Keep it simple with Summerland
Our Basic Home Loan is a no-frills way to finance your dream home, renovation, or refinance. Available for both home owners and investors, and complete with a convenient redraw facility and low ongoing interest rate, this simple home loan offers a personalised kind of lending, with your best interests at heart.
5.94% p.a.
Variable rate1
This flexible rate option supports your property purchases while ensuring you have the most competitive rate available.
5.99% p.a.
Comparison rate3
Giving you a more accurate picture of the true cost of a loan, including any fees, rates, and costs. Now you can easily compare products side by side to choose what’s best for you.
The easy way to manage your money
With a user-friendly display and enhanced safety features, we are making your banking even easier, faster and more secure.
Competitive interest rates
Save money and achieve your financial goals faster.
Repayment flexibility and redraw options
More control over your finances and reduce the interest you pay over the life of your loan.
Fast approval process and pre-approval available
Shop with confidence to avoid surprises.
No hidden fees or ongoing monthly fees1
No surprises as we value transperance and honesty.
Pay off your loan sooner with no penalties
Flexible loan options that allow you to make extra payments or pay off your loan in full at any time with no penalties.
Check with our calculators
Access all our calculators here.
Frequently asked questions
What is a variable home loan?
A variable home loan is one with an interest rate that can change over time, often in response to shifts in the Reserve Bank’s official cash rate. While it can be hard to predict and may lead to fluctuating repayments for borrowers, the variable interest rate offers more flexibility around additional payments and — if market rates decrease — those benefits are typically passed on to you.
Which is better — a fixed rate or variable rate home loan?
As with most things, the answer is: it depends. Both options can provide opportunity and convenience in different ways, but which one is best for you largely depends on your personal circumstances. Speaking to a financial adviser or professional can be useful in helping you weigh up if you would benefit from the security and certainty of a fixed rate loan, or the flexibility and appeal of a variable rate loan.
How can I pay off my loan sooner?
Getting out of debt and paying off your home loan faster can be a good financial move. At Summerland Bank, we don’t penalise those trying to get ahead by making extra repayments on their variable home loan. Even an extra payment once a year can make a big difference and help you reduce the loan term and save money on interest.
We make things simple for you
We understand how confusing it can be to navigate financing a big purchase. Let our experienced lenders take away the stress of applying for finance.
Apply online, or start a conversation with our lending specialists
Your lending specialist will carefully guide you through the application process, be prepared to share your goals and financial information so we can let you know your borrowing capacity.
Application and approval
Once you have provided us with your financial information and verification documents, we will have a decision back to you lightning quick! usually within 2 business days.
Loan acceptance and funding
We make the loan acceptance process quick and easy, ensuring you can access your loan funds in time for your big purchase!
The legal stuff
1. Eligibility for the advertised rate: Minimum new loan amount $150,000, principal and interest repayments only. Maximum LVR 60%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
2. Eligibility for the advertised rate: Minimum new loan amount $500,000, principal and interest repayments only. Maximum LVR 60%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
3. Comparison rate is based on a loan of $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 terms, fees or other loan amounts might result in a different comparison rate.
4. Loan reverts to applicable variable rate on maturity of the fixed period.
Rates are subject to change. Conditions, fees, and eligibility criteria may apply, see us for details. Terms and Conditions available upon request.
Target market determination available on request at our branches.
Ready to get started?
If you’re ready for a braver kind of banking, here are three ways to get started with Summerland Bank.
Apply online
Get started online with your ID at the ready and a quick check of your personal details.
Contact us
Good old-fashioned customer service, the Summerland way.
Visit a branch
Find your closest Summerland Bank branch and our friendly local team will be ready to help.
Is there something else we can help you with?
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