Home Loans
Community Sector Banking offers home loans through its relationship with National Mortgage Market Corporation (NMMC) - a wholly owned subsidiary of Bendigo and Adelaide Bank Limited. We have been able to negotiate with NMMC to make the NMMC HomeLend Plus!™ loan product available to employees of community sector organisations (in addition to the Bendigo Bank portfolio of lending products).
NMMC will accept repayments established directly from an employee’s CSB Salary Benefit Card account using their salary sacrificed funds.
The product is suitable for the purchase or refinance of existing residential properties for owner occupation or investment purposes, or the construction of residential premises via standard multiple drawdown procedures.
Product features are as follows:
| Product Features | |
| Loan amount | Minimum amount $50,000 Maximum $500,000 Amounts outside these limits may be accepted on a case by case basis. |
| Maximum Term Loan | 30 years |
| Maximum Interest Only | 5 Years |
| Interest rates (Indicative only) |
Variable 6.55% Fixed 1 year 5.95% 2 years 6.50% 3 years 6.80% 4 years 7.15% 5 years 7.25% Principal and interest is calculated daily and debited to the loan account monthly in arrears. Interest Only interest is calculated monthly and debited to the loan account monthly in advance. Fixed interest rates may change before settlement. You are able to lock in a fixed rate via NMMC Fixed Rate Lock facility (Fee applies). Note: Fixed interest rates are available for construction loans. Break cost may apply if the loan is repaid in full during the fixed interest rate period. |
| Repayments | Principal and interest repayments are to be made by direct debit, or direct credit monthly, fortnightly or weekly.
Additional repayments during a variable interest rate period will be accepted without penalty. Additional repayments during a fixed interest rate period may be subject to interest rate break costs, however up to 20% of the original loan balance may be repaid in principal over the term of the fixed interest rate period without penalty. Repayments may also be accepted by using BABL Internet banking facilities and /or with deposit taking institutions (Pay Any one feature). Interest Only payments are to be made by direct debit monthly. Additional payments during the Interest Only term will be treated as principal reductions and must be made by cheque only. |
| Salary Benefit Card | Repayments can be established directly from an employee’s CSB Salary Benefit Card account using their salary sacrificed funds. |
| Redraw | During principal & interest calculation. Yes - redraw is available, there is no fee, no minimum redraw amount and no limit on redraws (except that one month’s payment must be retained in advance).
Redraw is not available on interest only accounts. |
| Direct Salary Credits | Accepted during principal & interest calculation |
| Monthly fees and charges | None |
| Direct Debit Fee | No fee applies if the nominated account is a BABL account (for example, a CSB Salary Benefit card account) However a fee may apply if the nominated account is with another Financial Institution. It is necessary to check with the Financial Institution to ensure the account to be nominated will facilitate direct debiting and if fees will apply. |
| Available for construction | Yes - $190 application fee applies, progress valuations required, to be paid for by the customer additional. Owner builders not accepted |
| First Home Owners Grant | NMMC can process to have available at settlement |
| Vacant Land – no plans to construct | Not acceptable |
| Debt consolidation | Yes , specific terms and conditions apply |
| Settlement Fee | $80 per solicitor's certificate |
| Early Discharge | Yes, specific terms and conditions apply |
| Deferred Acquisition Fee (DAF) | If the loan discharges within the first five years, a minimum 0.6% of the original loan amount will be payable. However it will not be applied if the loan is remaining with NMMC and simply restructuring the debt. If a loan is redocumented (e.g. due to becoming fixed or interest only) then the DAF will remain in the contract, starting from the original drawdown date. |
| Multiple Account Facilities | Available at no fee for up to three accounts |
| Statement Frequency | Half Yearly (end of financial year, end of calendar year) ; other frequencies available on request |
| Security | Must be a first registered mortgage over residential property, or vacant land where construction of residential property is to commence within 12 months (Statutory declaration required). The maximum number of properties in a single development is three |
| Mortgage Insurance | The borrower is only required to pay a mortgage insurance premium where loan to value ratio exceeds 80%. |
| Loan Calculator | Click here to launch the Bendigo Bank Loan Calculators |
| Comparison Rate Schedule |
Click here to open the Comparison Rate Schedule |
For further information regarding the NMMC home loan product, phone CSB direct on 1300 550 603 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it . You can also complete an application by using this PDF document