Reliance Bank Home Loans

RELIANCE BANK

Reliance Bank is a member owned bank that provides a number of financial services and products, including home loans for first home buyers and investors; transaction and savings accounts; and home, car and travel insurance; among other services. If you are approved to take out a home loan with Reliance Bank (or any other type of loan), you must become a member.

What home loans does Reliance Bank offer?

Reliance bank offers a range of home loans with the option to select both interest only and principal and interest loans. An interest only home loan allows you to repay the interest on the loan only (not the principal amount borrowed) for part of the loan term.

At the time of writing, Reliance Bank offers the following home loan options:

All in One Home Loan

This comprehensive home loan has a variable interest rate and gives you access to the full range of Reliance Bank home loan features, including flexible repayment options and an unlimited redraw facility.

All in One Rewards Package

The All in One Rewards Package encompasses a wide range of Reliance Bank products, including loans, credit cards, everyday banking and insurance. For a single annual fee you can receive discounts on interest rates for new All in One home loans, as well as cash rebates for insurance, no monthly account keeping fees, a 100% offset facility with a Visa debit card and discounts on personal, car and consolidation loans, among other things.

First Rate Home Loan

This home loan option offers an ongoing variable interest rate and no monthly account keeping, fees and allows you to make extra repayments on your loan.

First Rate Investment

You can split your loan between fixed and variable, with flexible repayment options, unlimited redraw and no monthly account keeping fees. This loan offers the choice of using the equity in your home to fund an investment property.

First Rate Special Home Loan

With this home loan, different interest rate options apply on the First Rate Home Loan according to your loan-to-value ratio (LVR), with flexible repayments, unlimited redraw and no monthly account keeping fees.

Fixed Rate Home Loan

Reliance Bank’s fixed rate home loan provides the security of knowing that your repayments will remain fixed for the duration of the loan repayment period. It also allows you to split the loan between fixed and variable.

‘Tide you over’ Home Loan

This home loan option allows you to use your mortgage account like an overdraft account and you allocate your income to reduce the outstanding balance. A Visa debit can be attached to the account and you only pay interest on the portion of the overdraft that is used.

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Reliance Bank home loan features

The features of your Reliance Bank home loan may depend on the specific home loan that you take out. As an example, some features of an All in One Reliance Bank home loan include:

  • No monthly account keeping fees
  • Flexible repayment options at no extra cost
  • Unlimited redraw facility available for variable interest rates
  • Optional 100% interest offset facility
  • No annual fee for Visa Credit Cards
  • No lender’s mortgage insurance required on LVR up to 85% for first home buyers

The inclusions above represent a selection of the features available with Reliance Bank home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about products on offer from this provider. Check upfront with Reliance Bank and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering, and whether it meets your needs, before committing to it.

Reliance Bank home loans FAQs

You might first like to take a look at our applying for a home loan checklist, and use the Canstar website to compare home loans with other providers that may suit your needs.

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If you decide to apply for a Reliance Bank home loan, you can do this through the Reliance Bank website, over the phone, or by making an email enquiry. You can also get in touch with a Reliance Bank loans specialist via the website if you would like to discuss anything before you submit a loan application.

At the time of writing, Reliance Bank allows extra repayments on some variable and fixed interest home loans at no extra cost; however, terms and conditions apply. Early repayment of a variable rate loan has no penalty, while fixed rate home loans have a lump sum repayment limit of $10,000 each year. There may also be fees for repaying the loan early. Contact Reliance Bank for details.

To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.

Home Loans Extra Repayments Calculator

Reliance Bank offers a redraw facility on all of its variable home loans so that you can redraw any extra repayments that you have made. Fees, charges, terms and conditions may apply. Contact Reliance Bank for details.

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Reliance Bank was founded in 1967 as Torrens Credit Union. It is a member owned bank that provides financial products and services to members and their families. After merging with Unity Bank in 2010, Reliance Bank has increased its banking network so that members have access to branches and staff across the country.

This brand page was reviewed by our Sub Editor Jacqueline Belesky and Finance Journalist Elise Donaldson before it was published as part of our fact-checking process.

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Written by: Eliza Parry-Okeden | Last updated: February 12, 2021