The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Here are the key features and details you need to know about BCU Bank's mortgage products.
| Minimum deposit | It is possible to get a home loan from BCU Bank with a deposit as low as 5%. |
|---|---|
| Offset account? | You can get an offset account with several BCU Bank loans. |
| Repayment options | Several BCU Bank home loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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Have read mixed reviews about BCU Bank 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. You may refer to our comparison of mortgage brokers that can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.
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.
I hope this helps.
Cheers,
Shirley