Credit Union Home Loans

Did you know 4.6 million Australians currently bank with a credit union or building society?

Credit unions, mutual banks and building societies are Authorised Deposit taking Institutions (ADIs) and comply with extensive Australian government regulations that are exactly the same as it is for publicly listed banks. Unlike banks, however, credit unions are customer-owned. This means they focus on customer service rather than paying dividends to shareholders.

Greater Bank Home Loan Offer

Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

2.79 % p.a.

fixed rate

3.82 % p.a.

comparison rate

Greater Bank Home Loan Offer

Apply for the Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier) and get a low interest rate, with no application or ongoing fees. Available with a 10% deposit.

  • Interest rate of 2.79% p.a.
  • Comparison rate of 3.82% p.a.
  • Application fee of $0
  • Maximum LVR: 90%
  • Minimum borrowing: $150,000
  • Max borrowing: $10,000,000
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Comparing credit union home loans

Rates last updated October 20th, 2019
Loan purpose
Offset account
Loan type
Repayment type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
$0 p.a.
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
$395 p.a.
Enjoy a competitive rate with no application fee for this package loan.
$395 p.a.
Enjoy a discounted fixed rate and the ability to package the loan with other financial products.

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Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

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Bank loans vs Australian credit union home loans

There are two major distinctions between credit unions and banks:

  1. Profits re-invested for members

    While bank profits are distributed among shareholders in the form of dividends, credit unions re-invest profits for their members in the form of customer service enhancements, lower interest rates and fewer fees. The interest rates are usually significantly lower for credit union home loans than they are for the banks. You can also expect to pay fewer fees, and the fees that you do have to pay are often much lower than what you would pay on a bank loan. This was supported by a 2008 study by ASIC, which found that mutuals on average charge the lowest overall loan fees in the market.

  2. Credit unions are owned by their members

    Anyone who is a member of a credit union and has an account is a part owner. When you deposit money into your account at a credit union, the deposit is referred to as a share. This is due to the fact that the money deposited represents an ownership in the union. It's much like owning a share of the stock in a company.

What are credit unions?

Ashley Jennings, CEO of SCU, talks credit unions.


Good morning. My name is Ashley Jennings, and I'm from SCU. A credit union is a financial institution which is wholly owned by its customers. Being wholly owned by our customers means that our focus is on giving them, as I said, the best experience. So yes, we have to make profits similar to what a bank does, but once we pay our overheads and operating expenses, it's about turning those profits into the better services and better products.

To describe the banking experience that we afford our customers, we survey our members quite regularly, and we have an outstanding satisfaction rate of between 80% to 90%, which is unheard of in the banking industry. If you translate that to an experience, it means that what we're giving our customers is something that the banks can't afford or can't give them. That is, we take ownership of their problems, we take ownership of what they want. So when a person approaches us about a home loan or a product, we're giving them something that meets their needs, and we follow that with service. That's the experience we give them, which is different to what a bank can give them.

The beauty of a credit union is it's nimble and flexible. So it's not a monolith, like a bank where it has to move very slowly and to satisfy shareholders and all those sort of things. We are quite nimble, and we're up to date. So when things change in the market, we change with them very quickly.


Australian credit unions

There are more than 130 customer owned banks in Australia (industry speak for credit unions, mutual banks and building societies). Of those, 76 are credit unions. There are plenty to choose for. Many of the credit unions who are available to general customers nationally will advertise online on websites like

Size of Credit Unions vs Banks

Getting in touch with one of the many different credit unions in Australia could be a great is one of the best things you could do when it comes to managing your money. Contact one today and see what they can do to help you manage your finances.

Products offered by credit unions

In most cases you will have access to the same type of services that you would have at a bank. If you are looking for a specific product or service, you should find out if it is available before becoming a member.

Banks can offer promotional products to lure in more customers based on volume. Banks serve a lot more customers than credit unions and can offer certain deals that a credit union may not be able to afford. Credit unions will usually offer only the services and products that a majority of the membership will want to use.

How do you save money with credit unions?

Personalised service

Credit union customers get personalised service. Staff at credit unions have the flexibility to accommodate some of the borrowers the big banks can’t.

Credit union safety

You can rest assured that any money deposited or any loans taken out with a credit union are as safe as they would be if you dealt with a bank. The government guarantee on deposits applies to all ADIs in Australia, not just the big banks.

Becoming a credit union member

What do you need to do to become a credit union member?

Some credit unions are still based in their historical roots in terms of membership restrictions, although as a general trend these restrictions are loosening. Remember to read the reviews on to see if you are eligible.

Helpful access

There are many ways how you can get in touch with different credit unions. For example:

  • You could check with a union through one of its branches.
  • Online banking services. This can help you to monitor your accounts with a union at any time of the day.
  • Phone services are available from many credit unions. However, the localised approach may mean that support is restricted to business hours. Unassisted phone banking is available 24/7.
  • You may get access through ATMs of all sorts. Most are affiliated with the rediATM network, which is the largest network in Australia.
  • Some unions can handle bank payment services through Australia Post’s Bank@Post service. This could help you to get different bank payments handled through any Australia Post outlet.

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UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers (*now 3.09%, drops to 2.84% on 29 Oct), P&I $200K+

Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.

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Logo for Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)

Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.

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