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