businessOwned by: Bank of Beirut SAL
monetization_onFunded by: Retail deposits and wholesale capital markets
securityLMI Provider: Genworth
account_balanceLender type: Non-bank
Bank of Sydney is not an available lender on our panel. This is a review only.
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 (formerl 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 home loans compare?
They’re great at
- 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 offer low doc and SMSF (self managed superannuation fund) loans
- They will cover part of the legal fee when buying a property
- Dedicated financial hardship team
But they’ve got some drawbacks…
- 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
Coronavirus / COVID-19: Bank of Sydney mortgage relief options
Bank of Sydney’s home loan customers financially affected by COVID-19 pandemic have a few options available to them, such as:
- Short term deferral of loan repayments (repayment pause/ holiday).
- Converting from Principal and Interest to Interest Only to reduce your repayments.
- Extending your loan terms to reduce ongoing repayments.
- Debt consolidation/restructuring.
To go over your options, please call their customer service centre on 13 95 00.
What home loan products does Bank of Sydney offer?
Bank of Sydney offers the following packages:
- Expect More Home Loan Package
- Home Equity Maximiser (line of credit)
- SuperLend (SMSF loan)
- Low Documentation Loan
- ResiSec Business and Commercial Loan
Use Bank of Sydney’s Loan Checklist to prepare for your home loan application.
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.
Compare Bank of Sydney to other lenders
Not sure which lender to choose?
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.
Call us on 1300 889 743 or complete our free assessment form to discover how we can help you with your home loan needs.