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How we picked theseHere are the key features and details you need to know about Beyond Bank's mortgage products.
| Feature | Details |
|---|---|
| Minimum deposit | It's possible to get a home loan with a deposit as low as 5%. |
| Offset account | You can get an offset account with several of its loans. |
| Repayment options | Many of its home loans allow you to make interest only repayments for a limited period. The lender also offers the standard principal and interest repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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I would like to know if i applied for a $2000000 home loan, how much deposit would be required and what would the repayments be.
Hi Paul,
The deposit required will vary depending on the Beyond Bank home loan product you apply for. It could be 5%, 10% or 20%, noting that any deposit of less than 20% will require you to pay lender’s mortgage insurance. On a loan of this size, LMI would be quite high (tens of thousands of dollars).
The repayment may differ depending on the loan value, deposit amount and payment frequency. If you choose the Total Home Loan Package and the loan value is $2,000,000 with a deposit of $400,000, your home loan amount would be $1.6m, and your estimated monthly repayment would be $6,019 for a principal and interest loan.
Finding the right home loan for you can be a time-consuming process, so consider reaching out to mortgage brokers who compare home loans from a wide panel of lenders. They can help you find a product that matches your financial needs and assist you with your application.
Hope this helps.
Cheers,
Sarah