Bank of Sydney Home Loan

About Bank of Sydney

Applying for a home loan is a big financial decision in one’s life. We spend countless hours trying to untangle the complexities of home loans, their T&Cs and other aspects. However, there is nothing to worry about! We bring you the full details of the dynamic Bank of Sydney home loans.

The Bank of Sydney extends two types of home loans to prospective borrowers - Home Loans and Investment Home Loans. If you plan to move into a new house, check out the bank's regular Home Loan options. If you’re building a new abode from scratch or expanding your existing place, you can opt for the bank’s Investment Home Loans. Both these types of housing loans are further offered in three categories.

Features of a Bank of Sydney Home Loan

Bank of Sydney home loans are packed with exciting customer-centric features that provide borrowers with solid value. Some prominent features are listed below -

Secured Loan

Banks extend a home loan against a property. The property, whose value is higher than the loan amount, acts as a guarantee for the lender. In case of loan default, the possession of the property goes to the bank, which can sell it and recover its costs.

Loan to Value Ratio (LVR)

Bank of Sydney provides an LVR of up to 70% on home loans with flexible interest rates and up to 80% on fixed interest rates. The borrower solely will be required to finance 20%-30% of the property’s value. The loan-to-value ratio is a percentage figure representing the loan amount against the bank’s valuation of the property.

Awards and Acclaims

In 2023, the Bank of Sydney was awarded 3 Mozo Expert Choice Awards in the home loan category. Mozo is a financial comparison organisation which aims to simplify financial decision-making. These awards reflect the exceptional value offered by the bank to its customers.

Free Repayment and Redraw Facilities

Advance repayments can be flexible without incurring extra charges. Additional repayments can also be withdrawn using Internet Banking, free of charge. It must be kept in mind that redraw facilities are available only after a fixed period of time specified by the bank. Moreover, a maximum of $10,000 of repayment per year can be made on home loans with a fixed interest rate without incurring any extra charges.

Interest Rates

Bank of Sydney home loan rates are fixed and flexible in nature. Customers can also switch from fixed to variable rates and vice versa, owing to any change in their circumstances. However, additional charges like break costs may apply upon making such a change. The bank also offers the option to split the interest rate on the loan amount . Customers can opt for a fixed interest rate over one portion of the loan and a variable interest rate over the remaining portion.

Flexible Repayment Tenure

Bank of Sydney home loans can be repaid within 40 years in fortnightly, weekly or monthly instalments. After consulting with their bank managers, one can switch their repayment options from Principal and Interest to Interest Only. Comfortable and convenient repayment options provide greater financial control to the applicants on their debt.

100% Offset Account

Bank of Sydney offers 100% offset account options on its Expect More Home Loans. An offset account is a transactional account linked to a loan account. When interest is calculated for home loan applicants with an offset account, the offset account balance is deducted from the principal amount owing and the interest is calculated on the remaining amount.

For example -

For a loan account of $300,000 linked to an offset account of $50,000, the interest will be calculated at $250,000.

Total loan amount: $300,000 Offset account balance: $50,000 The interest rate will be applicable on - $250,000 ($300,000-$50,000)

No Additional Fees

The Bank of Sydney charges no additional monthly or annual fees to home loan seekers. The bank covers legal fees up to $475, valuation fees up to $420 and an annual package fee worth $395 for its Expect More Home Loan applicants.

Who is Eligible for a Bank of Sydney Home Loan?

Bank of Sydney Home Loans are extended to candidates who satisfy certain basic minimum criteria. The following factors are considered by banks while approving a home loan request.

1. Age: The applicant must be a minimum of 18 years old
2. Residential Status: Home loans are extended only to Australian residents.
3. Financial Status: The banks extend home loans to applicants with reliable work experience and a regular source of income. The bank inquiries and verifies a candidate’s financial status through various documents.

How to Apply for a Bank of Sydney Home Loan?

Bank of Sydney home loans can be applied online through the bank’s website or in person via a branch visit.

Online Applications

To apply for a Bank of Sydney home loan online, you must register on Apply Online.

Apply Online is an online loan application manager available on iOS and Android platforms. An Apply Online account can be easily created by linking one’s Google and Facebook accounts. The portal requires no additional username and password.

Once registered, you can:

• Submit online loan applications
• Digitally upload documents required for verification
• Track your loan application status online

Branch Visits

You can visit your local Bank of Sydney branch to interact with a loan specialist in person. You will be provided with a clear understanding of all the available loan options and adequate guidance regarding the loan application.

Documents Required for Bank of Sydney Home Loan

A list of required documents for home loan applications can be found below.

Requirements	Accepted Proofs
ID proof	●     Birth certificate ●     Utility bills ●     Pension card ●     Citizenship certificate ●     Driver’s license/ Overseas driver’s license
Income proof	Salaried Applicants: ●     Last 3 months’ bank statements ●     Recent salary slip ●     Tax return Self-employed individuals: ●     Tax returns of the past specified years ●     ATO Notice of Assessment ●     Financial statements showing the last 2 years’ profits and losses Rent-earning individuals: ●     Current lease contract ●     Tax returns showcasing property ownership ●     Bank statements showcasing rent received
Employment proof	Employment contract
Property ownership	Certificates to prove that you own the mortgaged property
Expenses	Current living costs Expenses on utilities, food, healthcare etc.
Disclosure of assets and liabilities	Documents showcasing current incomes/ investments along with outstanding debt/credit

Customer Service for Bank of Sydney Home Loan

Clients can contact the customer service centre of the Bank of Sydney in case of any queries. One can use the online feedback service or the branch visit facilities to contact the bank. The bank’s customer service numbers are listed below.

Helpline Number Australia: 13 95 00 Worldwide: +61 2 8262 9191 Timings: Monday to Friday 9 am - 5 pm AEST Email: [email protected]

Bank of Sydney Home Loan Calculator

The bank provides a Home Loan Repayments Calculator for its customers to manage their loan repayments. The calculator is easily available on the bank’s website, free of charge. A home loan repayment calculator helps in making informed debt choices. With the help of the calculator, a borrower can smartly choose a loan that aligns with their repayment potential.

Follow these simple steps to use the bank’s home loan repayments calculator -

• On the bank’s website, click on the calculator under the ‘Tools and Support’ menu.
• Enter the details like loan amount, loan type, loan term, interest rate and payment frequency.
• The calculator will immediately generate monthly instalment estimates in figurative and graphical representations.

One must keep in mind that calculator results are mere estimates which are subject to fluctuations. The calculator also does not consider several additional charges levied by the bank.