BCU Home Loans

Rates and Fees verified correct on December 5th, 2016
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Compare Bananacoast Community Credit Union Home Loan Offers

Bananacoast Community Credit Union was established in 1970 by a group of business owners on the NSW north coast. It offers a full range of banking products and services and prides itself on its community focus.

Rates last updated December 5th, 2016
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Loan purpose
Offset account
Loan type
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
bcu 1 Year Fixed Rate Special
A low interest rate home loan and borrow up to 95% of the property value.
3.70% 4.23% $600 $495 p.a. 95% More info
bcu Standard Variable Home Loan - OMG! Home Loan
Enjoy a low interest rate with OMG Home Loan.
3.69% 3.95% $900 $198 p.a. 90% More info
bcu Fixed Rate Home Loan - 1 Year (Owner Occupier)
Enjoy stable repayments for one year.
4.19% 4.28% $600 $0 p.a. 95% More info
bcu Fixed Rate Home Loan - 3 Years (Owner Occupier)
Peace of mind with a fixed interest rate with no annual fee.
4.29% 4.30% $600 $0 p.a. 95% More info
bcu Fixed Rate Home Loan - 2 Years (Owner Occupier)
A competitive low interest rate.
4.19% 4.28% $600 $0 p.a. 95% More info
bcu Fixed Rate Home Loan - 5 Years (Owner Occupier)
Your repayments won't change for five years with this home loan.
4.59% 4.43% $600 $0 p.a. 95% More info
bcu Variable Home Loan - Standard
A standard variable home loan with no annual or monthly fees.
4.95% 4.99% $600 $0 p.a. 95% More info
bcu Variable Home Loan - Discounted
Enjoy a lower variable rate home loan.
4.55% 4.59% $600 $0 p.a. 95% More info
bcu Variable Home Loan - Maximum Discounted
All fully featured home loan with a discounted interest rate.
4.25% 4.29% $600 $0 p.a. 95% More info
bcu Fixed Rate Home Loan - 4 Years (Owner Occupier)
A 4 year fixed home loan with low interest rate.
4.49% 4.37% $600 $0 p.a. 95% More info
bcu All-In-One Line of Credit - Standard Variable
No set repayments or loan term with the flexibility of moving funds in and out of account.
4.95% $600 $0 p.a. 90% More info
bcu All-In-One Line of Credit - Maximum Discounted Variable $250k+
Receive a discounted interest rate with a high loan amount.
4.25% $600 $0 p.a. 90% More info
bcu All-In-One Line of Credit - Discount Variable $150k+
Enjoy a discount off your interest rate by borrowing a medium loan amount.
4.55% $600 $0 p.a. 90% More info
3.75% 4.24% $600 $495 p.a. 95% More info
4.10% 4.37% $600 $495 p.a. 95% More info

Who is bcu?

From transaction and savings accounts to credit cards and home loans, bcu aims to offer straightforward financial solutions with fairer fees and conditions. It has more than 25 branches in NSW and Queensland, with products to suit people with a wide variety of needs.

In terms of home loans, bcu offers a range of loans for home buyers and investors. Fixed and variable rate loans are available, and there are a range of flexible repayment options available to help you pay off your loan sooner. No monthly or annual fees apply to bcu’s home loan range, and many of its products have free redraw and offset functionality.

Home loans offered by bcu

Standard variable

bcu’s Standard Variable option offers a competitive interest rate and no monthly or annual fees. Principal and interest and interest-only repayment options are available, while free redraw and a full offset facility are also offered. Repayment flexibility lets you pay off the loan at a pace that suits your budget.

Discounted variable and maximum discounted variable

These two loans feature different levels of discounts on bcu’s variable interest rate. Principal and interest and interest-only repayment options are available, while free redraw and a full offset facility are also offered. No annual or monthly fees are attached to these loans.

Fixed rate

The Fixed Rate Loan offers the security and peace of mind of knowing how much your repayments will be. An establishment fee is attached to this loan, and a penalty will also be incurred if you repay your loan early. This loan also features a competitive interest rate and no monthly or annual fees.

All in one standard

This package deal aims to make it easier to manage all of your finances. There are no annual or monthly fees but an establishment fee does apply. A switch fee applies if you want to switch from a variable to a fixed rate, while regular additional repayments are allowed on this loan.

About how to compare home loans

Pros and cons of bcu home loans

Pros

  • No early repayment fee. There is no fee for making early repayments on many of bcu’s loans, allowing you to pay your loan off quicker.
  • Free redraws. Customers have access to a free redraw facility right across bcu’s suite of home loan products.
  • No annual fee. The fact that you don’t have to pay an annual fee on your bcu home loan is a definite bonus.
  • Choice. bcu offers a wide range of home loans for a wide range of borrowers, offering plenty of choice to potential customers.

Cons

  • Establishment fees. Establishment fees apply to all bcu’s home loans.

How to apply for a bcu home loan

bcu makes starting the home loan application process easy. After filling out an application form you need to return it to BCU. The credit union will then arrange for a phone banking officer to call you to arrange for an appointment at your nearest store. Alternatively, you could call bcu to make an appointment, or simply fill out an application form online.

Documents needed to apply for a bcu home loan

Personal information

bcu will need some personal identification in order to lend you money:

  • 100 points of identification. bcu will require you to provide 100 points of identification. One form of identification will have to be photographic, such as your driver’s licence or passport.
  • Other forms of ID. You should think of submitting documents such as bank statements, citizenship papers or your birth certificate.

Property information

You will be required to submit documentation on the property you are buying before being loaned money, including copies of the:

  • Contract of sale. The contract of sale is a document that details the specifics about the property sale. It includes how much you will be paying for the property.
  • Certificate of title. The certificate of title will show bcu that the person who is selling the property to you actually owns it.
  • Transfer of land. The transfer of land will show bcu that the land itself will be transferred to you after the sale.

Financial information

In order to asses the level of risk you will pose as a borrower, bcu will require you to submit documentation on your current financial status. Here is what you will need:

  • Details of your assets. You will need to provide documentation on your assets. This includes information on any real estate, vehicles, savings or shares you own.
  • Proof of income. If you earn a wage or salary you need to provide two consecutive pay slips, a letter from your employer stating your income, and information on wage deposits into a transaction account over a three-month period. If you are self-employed you need to provide personal tax returns.
  • Details of your expenses and liabilities. bcu will want documentation on your current loan debts, credit card debts, child support payments, utility expenses and other outstanding bills you owe.

Searching for a home loan can be a stressful process for many people. bcu’s portfolio of home loans may have just the loan you’re looking for, but make sure to do your research and compare other loan products before making a final decision.

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This page was last modified on 13 September 2016 at 12:03.

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2 Responses to BCU Home Loans

  1. Default Gravatar
    Gill | January 17, 2014

    Shopping for a home loan.
    Have read mixed reviews about BCU and RESI
    not sure which will give the best service as well as interest rate. That being the case is it better to go with a broker and which brokers deal with Credit Unions?

    What are the pitfalls with borrowing from a credit union?

    What happens to my home loan if the Credit Union goes bankrupt or into Administration?

    Thank you,

    Gill

    • Staff
      Shirley | January 20, 2014

      Hi Gill,

      Thanks for your comment.

      Using a mortgage broker can potentially save you a lot of time and money. Most mortgage brokers deal with a range of credit unions – please see this page for a comparison of mortgage brokers. You can see that Loan Market compares the highest number of lenders. Be mindful that mortgage brokers work on a commission basis.

      A mortgage broker will be able to inform you about what happens if your credit union goes bankrupt and their security – if a financial institution does collapse then the receivers/liquidators generally look to sell the assets to another party.

      Cheers,
      Shirley

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