Quick Summary
Founded
2006
Owned by:
Customer-owned
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
QBE
Lender type:
Non Banks, Mortgage Manager
Note: Beyond Bank is not an available lender on our panel. This is a review only.
If you're a first home buyer and you're after a flexible home loan package then Beyond Bank may be a good option for you.
Changing its name from Community CPS Australia in 2013, Beyond Bank has grown to become one of Australia's largest mutual banks with around 50 branches across South Australia, the ACT, Western Australia and New South Wales.
Beyond Bank's home loan features and flexible options make it a lender of choice for borrowers who want more control but its interest rates and lending policy aren't always that competitive.
How do Beyond Bank home loans compare?
Pros
- No monthly fees on most of their home loan packages
- Flexibility with additional repayments and the ability to change the repayment frequency
- Establishment fee waived for first home buyers on some of their packages
- Investors will benefit from interest only terms
- Low deposit options available including guarantor loans
- They work with mortgage brokers
- Will consider borrowers reaching retirement age and self employed borrowers who have been in business less than 2 years
- Reliable pre-approvals
- One of the participating banks for the First Home Loan Deposit Scheme
- Accepts borrowers employed by family
Cons
- Won't accept rent as genuine savings
- Establishment, settlement, valuation and redraw fees can be onerous
- Fees in general can be high
- High standard variable interest rate compared to other mutual banks
- Limited branch access
- Some packages require you to have other accounts with Beyond Bank
- Processing times can be slower because it's a smaller bank
- Communication with customers can be poor due to low staff numbers
- Not good with unusual property types like rural properties or high density units
- Does not offer SMSF loans anymore
- Worker’s compensation is not accepted
- Can’t do non-resident mortgages
- Can’t do bad credit home loans
- Can’t do low doc loans
What types of mortgage products do they offer?
Beyond Bank have a number of fixed and variable rate mortgage packages catered to first home buyers, investors and borrowers wanting to build their own home.
This includes their:
Basic Variable Home Loan
There are no establishment fees for first home buyers and you have a redraw facility with the option of splitting your home loan.
The drawback is that there is no offset account and there is a monthly service fee.
Standard Variable Home Loan
This comes with a hefty establishment fee but it comes with redraw, offset and you have the option to make additional repayments with no penalties.
The biggest problem is that you can only qualify if you bundle other products with this product. It’s not ideal if you want to keep other products, such as a personal loan or a credit card, with your current bank or lender.
Fixed Rate Home Loan
No monthly fees apply with this one and investors can benefit with an interest-only option.
Building Loan
You can choose interest only payments for the entire construction process and avoid ongoing monthly fees.
However, a high upfront fee will apply.
Why should I go with Beyond Bank at all?
With most other customer-owned banks, you get the benefit of low interest rates and minimal upfront or ongoing fees, if any apply at all.
This is not really the case with Beyond Bank and it may well be because they’re a relatively new player on the market.
It may take a few more years before they can offer anything that’s market-leading with their home loans, which in itself is relatively new to their suite of retail finance products.
Forbes’ List: World’s Best Bank 2021
In its annual survey to find the world’s best banks, Forbes asked 43,000 customers from 28 countries to rate their banks in terms of:
- Whether they would recommend their bank
- If they were satisfied with their bank
- If the bank focused on trust, followed terms and conditions, digital services and customer services and gave financial advice.
The top 10 banks on the list are:
- ING Group
- Newcastle Permanent Building Society
- Greater Bank
- Heritage Bank
- Beyond Bank
- HSBC Holdings
- Bendigo Bank
- BankSA
- Suncorp
- People’s Choice Credit Union
Find out if you are qualified to apply with this lender
FIND OUT HERECompare Beyond Bank to other lenders
- Although Beyond Bank doesn't currently work with our mortgage brokers, we have nearly 40 other lenders to choose from including major banks, second-tier lenders, credit unions and mutual banks.
- Call us on 1300 889 743 or complete our free assessment form to speak with one of our mortgage brokers.