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Introducing our new home loan
Broken Hill Bank’s Choice Home Loan
Making home ownership
simple and flexible
Whether you're buying a home or refinancing, Broken Hill Bank offers a range of tailored home loan options with competitive interest rates and features. Experience the ease of securing your ideal home with our fast approval process.
Explore the various home loans below and discover how Broken Hill Bank can be your trusted partner on your home ownership journey.
Broken Hill Bank Choice Home Loans
| Loan | Interest Rate | Comparison Rate* |
|---|---|---|
| Choice Home Loan | 5.94% p.a. | 5.99% p.a. |
| Choice Offset Home Loan | 6.54% p.a. | 6.59% p.a. |
| Choice Investment Home Loan | 6.74% p.a. | 6.79% p.a. |
| Choice Home Loan Interest Only | 6.59% p.a. | 6.64% p.a. |
| Choice Investment Interest Only | 6.74% p.a. | 6.79% p.a. |
Note: To qualify, total owner occupied or investment home loan must be over $250,000 with an LVR of 80% or less. Existing owner occupied or investment home loan customers are eligible if they borrow an additional $50,000 (minimum) and new loan is over $250,000, and LVR 80% or less. Maximum LVR for Interest Only Loans is 70%. |
Broken Hill Bank Standard Home Loans
| Loan | Interest Rate | Comparison Rate* |
|---|---|---|
| Standard Variable Home Loan | 6.89% p.a. | 6.94% p.a. |
| Investment Home Loan | 7.69% p.a. | 7.74% p.a. |
| Interest Only - Owner Occupied Home Loan | 7.54% p.a. | 7.59% p.a. |
| Interest Only - Investment Home Loan | 7.69% p.a. | 7.74% p.a. |
| Mortgage Offset | 8.20% p.a. | 8.25% p.a. |
Note: ** 5% Deposit Subject to approval by Lenders Mortgage Insurance (LMI), borrow up to 95% LVR on purchase price or valuation (if lower) and only available for borrowers making principle and interest repayments. If LVR >85%, evidence of 5% genuine savings required. Funds to cover transaction and establishment costs and lenders’ mortgage insurance fees required. |
| Home Equity Advantage Overdraft | 8.30% p.a. |
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Why choose Broken Hill Bank
Broken Hill Bank not only stays in contact throughout the whole lending process, but we endeavor to ensure your whole banking journey is as easy as possible.
From application to repayments, to everything in between, we will happily be with you every step of the way.
100% customer owned - 100% community focused
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The deposit required for a home loan loan depends on the eligibility of your financial position and would need to be assessed. The deposit may be as little as 5% to 20%. In some cases, deposits may exceed 20%, to best understand your circumstances, get in contact with us.
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To be eligible to apply for a home loan, all applicants must be:
At least 18 years of age
An Australian Citizen or permanent resident of Australia
In receipt of regular income and able to afford loan repayments
Depending on the type of loan you apply for, separate eligibility criteria applies.
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A fixed interest rate remains constant for a specified period, providing stability, while a variable rate can fluctuate with market changes. With a fixed rate your repayments are always the same amount, whereas with a variable rate repayment amounts may increase or decrease with the interest rate.
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Yes, Broken Hill Bank allows you to make additional payments on your home loan, providing you the flexibility to pay it off faster and potentially save on interest costs.
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The pre-approval process for a home loan can look like this:
Checking your identity and eligibility. You will need to provide identification and proof of income.
Provide your bank statements and details of any assets and liabilities. This includes vehicles, property, credit cards or loans. Your lending manager will check your bank statements to ensure that you can afford repayments on the loan.
Confirm the value of the property you intend to purchase.
Confirm deposit. You will be required to provide evidence of the deposit or equity in other property.
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Frequently Asked Questions
Home Loan Calculators
When buying a new home or refinancing your existing mortgage, a home loan calculator can help work out your budget, borrowing power and the costs of buying and selling property, including stamp duty.
Use our home loan calculators to:
Calculate your potential home loan repayments
Determine how much you can afford to borrow
Estimate stamp duty when buying or selling property
Compare home loan options
Use our home loan calculators alongside the Home Loan Key Fact Sheet to understand your home loan options.
Important Information
Broken Hill Bank, a business name of The Broken Hill Community Credit Union Ltd ABN 12 087 650 762 Australian Credit Licence 238020. Credit eligibility criteria, terms and conditions, fees and charges apply. Full details are available on application.
** 5% Deposit
Subject to approval by Lenders Mortgage Insurance (LMI), borrow up to 95% LVR on purchase price or valuation (if lower) and only available for borrowers making principle and interest repayments. If LVR >85%, evidence of 5% genuine savings required. Funds to cover transaction and establishment costs and lenders’ mortgage insurance fees required.
*The Standard Housing Loan comparison rate is based on a secured loan $150,000 over 25 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.