Bank Australia Home Loans
Information correct as at 13 June 2016.
Loan Options: What Bank Australia home loans offer
The inclusions below represent a selection of the features available with a standard Variable Rate home loan of $350,000 for an owner-occupier. Additional conditions may apply to different features. Please ensure that you read the product disclosure statement to determine all the current loan terms and conditions for the product you are considering.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decided to apply for a home loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.
Basic Home Loan (Variable home loan) features
- Redraw facility available.
- Split loan option available.
- Repayments may be made weekly, fortnightly, or monthly.
- Lump sum repayments and additional repayments are available.
- Top up facility available.
- Offset account available on Premium Variable home loan.
About Bank Australia
Bank Australia was founded in 1957 with just 40 members, as the CSIRO Co-operative Credit Society Ltd. Within their first year, they granted three loans totalling $525.
Formerly known as bankmecu, Bank Australia is a 100% customer-owned bank and profits are reinvested in the bank. Bank Australia is committed to keeping Aussies employed rather than outsourcing, so their call centre and lending centre are both located in regional Victoria.
In 1984, it was the first credit co-operative to issue Visa credit cards in Victoria. Today, Bank Australia has nearly 130,000 people and community sector organisations banking with them.
Bank Australia offers access to over 3,000 rediATMs and 24 branches around the country, and you can also make deposits through Australia Post. They also have a mobile smartphone app available for Apple idevices and Android devices.
Bank Australia’s Board of Directors is 50% women as of 2015, which is far better than the 20% rate reported by other ASX boards in this 2015 study.
How Bank Australia supports the community
- Helping disadvantaged kids: Bank Australia sponsors State Schools’ Relief, an organisation which began providing free uniforms to students who had stopped coming to school during the Great Depression because they couldn’t afford to buy uniforms. In 2015, State Schools’ Relief provided uniforms for 20,500 kids so they didn’t have to worry about getting into trouble about little things like socks or hats. Last year, the SSR expanded to providing senior high students with maths calculators so they could study Maths B, Maths C, or the Sciences, which are required if you want to study health or science at university.
- Bank Australia Impact Fund: The Bank Australia Impact Fund invests 4% of the bank’s profits in projects that contribute to improving Australia’s environmental, societal, or economic needs. Any Bank Australia customers with a great project idea can apply for the annual Small Investments Round.
- Bridging the gap for Indigenous students: In 2011, as part of their Reconciliation Action Plan, Bank Australia began sponsoring the CSIRO Science Pathways for Indigenous Communities program in schools, so indigenous kids can reach their full scientific potential.
How Bank Australia protects the environment
- Carbon neutral: Bank Australia has been carbon neutral since 2013. They have been offsetting the carbon emissions on cars they financed through personal loans since 2004.
- Bank Australia Conservation Reserve: In a world first for a financial institution, in 2008 Bank Australia began buying five properties to become private nature reserves, where they work with conservationists and local community groups to offset the impact of their products on the environment. In Victoria, their first Reserve is home to many endangered species including the South-Eastern Red-Tailed Black Cockatoo in this video. You can meet the other people and animals behind the Conservation Reserves on Bank Australia’s YouTube channel.
Biodiversity: Bank Australia has offered biodiversity offsets for new home construction loans since 2008.
Written by: TJ Ryan