bcu Fixed Rate Home Loan

Rates and Fees verified correct on December 3rd, 2016

The bcu Fixed Rate Home Loan combines the security of a fixed interest rate with the convenience of a no-annual-fee credit card.

If you’re hunting for a home loan that provides the security and consistency of a fixed interest rate, the bcu Fixed Rate Home Loan is definitely worth a closer look. With a competitive fixed rate, this loan allows you to determine your repayment amount well in advance, allowing you to budget for the future and providing protection against falling interest rates. It also offers a high maximum LVR of 95%, which means you only need to have a 5% deposit saved in order to qualify for this loan.

In addition, for the entire fixed rate period of your loan (up to five years), you can receive a bcu Classic Visa Credit Card with no annual card fee.

Product Namebcu 1 Year Fixed Rate Special
Interest Rate TypeFixed
Interest Rate (p.a.)3.70%
Comp Rate^ (p.a.)4.23%
Minimum Loan Amount$20,000
Maximum Loan Amount$2,500,000
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$600
Ongoing Fees$495 p.a.

Pros

  • Minimum loan amount of $20000.
  • Maximum LVR of $95.

Cons

  • Application fee of $600.
  • There is a annual service fee of $495.

Features of the bcu Fixed Rate Home Loan

The bcu Fixed Rate Home Loan provides a number of benefits to borrowers, including:

  • Loan amount. The bcu Fixed Rate Home Loan is available for loan amounts ranging from $20,000 to $2,500,000.
  • Loan term. You can lock in a fixed interest rate for a period of one, two, three, four or five years. Your loan reverts to the standard variable rate once this fixed-rate period comes to an end.
  • Maximum LVR. The bcu Fixed Rate Home Loan is available with a maximum LVR of 95%, which provides increased borrowing power to people who don’t have a large deposit saved. However, remember that you will need to take out lender’s mortgage insurance (LMI) if you borrow more than 80% LVR.
  • Fixed rate. This loan lets you secure a competitive fixed rate for up to five years. You can also lock in your rate for up to 60 days with no fee, but settlement/drawdown must occur in this period.
  • Repayment options. The bcu Fixed Rate Home Loan is available with principal and interest or interest-only repayments.
  • Waived annual fee on credit card. During the fixed-rate period of your loan, you will receive a bcu Classic Visa Credit Card with a waived annual fee. This allows you to take advantage of all the flexibility and convenience the card has to offer, without having to budget for an annual penalty.

Fees

There is no mandatory Lenders Mortgage Insurance nor is there a fee for locking in your interest rate for up to 60 days after application. Below are some of the fees you will be charged with this loan:

  • Establishment fee: $600. You’ll need to pay this fee to cover the administrative costs associated with preparing and establishing your bcu Fixed Rate Home Loan.
  • Annual fee: $495. This fee applies each year for the fixed-rate period of your loan

What you need to know before applying

If the bcu Fixed Rate Home Loan sounds like it could be the right loan for you, click one of the “Apply now” links on this page. You will be securely redirected to the bcu website where you can begin your loan application.

However, make sure you satisfy the following criteria before you apply:

  • Age requirement. You must be at least 18 years of age.
  • Residency requirement. You must be an Australian citizen or permanent resident.
  • Financial requirement. You must not have any outstanding defaults or judgements or be an undischarged bankrupt.

During the application you will need to provide:

  • Personal information. You must supply the name, date of birth, address and contact information of every person included in the application.
  • Income details. bcu will require information about your employment status, annual income and any assets you own, for example, shares or savings.
  • Liabilities. Next, you will need to provide details of all your liabilities, for example credit card debt or outstanding loans.
  • Loan details. Finally, provide details of the amount you want to borrow and the property you plan to purchase with the loan.

Once your application has been submitted and assessed, a bcu representative will be in touch to request any documentation required to verify your identity and the information you have provided.

The bcu Fixed Rate Home Loan is well worth considering if you’re looking for a loan that provides the stability of a competitive fixed interest rate. Compare it with other similar loans at finder.com.au to find the right mortgage for your needs.

bcu Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 27 September 2016 at 17:23.

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bcu 1 Year Fixed Rate Special

  • Interest Rate

    3.7% p.a.

  • Comparison Rate

    4.23% p.a.

  • App Fee / Annual Service Fee

    $600 / $495

  • Max LVR

    80%

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