Hume Bank Home Loan | Experts’ Review

Overview

flagFounded: 1955

businessOwned by: Customer-owned

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Customer-owned

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Hume Bank is not an available lender on our panel. This is a review only.

Hume started as a co-operative and building society. It was founded by Albury, NSW residents who wanted to help other residents finance their own homes.

As it’s customer-owned, profits are distributed among members, who also get low interest rates and no monthly account fees.

Hume Bank won the 2021 Canstar Customer-owned Institution of the Year for NSW and Victoria, as it offered the lowest total cost variable home loans at 80% LVR.


How Do Hume Bank’s Home Loans Compare?

Pros

  • Competitive interest rates
  • Offset accounts available for fixed and variable options
  • No application fees
  • Split loan option available
  • Can go up to 95% LVR
  • Flexible line of credit options
  • Free online redraw
  • Accepts rent as genuine savings
  • Their home loans can be bundled with other financial products, like insurance and credit cards.

Cons

  • Top-up fees are applicable
  • Branch offices are limited to NSW and Victoria
  • Does not offer a wide variety of home loans
  • Options are limited for bad credit borrowers


What Home Loans Does Hume Have?

Hume Bank offers home loans for both investors and owner-occupiers.

  • myBlue Fixed Rate Home Loan: Fixed rates are available for five years. LVR can go up to 95%. Competitive fixed interest rates are available if LVR is 90% or lower.
  • myBlue Variable Rate Home Loan: Variable rates are available for up to 95% LVR. Competitive rates are available. Unlimited free extra repayments are available on variable products.

Tips For Applying With Hume Bank

You can apply for a home loan using their online application form. If you’re not a customer of Hume Bank, you’ll need to provide the right identification documents.

Compare Hume Bank To Other Lenders

Still not sure which lender is right for you? Talk to one of our specialist mortgage brokers at Home Loan Experts. We will discuss your situation, complete a pre-assessment and suitable lender options for you.

Give us a call on 1300 889 743 or fill in our free online enquiry form.

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