1 Year Fixed Rate Home Loan

Our 1 year fixed rate home loan is ideal for residential owner occupied or investment purchase, refinance, consolidate debts, release equity for personal or investment purposes.

✓ $0 Monthly Fee
✓ Offset account optional Extra +0.10%
✓ Rate Lock Available

6.19 % pa Interest rate 7.07 % pa Comparison rate

Product Features:

Home Loan Features
Minimum Loan Amount :	$150,000
Maximum Loan Amount :	Up to 97% of value of property with LMI capitalised for Owner Occupied & up to 90% for Investment
Offset Account :	Yes
Offset Account :	Optional extra +0.10%
Split Loans :	Yes
Establishment Fee :	$300
Legal Fees :	At cost
Valuation fees :	At cost
Switching Fee :	$300
Repayment Frequency :	P & I weekly, fortnightly, monthly, IO monthly.
Repayment Method :	Quick Debit, periodical payment, salary direct credit
Additional Repayments Accepted :	No
Interest Charges :	Calculated daily, charged monthly
Redraw Facility :	No
Construction :	N/A, please refer to Home Builder Home Loan
Maximum Terms in Years :	30 Years
Fixed Rate Lock Fee :	Yes

1 year Fixed Rate Home Loan	Interest Rate (No Offset)	Comparison Rate (No Offset)	Interest Rate (With Offset)	Comparison Rate (With Offset)
Owner occupied- P&I LVR <60%	6.19% pa	7.07% pa	6.29% pa	7.08% pa
Owner occupied- P&I LVR <70%	6.29% pa	7.25% pa	6.39% pa	7.26% pa
Owner occupied- P&I LVR <80%	6.39% pa	7.40% pa	6.49% pa	7.41% pa
Owner Occupied- P&I LVR >80% to <90%	6.99% pa	7.55% pa	7.09% pa	7.56% pa
Investment- P&I LVR <80%	7.19% pa	7.93% pa	7.29% pa	7.94% pa
Investment- P&I LVR >80% to <90%	7.24% pa	8.11% pa	7.34% pa	8.12% pa
Investment- IO LVR <80%	7.29% pa	8.34% pa	7.39% pa	8.35% pa
Investment- IO LVR >80% to <90%	7.34% pa	8.52% pa	7.44% pa	8.53% pa

FAQs

Read our most frequently asked questions below or view all our Home Loan FAQs.

What is a comparison rate?

A comparison rate is the interest rate of your loan, as well as the fees and charges involved in getting a loan. The comparison rate helps you figure out the real cost of the loan, so you can compare your options more clearly. Comparison rates are calculated by all Australian financial institutions and mortgage providers with a standardised formula, which is regulated by the Consumer Credit Code.

Do I have to be a member to take out a loan?

Geelong Bank is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Geelong Bank to have a loan.

How do I make repayments on the loan?

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with Geelong Bank or another financial institution.

What is Lenders Mortgage Insurance?

Achieving the dream of home ownership is one of the most exciting times in your life. However, it also comes with a big challenge – the time it takes to save a substantial deposit that lenders often require (typically 20% of the home’s purchase price). If you do not have a substantial deposit saved, your lender may be prepared to provide you a home loan with a smaller deposit (as little as 5%), by taking out Lenders Mortgage Insurance (LMI).

Lenders Mortgage Insurance (LMI) is an insurance policy that your lender takes out to protect itself against the risk that you (the borrower) default on your loan repayments and your lender is unable to recover the full outstanding loan amount.

Lenders Mortgage Insurance is arranged by your lender and the premium is a one-off cost your lender pays to us (the insurer) upon settlement of your property purchase. This cost is passed on to you (the borrower) by your lender, as a fee.

We understand that buying a property is a very important decision and it can be both challenging and stressful. Geelong Bank uses Helia to provide Lenders Mortgage Insurance. To help you navigate through the home buying process refer to the following resources:

It's my home magazine. - Helia provides you with professional insights and tips to get you started and guide you along the way.

Documents & Forms

Target Market Determination

Owner Occupied – P&I

Target Market Determination

Investment – P&I & IO

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Important information

Footnotes:

¹ Comparison rate is based on a secured loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

1 Year Fixed Rate Home Loan