Beyond Bank Home Loans Review for Aussie Expats
Beyond Bank is one of Australia’s larger credit unions providing banking and home loan solutions to customers nationwide. As a mutual financial institution, they are owned by customers rather than shareholders.
In this Beyond Bank home loan review, we’ll cover their key products, features, interest rates, fees, eligibility criteria and application process to help you make an informed decision as a borrower.
- Borrow up to 90% of the property value for owner-occupied home loans
- Does not offer services tailored for Australian expat borrowers
- Eligible borrowers can buy a property with a minimum 5% deposit
Beyond Bank Home Loan Options
Beyond Bank offers a range of home loan products catering to different needs.
Purple Basic Variable Rate Home Loan
Total Variable Rate Home Loan Package
Total Home Loan Package Fixed 1-5 Years
Beyond Bank's variable rate home loan offers a flexible option with interest rates that move up and down based on market conditions. There are no penalties for making additional repayments to pay your loan down faster when possible. This allows you to take advantage of lower rates when they occur.
The variable loan is a good choice if you may consider selling your property or refinancing your mortgage in the near-term future. You avoid potential break fees that can come with fixed rate loans.
Beyond Bank's variable rate loans give borrowers flexibility in uncertain markets.
The Total Variable Rate Home Loan Package from Beyond Bank offers new borrowers a discounted variable interest rate for the first year to reduce initial repayments and interest costs. After the introductory period, the variable rate reverts to Beyond Bank's standard owner-occupied or investment property variable rates.
This loan provides the flexibility to make unlimited extra repayments when on the variable rate and access those through redraw. Other features include loan terms up to 30 years, the ability to split between fixed and variable portions, and flexible repayment schedules.
The Total Variable Rate Package aims to incentivise new customers with short-term discounts while retaining long-term variable rate flexibility and management features.
Opting for one of Beyond Bank's fixed rate home loans allows you to lock in an interest rate for a set period of 1 to 5 years. This gives certainty around what your repayment amount will be each month over that time. With a fixed rate, you protect against variable rate rises during your fixed term. This stability aids budgeting and financial planning.
If you expect to hold your mortgage long-term and want repayment security, Beyond Bank's fixed rate loans are a great option. Just be aware of potential break fees if refinancing before the end of the fixed term.
Beyond Bank Home Loan Review
Here are some of the main pros and cons of choosing a Beyond Bank home loan.
| Pros | Cons |
|---|---|
Competitive interest rates with no ongoing fees | Smaller lender with limited physical branches |
Mutual structure with customer-first focus | Lower maximum LVRs than major banks |
Set & forget home loans allow predictable repayments | Smaller maximum loan amounts |
Offset account and redraw facilities available | Lower risk appetite - strong credit history required |
Discount pricing for eco-friendly properties | Penalties for early termination of fixed rates |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Beyond Bank Home Loan Features
Key features that come standard with Beyond Bank home loans include the following.
| Feature | Details |
|---|---|
Redraw Facility | Redraw facility to access extra repayments, free of charge |
Extra Repayments | Additional repayments option to pay loan down faster without additional fees |
Offset Account | Mortgage offset account to save on interest |
Equity Top Up | Top up available to tap equity in the property |
Discounts | Discount pricing for environmentally friendly properties |
Expat Support | Beyond Bank does not offer specific expat support services. Their loans are focused on Australian residents with local income. |
Facts About Beyond Bank
Beyond Bank is an Australian mutual bank owned by customers rather than shareholders.
It originated in 1959 as CUA NSW and was renamed Beyond Bank in 2011.
Beyond Bank provides banking, insurance and financial planning services to customers across Australia, with over $12 billion in assets under management.
How Do I Apply?
Follow these steps to apply for a Beyond Bank home loan:
- Confirm your eligibility and loan amount needed
- Gather all required documents for income, assets, identity
- Complete the Beyond Bank home loan application form
- Submit application and documents for assessment
- Receive loan offer if approved and accept terms
- Finalise loan documents and mortgage for settlement
- Make your loan repayments by the due dates
Who is Eligible?
To qualify for a home loan with Beyond Bank, applicants must meet key criteria:
- Australian citizens or permanent residents
- Minimum age of 18 years
- Steady income from stable employment
- Good credit history with no defaults
- 20% minimum deposit required
- Debt-to-income ratio generally below 6x
Speak to a mortgage broker for guidance on loans that align with your personal situation and financial goals.
What Documents Do I Require?
Prepare these common documents when applying for a Beyond Bank home loan.
Proof of Identity
Documents like your driver's licence, passport or other government-issued ID should be provided.
Proof of Income
Supply documents such as your pay slips, employment contract and tax returns.
Assets & Liabilities Statement
Provide statements, including property valuations and account balances is required.
Budget Planner
Plans listing your income, expenses and overall financial position needs to be prepared.
Credit Report
A credit report verifying your current credit score should be included.
Having all required documents ready will help Beyond Bank process your home loan application smoothly.
Related Products from Beyond Bank
Introductory Home Loan
Beyond Bank offers introductory variable rate home loans that start with a discounted interest rate for the first 12 months. This discounted rate aims to reduce your repayment amount and overall interest costs during your first year.
After the intro period ends, your variable rate reverts to Beyond Bank’s standard owner-occupied or investment variable rate.
The introductory offer helps new customers save on costs initially. Just ensure you’re comfortable with potential rate movements after the initial 12 months.
Investment Home Loans
Beyond Bank offers investment property loans tailored for financing rental properties. Features like interest-only payments, unlimited extra repayments, and complimentary valuations provide flexibility for property investors.
Their investment home loans allow borrowers to build their wealth through real estate. Ideal for investors looking to expand their rental portfolio.
Construction Loans
Beyond Bank provides construction loans to fund building a new home or completing major renovations. Their construction lending provides the financing in stages based on builder progress.
Borrowers only pay interest on the funds drawn during the build. And Beyond Bank handles monitoring milestones and releasing payments. Their construction loans simplify the process.
Low Deposit Home Loans
With Beyond Bank’s low deposit home loans, eligible borrowers can purchase with as little as a 5% deposit. While lenders mortgage insurance (LMI) applies, a lower deposit makes property ownership more accessible.
First home buyers who don’t have a 20% deposit saved can get started on the property ladder sooner using Beyond Bank’s low deposit loans.
Need An Expat Home Loan?
While Beyond Bank offers quality loans for Australian residents, they do not provide expat mortgages or overseas borrower services.
If you need home financing as an Australian expat or foreign income earner, our dedicated expat mortgage brokers can assist.
We understand the unique needs of offshore borrowers and partner with lenders that accept foreign income documents. Our brokers will assess your situation, and find the right expat home loan tailored for you.
As leading experts in expat lending, we’re here to guide you through the entire process. For specialised assistance securing an Australian mortgage from overseas, contact our team today!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Beyond Bank Home Loans
Does Beyond Bank accept foreign income for expat borrowers?
No, Beyond Bank requires Australian income documents to assess home loan eligibility and repayment ability. Speak to a broker about lenders with overseas income policies.
What is Beyond Bank's maximum LVR for home loans?
Beyond Bank generally caps LVRs at 90% for owner occupiers and 80% for investors. High LVR loans above 90% are limited.
What is the minimum credit score for approval with Beyond Bank?
While each application is assessed on its merits, a minimum credit score of 600+ is typically required for Beyond Bank home loan approval.
Does Beyond Bank charge mortgage early repayment fees?
Beyond Bank charges early repayment costs on fixed rate loans if refinanced before the fixed term expires. Variable rate loans can be repaid early with no penalties.
How long do home loan approvals take with Beyond Bank?
Beyond Bank aims to provide home loan approvals within 2 weeks of receiving a complete application and supporting documents. Pre-approvals are faster.
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