- Customer-owned Beyond Bank offers home loans for first home buyers, owner occupiers, refinancers and investors.
- Eligible borrowers with less than 20% deposit may be able to access the bank’s Parent Equity feature.
- Each customer is matched with a lending specialist for personalised service.
- Beyond Bank is Australia’s first B Corp certified bank.
Customer-owned Beyond Bank was established in 2013, but its roots go back several decades as a cooperative named CPS SA formed in 1958 by a handful of people "left behind by a banking system that did not meet their needs and expectations".
Following a series of 17 mergers with other credit unions, it evolved into what is now Beyond Bank Australia – a diversified financial institution serving about 300,000 customer-owners.
Currently the sixth-largest customer-owned bank in the country, it offers a range of financial products to its members including home loans, car loans, personal loans, savings accounts and insurance.
Beyond Bank operates in South Australia, Victoria, the Australian Capital Territory, Western Australia and New South Wales, with a network of more than 50 branches in metropolitan and regional Australia.
It also offers mobile lending specialists covering some areas where it doesn't have branches, such as southeast Queensland.
First Australian bank to be B Corp certified
Beyond Bank became the first bank in the country to receive a B Corp certification in 2015. At its most recent recertification, it recorded a B Impact Assessment score of 146.7 (out of 200), placing it among the highest-scoring banks in the list.
B Corp certification is given to businesses that demonstrate high social and environmental performance standards, measured in how they strengthen their communities, treat their employees and reduce their environmental impacts.
Beyond Bank Australia is a recipient of several awards for excellence in customer service. It also has bragging rights for making Forbes magazine's list of the World's Best Banks in 2024.
What home loans does Beyond Bank offer?
Beyond Bank's home loan range includes two core products, as well as specialist lending options for first home buyers and builders.
Purple Basic Home Loan
Purple Basic is Beyond Bank's no-frills home loan. It's suitable for owner occupiers, refinancers and investors looking for an 'uncomplicated' mortgage with all the basics and none of the annual fees. Key features include:
- Simple fee structure (all-inclusive application fee)
- Redraw facility
- Unlimited extra repayments for variable loans
- Borrow up to 90% LVR (LMI may apply)
Total Home Loan Package
Borrowers who want the interest-saving benefits of a 100% offset account may consider Beyond Bank's Total Home Loan Package. It's available in both variable and fixed (1-5 years) rate options. Key features include:
- $0 establishment fee
- $395 annual fee
- 100% offset account
- Redraw facility
- Unlimited extra repayments for variable loans
- Up to $25,000/year extra repayments for fixed loans
- Split loan option
- Borrow up to 90% LVR (LMI may apply)
- Access to Parent Equity feature
- 120-day pre-approval
Other lending options
Beyond Bank is a participating lender in the federal government's Home Guarantee Scheme.
Compare Beyond Bank home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.09% p.a. | 6.12% p.a. | $3,027 | Principal & Interest | Variable | $0 | $445 | 60% | |||||||||||||
6.24% p.a. | 6.27% p.a. | $3,075 | Principal & Interest | Variable | $0 | $445 | 60% | |||||||||||||
6.14% p.a. | 6.17% p.a. | $3,043 | Principal & Interest | Variable | $0 | $445 | 80% | |||||||||||||
6.34% p.a. | 6.37% p.a. | $3,108 | Principal & Interest | Variable | $0 | $445 | 80% | |||||||||||||
6.44% p.a. | 6.85% p.a. | $3,141 | Principal & Interest | Variable | $395 | $890 | 80% | |||||||||||||
6.49% p.a. | 6.52% p.a. | $3,157 | Principal & Interest | Variable | $0 | $445 | 90% |
Beyond Bank home loan features
Parent Equity
Borrowers with less than 20% deposit who would like to avoid paying lenders mortgage insurance (LMI) may access Beyond Bank's Parent Equity option. This enables eligible family members to guarantee part of the loan by using the equity in their current property.
It also allows eligible customers to borrow an additional 10% of the purchase price to help with associated costs such as furniture or immediate renovations.
Long pre-approval period
Some Beyond Bank home loans include a 120-day conditional pre-approval period, longer compared to the 90-day pre-approval commonly offered by some lenders. This means buyers have four months to search for a property knowing how much they can realistically afford before needing to reapply.
Dedicated lending specialists
Upholding its commitment to personalised customer service, customers borrowing with Beyond Bank are matched with a lending specialist who will help them determine which home buyer incentives and concessions they may be eligible for.
The lending specialists will continue annual check-ins for the life of the loan to see whether the product is still best meeting the borrower's needs.
In an increasingly digital lending environment, having a consistently friendly and knowledgeable team is a real differentiator.
It's clear [Beyond Bank's] staff are genuinely invested in delivering a high level of service which is something that's becoming less common across the broader market.
Redraw facility and offset account
Beyond Bank variable loan customers have access to a redraw facility. Transactions conducted via mobile or internet banking are free, while staff-assisted redraws may incur a fee. A minimum amount of $500 is required per redraw.
Packaged loans of the bank come with a 100% offset account, with an option to create multiple offset accounts.
Flexible repayments
Beyond Bank home loan customers can choose to make weekly, fortnightly or monthly repayments.
Unlimited extra repayments are allowed for variable home loans, while extra repayments on fixed loans are capped at $25,000 per year.
Split loan option
Beyond Bank allows borrowers to split their loan between fixed and variable portions. This can appeal to those seeking to lock in rate certainty on the fixed part of the loan and access offset on the variable component.
Why choose a home loan with Beyond Bank?
According to Beyond Bank's former chief customer officer Nick May, the bank sees the process of taking out a home loan as one of helping customers to achieve their dream of home ownership.
"We understand it's often an emotional decision. We understand it is not just a transaction," he told Savings.com.au.
"A bespoke approach that looks at every individual, their needs and lifestyle is the way we approach every home loan."
Beyond Bank is heavily invested in Australia's not for profit sector, distributing a percentage of its net profit after tax to community groups and causes every year.
"We have a genuine commitment to local communities, partnering with more than 6,000 community and not-for-profit groups, including sports clubs, disability service providers, and children's charities," Mr May said.
Pros of Beyond Bank home loans
- Competitive rates
- Parent Equity option
- Borrow up to 90% LVR
- Long pre-approval period
- Flexible repayment features
- 100% offset account
- Redraw facility
- Split loan option
- Branch access if required (depending on location)
- Strong customer service reputation
- Community focused credentials
Cons of Beyond Bank home loans
- Smaller branch network than major banks
- Fewer niche lending options (e.g. no low doc loans)
How to apply for a Beyond Bank home loan
To apply for a home loan with Beyond Bank, would-be borrowers generally need to meet the following eligibility criteria:
- Be above 18 years old
- An Australian citizen or a permanent resident
- Has the ability to service the loan repayments
- Agree to receive a credit check
If you're eligible for a Beyond Bank mortgage, you can start your home loan application online through its website or in a local branch.
Documents needed
- Valid ID (e.g. driver's licence, passport, Medicare card)
- Income details (e.g. recent payslips)
- Details of savings and assets (e.g. bank statements)
- Details of other loans and liabilities
- A breakdown of living expenses
- Details of the property
Is Beyond Bank a good lender?
For clients who value traditional customer service, speed, consistency and competitive pricing, Beyond Bank is often top of mind when I'm shortlisting lenders.
The communication, transparency, and customer-first approach make Beyond Bank a valued lending partner.
Savings.com.au's two cents
Not many banks can claim they truly care about their communities and have their customers' best interest in mind while actually having the proof to back it. But Beyond Bank can: with its B Corp certification, investment in Australia's not for profit sector and positive industry recognition.
On top of its strong service reputation, its home loan options cater to a range of borrowers, including those buying their first home or those who may need the support of a guarantor.
Sure, Beyond Bank may not have the extensive branch network of major banks. However, those who value personalised support and flexible features may find its home loans worth considering.