Bank of Sydney has been operating in Australia under a full Banking Licence since April 2001.
The bank employs over 150 staff with headquarters in Sydney and over 16 branches throughout New South Wales, Victoria and South Australia. It offers financial products such as personal, car and home loans, credit cards, insurance as well as mortgage broking. The bank also offers currency exchange and international money transfer services.
Many mortgage products offered by the bank feature a split rate option (a hybrid between fixed and variable rate repayments), as well as a flexible repayment schedule – divided into weekly, fortnightly, and monthly – and free extra repayments on variable rate loans up to $10,000 p.a. They also offer repayment holidays on some of their more popular packages.
The bank likes to say that they treat every customer as a VIP, and as such they have a reputation for being very responsive and flexible to their borrowers' needs. Needless to say, this is not the case at every bank.
While the Bank of Sydney does not allow prospective borrowers to apply directly for loans over the internet, you can contact them over the phone or in person, as well as going through a mortgage broker. You can also fill out an online form with the bank to enquire about a loan, if you want to take the first step in beginning the approval or pre-approval process.
Once you book this meeting you will need to be able to provide the following information:
- You will need to be at least 18 years of age
- Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc. You will need at least one photographic ID and one other form of ID in most cases.
- You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
- A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
- Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.