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.
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.
bcu offers a range of home 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 much of 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
Features of bcu home loans
- 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 some bcu home loans 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.
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.
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
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