Quick Summary
Founded
2001
Owned by:
Bank of Beirut SAL
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
Genworth
Lender type:
Non Banks
A small player in the non-bank lender space, Bank of Sydney has positioned itself as a relationship manager that is willing to work with mortgage brokers to offer customers cheaper interest rates.
Bank of Sydney (formerly Beirut Hellenic Bank) is supported by Lebanon's largest bank, Bank of Beirut, but it still has a ways to go in terms of helping customers outside of the metro east locations.
How do Bank Of Sydney’s home loans compare?
Pros
- Customer service
- Quick turnaround times on pre-approvals and settlements
- Low interest rates on their SMSF limited recourse loan
- Mortgage offset account and redraw available
- Guarantor options available
- Nation-wide ATM access
- They will cover part of the legal fee when buying a property
- Dedicated financial hardship team
- Can make extra repayments with no penalty
- Accepts Family Tax Benefits
- Accepts 100% bonus and commission
- Accepts casual income
- Offers commercial loans
Cons
- You need to come up with a larger minimum deposit compared to other lenders
- High standard variable rate compared to other non-bank lenders
- Branch access limited to Sydney, Melbourne and Adelaide
- Expensive application, interest rate and ongoing monthly fees on their line of credit facility
- Their variable rate package must be bundled with a credit card and everyday bank account
- Has pulled out from SMSF loans
- Can’t do low doc loans
- Overtime shaded, except for essential workers
What home loan products does Bank of Sydney offer?
Bank of Sydney offers the following packages:
- Expect More Home Loan: 100% offset with redraw facility and no penalties for extra repayments. Offers both fixed and variable rate options.
- BOS Basic Home Loan: No fees and penalty for extra repayment, and will cover partial legal and valuation fees.
- Home Equity Maximiser: This is an equity loan where you pay interest only for the funds used each month.
Do they still do development loans?
In June 2016, Bank of Sydney said they were concerned about the rate of construction and the oversupply of developments in certain parts of Australia.
It also said that it had received an “enormous amount” of enquiries for construction finance.
Long story short, Bank of Sydney still do construction loans for the development of residential and commercial properties but it’s on a very case by case basis. Bear in mind, they’re a small lender so it’s likely you’ll be able to get a better deal on a development loan somewhere else.
Not sure which lender to choose?
FIND OUT HERECompare Bank of Sydney to other lenders
- Home Loan Experts has nearly 40 lenders to choose from on our panel and the best part is that our mortgage brokers will do all of the hard work for you and usually for free.
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Call us on 1300 889 743 or complete our free assessment form to discover how we can help you with your home loan needs.
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