can choose from Beyond Bank’s range of fixed and variable-rate home loans with flexible features and loan-to-value ratio (LVR) starting at 60% up to 95%. 

Here are more details about the bank's mortgage products.

Variable Rate Home Loans: Back to Basics

Looking for a straightforward variable-rate mortgage? Beyond Bank’s Purple Basic Home Loan is suitable for borrowers willing to forgo added features like a linked offset deposit account (but a redraw facility is available) and an option to split the loan in exchange for lower fees. 

Customers buying a home or refinancing can borrow between $150,000 and $2 million, with loan terms that stretch from five to 30 years. Purple Basic’s LVR ranges from 60% to 90%, meaning a minimum 10% deposit is required. Borrowers exceeding an 80% LVR must obtain a lenders mortgage insurance (LMI).

Fixed Rate Home Loans: Lock in Rates and Other Features

Beyond Bank’s fixed home loans allow borrowing up to 90% of the property’s total value, with lock-in terms between one and five years. Customers can choose their payment frequency (from weekly to monthly) and make extra repayments of up to $25,000 per year without penalty. 

The bank’s fixed mortgages also come with free online redraws and the option to split the loan and tap a family member’s equity to use as security, otherwise known as a guarantor. Pre-approved customers will have an extended 120 days to find and bid on properties.

Standard Home Loans: All-Around Flexibility

Borrowers looking for home loans with flexible options may consider the standard offerings of Beyond Bank. Anything but standard, these mortgages are available in either variable or fixed rates with a split loan option. They come with free online redraws as well as an optional offset account (for variable rate) and a pre-approved line of credit or credit card.

Customers can borrow up to 90% of their property’s total value, i.e. 90% loan-to-value ratio (LVR) or a 10% deposit.

Package Home Loans: Mortgage and More

Those who want their home loans to go beyond basic offerings may opt for Beyond Bank’s Total Home Loan Package. 

This home loan package offers financing for up to 90% of a property’s total value. It’s available in variable or fixed rates with a split loan option, and comes with an offset account, a redraw facility, and a low-rate credit card with waived annual fees. Do note however that a $395 annual package fee applies. 

How to secure a lower interest rate at Beyond Bank

In line with its commitment to environmental stewardship, Beyond Bank offers reduced home loan rates for customers financing eco-friendly properties. For the specific details on rate reductions and eligibility, it would be best to directly consult with the bank.  

What are the fees charged to customers? 

Fees vary across Beyond Bank’s home loan products. 

For instance, Purple Basic Home Loan customers must pay an application (loan establishment) fee of $445 and a discharge fee of $350. Mortgages with variable rates are charged a monthly administration fee of $11. Establishment and settlement fees of $445 and $200, respectively, apply to fixed and standard home loans. Total Home Loan Package charges an annual package fee of $395. 

A fixed amount is also charged for loan variation ($345), rate variation ($150), staff-assisted redraw ($35), property search ($35), and security documentation ($150). Government charges such as stamp duty and land transfer, property valuation and inspection, and break costs (for fixed rates) may also apply.  

These fees are correct at the time of writing and are subject to change.

Who can apply for a home loan at Beyond Bank?

Australian citizens or permanent residents aged 18 and over and earning a regular income are eligible for Beyond Bank’s home loans.

Would-be borrowers can apply for pre-approval (or pre-qualification) online or by visiting a local branch. The pre-qualification process, which takes about 10 minutes, enables customers to determine how much they can potentially borrow, thus giving them confidence in their home search. 

To pre-qualify, applicants must present the following information and documents:

• Details of the property to buy, build, or refinance

• Proof of income

• List of monthly living expenses

• List of assets

• List of liabilities (i.e. existing loans)

According to the bank, those who get pre-approved and want to proceed with the unconditional approval will be contacted within two business days.  

For the latest and detailed information on Beyond Bank’s home loan offerings, including eligibility requirements, fees and charges, and current rates and terms, it’s best to visit the bank’s website or consult with its relationship managers.