Overview

flagFounded: 2001

businessOwned by: Bank of Beirut SAL

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Non-bank

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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?

Pros

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.

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?

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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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