Your guide to Coastline Credit Union and their range of home loan products
Coastline has been offering banking services for more than 40 years and are committed to the local community. Their aim is to offer financial services at the most competitive prices. They offer fee free banking too for those who have a long term commitment to Coastline.
The group is well known for its community participation. It has built the Coastline Community Foundation and it provides financial support to organisations such as volunteer Organisations, Family Support Groups, Tourism and Promotion Environmental Organisation, Education and Community Assets.
Coastline Credit Union offers a variety of home loan options which include variable and fixed home loans, introductory home loans, home equity home loans and reverse mortgages. The company offers a large range of home loans depending on the circumstances of the borrower. All the loans can be up to a period of 30 years and the borrower can access information about the status of their home loan online. The potential borrower can make enquiries by contacting a mortgage broker.
Types of home loans offered by Coastline Credit Union
Introductory home loans
This is a good way to start a home loan and Coastline Credit Union's introductory loan is a way of helping first home buyers. It comes with a six month discounted variable interest rate. This loan still offers you the benefits of all other types of home loan options. The rate after the introductory period reverts to the Option home loan rate.
The repayments may be made each week, fortnight or month. Existing home equity can be used for investment or renovations. There is a redraw facility available but it has a minimum per redraw. Loan repayment insurance is also available.
Variable interest home loans
Variable interest home loans are another option offered by Coastline Credit Union. There are a range of variable rate home loans to suit your personal and financial situation. The variable residential investment loan is a way of investing money suitable for property investors. Existing home equity can also be used for investment or renovations. Split loans are available and loan repayment insurance can be paid month to month at no additional cost. There is an interest-only option available too.
Fixed rate home loans
A one year fixed rate home and investment loan is available for owner occupiers or residential investment borrowers. You can fix your rate for the initial 12 months. After that period the fixed rate becomes a variable rate. The two year fixed rate home and investment loan is available too. Loan repayment insurance can be paid month-to-month with no additional cost. There is no interest-only option with this fixed term loan.
Home Equity Access home loan
This is a flexible credit option that permits you to access the equity in your property for alternative investments and purchases. There is no redraw facility and additional payments are accepted. Existing home loan equity can be used for investments or renovations. A loan repayment insurance may be paid month by month.
Reverse Mortgage home loan
If you have reached 65 years of age, you’re eligible for the Reverse Mortgage Loan which gives you accessible funds and you don’t need to sell your home. This sort of loan is different from other mortgages as there are no loan repayments or interest charges due on a regular basis while you inhabit your home. The loan amount and all interest and fees are only payable when you leave your home permanently or sell it.
A reverse mortgage is a can be an option of adding to your income, for holidays, purchasing a car and for home improvements. You may release up to $120,000 of your homes equity value, and the loan is a lump sum. You still maintain complete ownership of your home. There is no penalty for early repayments or voluntary loan repayments. The interest rate is variable and there is a no negative equity guarantee. Free loan redraws are possible through internet and telephone banking.
Pros and cons of Coastline Credit Union home loans
- Coastline Credit Union carefully outlines each home loan available so that the potential borrower can easily view what is available. If you’re still unsure as to which loan is right for you, please consult a mortgage broker.
- Coastline Credit Union is owned by its members, which means all of its profits go back to you rather than shareholders.
- Some of the loans attract a small monthly fee and some attract an initial establishment fee. The potential borrower needs to check the additional information section to get a clearer overview of the cost of each loan.
How to apply for a Coastline Credit Union home loan
With Coastline Credit Union, you’ll need to be a member to be eligible for their home loans. If you’re not a member already, you may want to consult a mortgage broker to enquire about the application process or pre approval.
In the case of most home loan providers it is necessary to have documents ready to confirm your identity. This normally includes a driving license and passport as well as proof of address through such documents as utility bills. Your current credit situation normally needs to be provided before a home loan approval. Most home loan providers require information about your current earnings and details about your employment and employer.