Compare competitive and affordable home loans from Bankstown City Credit Union
Bankstown City Credit Union was opened in 1965 as a credit union for the staff of Bankstown City Council. For more than 45 years, this credit union has been offering a wide variety of financial products and services to benefit its members. With a branch in Bankstown, Bankstown City Credit Union’s offers business and personal banking solutions which include savings accounts, investment accounts, personal loans, insurance solutions and home loans.
Compare Bankstown City Credit Union home loans
Who is Bankstown City Credit Union?
As part of its suite of personal banking solutions, Bankstown City Credit Union offers investment accounts, savings accounts, overdrafts, personal loans and a number of home loans. Borrowers can choose loans with either fixed or variable interest rates, while a package deal is also offered to allow customers to take advantage of a range of discounts on some of the credit union’s other products and services.
As a credit union which is run in the best interests of members, Bankstown City Credit Union aims to offer only minimal fees on its home loans. Anyone who wishes to apply for a home loan can visit the lender’s Bankstown branch, apply online or over the phone, or take advantage of the credit union’s mobile lending service.
Home loans provided by Bankstown City Credit Union
Standard Mortgage Loan
This is Bankstown City Credit Union’s basic home loan offering and it is available with either a fixed or variable interest rate. Fixed loans can be set for terms of three or five years, while principal and interest or interest-only repayments are available. No monthly or annual fees apply to this loan, allowing you to pay off your debt quicker. This loan is suitable for first home buyers, owner-occupiers and investors.
Advantage Mortgage Loan Package
This loan offers a 0.9% p.a. interest rate discount on a Standard Mortgage Loan. Available with a fixed or variable rate, this package also comes with a wide range of other benefits. While an annual package fee of $395 does apply, there are no ongoing monthly service fees to worry about. Free redraw is offered for amounts over $1,000 and there is no loan establishment fee to pay.
An Advantage Personal Banking Account can be used to offset your home loan balance, while you won’t have to worry about account-keeping or transaction fees on this linked account. Other package features include a credit card with no annual fee, fixed rate loan discounts, general insurance discounts and more.
Pros and cons of Bankstown City Credit Union home loans
- Minimal fees. As a credit union, Bankstown City Credit Union offers minimal and often zero fees on its home loans.
- Package deal. You can enjoy a wide range of savings and discounts when you opt for an Advantage Mortgage Loan Package.
- Offset accounts available. Bankstown City Credit Union offers offset accounts to help minimise the amount of interest you have to pay.
- Additional repayments allowed. Bankstown City Credit Union lets borrowers make additional repayments towards their loan so they can get out of debt quicker.
- Only one branch. This credit union only has one branch in Bankstown, which may be inconvenient if you want to visit the branch but you don’t live in the area.
How to apply for Bankstown City Credit Union home loans
If you would like to apply for find out more information about a home loan from Bankstown, please click on the secure links on our page to speak to a mortgage broker.
Documents needed to apply for a Bankstown City Credit Union home loan
You’ll need to supply the following information when applying for a loan. This will help Bankstown City Credit Union verify that you are who you say you are and to check your credit history.
- Your name
- Your contact details
- 100 points of identification. Your driver’s licence, passport and birth certificate can all help with this.
You’ll also need to provide certain information about the property you are planning on buying, including:
- The contract of sale. This document contains the details of the sale, including information about the property and how much is being paid for it.
- A copy of the certificate of title. This document is needed in order to verify that that the person who is selling the property actually owns the property.
- A copy of the transfer of land. As its name suggests, this document outlines the transfer of the property in question from the seller to the buyer’s name.
Finally, you’ll also need to provide details of your financial situation so that the lender can assess your creditworthiness. This means you’ll need to supply information about your:
- Income. The credit union requires three consecutive payslips showing your year-to-date income. If you’re self-employed, your last two tax returns will be required.
- Assets. You’ll have to provide details of any assets in your name, such as shares, savings, cars and the like.
- Liabilities. Any outstanding debts or liabilities will need to be disclosed to the lender. This includes other loans, credit card debt and more. You will also have to provide details of any ongoing expenses you have to manage.