Firefighters Mutual Bank

Firefighters Mutual Bank

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Everything you need to know about a Firefighters Mutual home loan

Firefighters Mutual Bank has been helping fire and emergency workers for over 50 years. Since it’s establishment in the 1960s, the mutual bank has been assisting employees, volunteers and families of emergency service workers with their finances. As it operates as a ‘mutual bank,’ the profits that are made by firefighters mutual bank are put back into assisting this community. It’s socially responsible ethos has lead to the making the Ethisphere Institute ‘World’s most Ethical Companies’ list and the company reports that they have a high customer satisfaction rating of over 90%.

Key Benefits

  • Quick loan approval process
  • Unlimited additional repayments on selected loans
  • Free redraw facility for variable loans
  • Most home loans are available as owner occupied loans or investor loans

Drawbacks

  • Higher interest rate than other lenders
  • You have to have a relationship with the emergency service sector to be a member
  • Their branch network is small

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Firefighters Mutual Home Loan Products breakdown

Fixed home loan- owner occupier

  • Loan term of up to five years
  • Minimum amount of $25,000
  • Borrow up to 95% of Property Value

A simple and secure loan that cuts down on extra fees

The fixed rate home loan allows you to fix the rate of your loan for up to five years. This is beneficial if you want certainty when planning your future. A great feature of this loan is that there are no ongoing fees- you’ll only have to pay a $600 establishment fee. With this loan, you will be making principal and interest payments. If you also don’t want to pay LMI, you have the option to borrow 80% of your property value without having the burden of this fee.

My First Home loan

  • Minimum amount of $25,000
  • Flexibility with repayments
  • Option of a 35 year loan term

A home loan tailored to suit the needs of first homeowners

This loan provides the flexibility and simplicity needed to cater to first homebuyers who are in need of support. The flexibility of this loan can be seen through features such as the ability to split the loan, make pauses to your repayments, as well as redraw and offset facilities. As well as this, if you’re eligible for the First Homeowners grant, you will be able to use this as part of your settlement. This means that you can potentially secure your first home with a deposit as low as 5%.

Flexichoice Home Loan

  • No monthly fees
  • Portability
  • Minimum 30 year loan term

Flexibility and choice is at the heart of this home loan

When you’re looking at a loan that is going to span over a term of 30 years, you may need to consider the way in which your needs will be changing. This is when loans such as the Flexichoice home loan prove beneficial. The loan offers flexibility with your repayments through features such as unlimited additional repayments, top-up and a variable interest rate. You could be able to borrow up to 95% of the value of your property, with a minimum loan amount of $25,000. With this loan, you can choose to pay off your loan the way that you want to.

Classic Home Loan (Special)

  • Special low interest rate
  • Minimum amount of $250,000
  • No minimum redraw

A discounted interest rate that make it easier to make repayments

For this home loan, you’ll get a special interest rate for the first 12 months of your home loan. The lower the interest rate, the less you’ll pay – so this loan may be suitable if you’re looking to cut down on how much interest you pay. You’ll be able to borrow up to 80% of the value of your property, and will pay off the loan with principal and interest repayments. Some other features of this loan include no minimum redraw, no monthly fees and no penalty for early repayments. This classic special home loan is only available for a limited time, so take advantage of this special deal.

Interest Only Variable Home Loan

  • Minimum amount of $25,000
  • Suitable for construction on interest only
  • Repayments revert to Principal and Interest upon completion of construction

Build your future with this loan

Have you wanted to complete that dream home renovation, but you just don’t have enough money for it? Construction is expensive enough, so making large repayments will be the last thing you want to have on your mind. With this loan, you’ll have the opportunity to make interest only repayments across the lifetime of your construction. After the construction is completed, you’ll have to revert to principal and interest repayments. You can use this loan on vacant land, owner-occupied homes or for other purposes. However you will need to contact the bank as there are restrictions on the interest only loans they offer.

Solutions plus home loan

  • Ability to refinance
  • Repayment pause
  • Access to the rewards package

A basic home loan with added bonuses and discounts

One of the most notable features of this loan is access to the rewards package, which will grant you discounts and benefits that are not available with any other loan. These include a variable interest rate, a low annual package fee and no application fees for personal loans. But there is a catch- you must be a member of the bank, have a current everyday direct account and there is a loan minimum of $150,000. Nonetheless, if you want a loan that gives you good value and maximizes your savings, then the solutions plus loan may be for you.

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