Variable Home Loan
Variable rate
Comparison rate*
Why choose a Variable Home Loan?
Competitive rate
A competitive variable interest rate for when your fixed rate term ends.
Free redraw
So you can access your funds if you’re ahead on your repayments.
100% offset account
The money in your account will reduce the interest you pay.
No ongoing fees
No ongoing monthly loan maintenance fees.
The home loan features don't stop there
- Competitive variable interest rate.
- No ongoing monthly or annual fees.
- 100% offset account so you can save on interest and reduce the amount you pay on your home loan.
- Choose to repay weekly, fortnightly, or monthly.
- Make extra payments without penalty, so you can own your home sooner.
- Access your additional repayments and redraw online if you’re ahead.
- Specifically for when your Fixed Rate Home Loan term ends – not available for sale.
How an offset account works
An offset account is a transaction account linked to your home loan. Every dollar in the account is offset against your home loan balance, which reduces the amount of interest you pay each month.
For example, if you have $30,000 in your offset account, and a loan balance of $400,000, you’ll only be charged interest on $370,000. Every dollar you save on interest adds up over time, helping you to save thousands over the life of your loan.
Plus, if you have your salary paid into your offset account, every dollar you earn will work in your favour until it’s spent.
Rates and fees
The basics
| Loan purpose | Owner occupier |
| Minimum loan amount | $20,000 |
| Maximum loan term | 30 years – inclusive of initial fixed rate loan term |
| Optional linked offset account | Mortgage Offset Saver Account |
Interest rates
| Loan to Value Ratio (LVR) | Variable rate |
Comparison rate*
|
|---|---|---|
| Less than 95%^ | 6.23% p.a. | 6.24% p.a. |
| Fee type | |
|---|---|
| Monthly fee | $0.00 |
| Annual fee | $0.00 |
Other fees & charges that apply to all of our accounts can be found on our fees and charges page.
How much will your repayments be?
Crunch the numbers and find out what your repayments on your home loan might be. Or, check out our other calculators to save yourself from doing extra math!
Home loan repayment calculator
More calculators
Because we're here to help
Talk to the team
Got a question? Call us on 1300 228 228, pop into your local branch, or chat to us online.
Ready to apply?
Book an appointment over the phone, via video call, or in-person with a home lender.
Find your local branch
You’ll find us from Maroochydore to Port Macquarie – drop in and say hi!
Got a question about home loans?
Your fixed rate home loan will automatically 'roll-over' to a standard variable rate home loan upon maturity. We'll notify you of this in advance.
If you wish to explore other home loan products or your options at the of your fixed rate loan, please call us on 1300 228 228 to speak with one of our home loan specialists.
With a home loan offset account every dollar in your account is offset against your variable rate home loan balance.
For example if you have $1,000 dollars in your offset account, this will reduce the balance that your interest is calculated on by $1,000 dollars. That’s $1,000 dollars you’re not paying interest on, so more of each repayment goes to paying off your loan rather than paying interest.
An offset account is not available on all home loans. Please check the loan product features or your loan contract to see if you are eligible for redraw.
A redraw facility allows you to access the additional payments that you have made on your loan, less the next repayment due.
Not all loans offer the option to redraw your extra payments, so you should consider this when choosing your loan type.
You may have authorised loan redraw access when you signed your loan contract. If not, you'll need to complete the Redraw Authority Nomination form.
You can return the completed form in branch or via Secure Mail in internet banking.
When you split your home loan you can divide your debt into multiple loans (e.g. a fixed rate loan and a variable rate loan). This may help you to reduce the impact of interest rate fluctuations while retaining the features and benefits you want.
For example, a fixed rate loan gives you the confidence of knowing how much your repayments will be and protects you against rate rises. In comparison, a standard variable rate loan allows you to make extra repayments and gives you the flexibility to redraw them at any time, providing you meet the relevant requirements to do so.
If you'd like to speak to a home loan specialist to see if a split home loan can benefit you, please contact 1300 228 228 or book an appointment online.
Important information
Banking and Credit products issued by Police & Nurses Limited (BCU Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms and conditions, fees and charges apply.
Please consider the terms and conditions and whether a product is right for you.
- View terms and conditions
- View fees and charges
- View Credit Guide
- Create a Home Loan Key Fact Sheet
- View LMI Information Fact Sheet
- View Target Market Determinations (TMDs)
*Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. For variable Interest Only loans, comparison rates are based on an initial 3 year Interest Only period. For fixed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
WARNING: This comparison rate applies only to the example or examples given. 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.
^If you are borrowing more than 80% of the property’s value (Loan to Value Ratio), you may be required to pay Lenders Mortgage Insurance (LMI).